Assessed Value Vs. Real Worth Real Estate

Determining assessed value and worth of real estate involves the services of an appraiser and a real estate agent. Homeowners pay a licensed real estate appraiser to determine the assessed value before refinancing or closing a property sale.

Appraisal Laws

There are both state and federal laws pertaining to assessing the value of a piece of real estate. Real estate appraisers inspect both residential and commercial property to determine fair market, or assessed value.

Lenders

Banks and mortgage companies do not lend buyers more money than what an appraiser determines a piece of property is worth. Appraisals are valid for one year from the inspection date. Appraisers use current sales of similar properties in the area to assist in determining assessed value.

Property Sales

An appraisal must be completed before a property sale can close and ownership is transferred to the borrowers. Cash sales do not require and appraisal.

Real Worth

Real worth value reflects the assessed value, taking into consideration the condition and attributes of the home.

Listing Price

The property listing price established by an agent is the projected real worth value, and essentially the negotiation of a “sticker price’ for the property.

Resources

• Realty Times Website
• Active Rain Website for Real Estate