Appraised Value is the same method as above but done by a professional appraiser. Is what Lenders base their decision on as to giving you a loan or not for the "appraised value".
Then there is Assessed Value. This is the value that the county will tax the property on. On most locations it is about 20% less than the appraisal value. Then the amount gets further reduced by homestead and other deductions.
What is owed on a property has noting to do with any of them.
What was paid should be very similar to appraised if purchased with a loan. May go up or down from market value depending if a lower offer was accepted or if the person overpaid in order to win over the competition. Was this answer helpful? If so please click on the "green thumbs up" or the "best answer".
La Rosa Realty
I have a blog to that may help you also posted in trulia and my other blog that may interest you
Look for property like a Realtor:
Remember my offer I made. email a property you are seriously consider buying and I will send you a free CMA.
Hope this helps
Ron Wolchesky (alias Realtor Ron W)
Short Sales and Foreclosure Resource Certified RealtorÂ®
Cell: 239-209-1923: H: 239-349-4684
Remember: â€œPictures without the information is never the whole and true story ~!â€ Realtor Ron W ..Picture being shown, are used to advertise and draw your interest. The rest, the information, will help you decide. Where that information comes from is IMPORTANT to you. When you view the property and have the inspection, everything will fall into placeâ€.
Market Value is the value of the property in today's market - based on what comparable properties have sold for recently. This is the most important value if you wish to purchase and are financing (not paying ALL cash) since this will be closest to appraised value.
Assessed Value is just the value used to compute property taxes. Has no relevance for purchase price.
Listing Price is just the price the seller has decided to list at. It may be too high or too low in comparison to appraised value.
If you are going to make an offer on a property, the best thing to do is have your Realtor do a Comparative Market Analysis (CMA) on the property using SOLD comps within a 1 mile radius of the property (the closer, the better) that have SOLD within the last 3-6 months. This will give you current market value and this is what you should base your offer on, not on list price or assessed value.