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Updated almost 10 years ago,
Comps & ARV in a slower market ~ Questions about how an appraiser will look at things
When I'm looking for comps in my slow market - many times i find "recently sold" listings on an MLS site - where they don't list the number or beds or baths, etc, but only price and location . They are always very low sold prices, and come from "public record" . Will an appraiser take these into consideration (and should I ) when analyzing comps?
Second, will the assessed value from the tax assessment office be taken into consideration at ALL (and should I take it into consideration, AT ALL). I realize that it isn't accurate- I see houses selling for much more than the assessed value, and much less. HOWEVER, it freaks me out when a house I'm looking at has an assessment of $8,000 and I'm going to be trying to get an appraisal in the end (after somewhat minimal repairs) of $45K. I wonder what makes this home say to them "$8,000" when another says $30K that is similar. Should I just disregard these things completely???
THANK YOU !!