What
is the
difference
between
market
value
and
appraised
value?
A:
Appraised
value is
a
certified
appraiser's
opinion
of the
worth of
a home
at a
given
point in
time.
Lenders
require
appraisals
as part
of the
loan
application
process;
fees
range
from
$200 to
$300.
Market
value is
what
price
the
house
will
bring at
a given
point in
time. A
comparative
market
analysis
is an
informal
estimate
of
market
value,
based on
sales of
comparable
properties,
performed
by a
real
estate
agent or
broker.
Q:
How
do you
find out
the
value of
a
troubled
property?
A:
Buyers
considering
a
foreclosure
property
should
obtain
as much
information
as
possible
from the
lender
about
the
range of
bids
being
sought.
It
also is
important
to
examine
the
property.
If you
are
unable
to get
into a
foreclosure
property,
check
with
surrounding
neighbors
about
the
property's
condition.
It
also is
possible
to do
your own
cost
comparison
through
researching
comparable
properties
recorded
at local
county
recorder's
and
assessor's
offices,
or
through
Internet
sites
specializing
in
property
records.
