Tax Assessment vs. Appraisal

[Josiah Cooper]

Hello BP Community,

We purchased a foreclosure and the appraisal came back with the Tax Assessment at $129,500 and the appraisal price at $85,000. On the appraisal it looks like they used other foreclosures in the area for comp's (one comp sold at $32K). I talked with my real estate agent and he reassured me that it will sell in the $115k+. From what I know/read, the Tax Assessment price is usually a % of the FMV unless you live in CA, we're in Alabama. So I am just trying to see if there is anybody that has gone through a similar situation and what their end selling price was. This may be a common, but this is our first rehab so I feel like we are in unfamiliar territory. Thanks again for all of your comments.