If you are working with a buyers agent ask them to prepare a current CMA (comparative market analysis) of the property in question. This is comp sales of like/similar properties nearby. They can also pull the tax records for you. You can also go to http://www.kgis.org and see the tax/property records for yourself. Let me know if I can answer your questions about a specific property in the Knoxville and surrounding counties area.

Brenda Jolly
Southland GMAC Real Estate http://www.homesforsaleknox.com
brenda@knoxvillefindahome.com
Office: 865-687-6657
Agent: 865-898-7896

1. Appraisal. You'll either have to ask if the seller has had a recent appraisal and if they are willing to provide you with a copy or pay for an appraisal yourself. Usually costs around $500.00 in my area. Commonly done in my area after an offer has been made and paid by the buyer. The buyer can request the seller reimburse the appraisal and other closing costs at the close of Title (contact your local escrow professionals.)
2. Bank appraisal. When considering giving a loan, the appraisal is usually required by the bank and in most cases paid by the buyer. If you pay for the appraisal it is yours to see and keep. With short sale and bank owned properties, the banks usually pay for appraisals and Broker Price Opinions from Real Estate Agents to determine value. In rapidly changing markets, these assessments of value can occur multiple times. When the bank pays it is their priveledged information and may or may not be willing to share the information.
3. Assessor appraisal. The tax assessor usually sets a "Real Market Value" (RMV) and Assessed Value. RMV is what the county thinks it is worth and Assessed Value is what they tax the home owner on at the given rate in your area. I advise against attempting to determine value from county data for many reasons - comparable property data is usually outdated (especially in rapidly changing markets), condition of property can varyand change widely, neighborhood trends may have changed and many other reasons.

Another excellent way is to know yourself what has sold nearby. The key to all estimates of value is that are are timely and done with competence. The best source is your own due diligence, an appraiser and of course a good Real Estate Agent. They'll usually provide the information free of charge and provide the best means of seeing nearby comps for sale.

The tax appraisal is a matter of public record through the county. A bank appraisal isn't generally done until after there is a negotiated & agreed upon contract to purchase. In theory, you could order an appraisal before making an offer but it really isn't usually in your best interest to do so.

The appraisal is going to be done before your lender will approve the loan anyway and it's going to cost you $XXX (usually around $400 in Hamilton Co, could be different in Knox). You likely won't be able to use that appraisal for your loan so you'll end up paying it twice. You are better off to go ahead and make an offer based on the comparable sales and with the advice of your buyer's agent.