Apraisal value on flips

2 Replies

I am am involved in the finance of my first flip. I recently was approved for a HELOC my appraisal was only 3k shy of county tax value. I'm good with that. The house I'm trying to buy, with a bank loan, appraisal came back 20k short of tax value. Is this a normal spread of values? Tax value $66500,
New Apraisal of $46200.

Assessed value should be ignored when considering appraised value.  One has nothing to do with the other.

I've owned houses where the assessed value was greater than the appraised value and I currently own a house where the appraised value is $500K more than the assessed value.  

Ignore assessed value other than for determining tax obligations...

@Lamar Dixon  just don't pay above the appraised value of the home. After the purchase of the property, dispute the city/county to reduce your tax assessed value to the appraised/purchase price. 

Create Lasting Wealth Through Real Estate

Join the millions of people achieving financial freedom through the power of real estate investing

Start here