Using county appraisals in property analysis

2 Replies

I am generally just curious on how people use county property appraisals to help asses whether they are getting a good deal on a property or not. 

For example, I found a property on the MLS running at 220k, but the county appraisal for that property is at 197k.

I know other things go into analysis, but I am just curious:

- If this would mean the seller is simply asking to much for their property? 

- What are your next steps. Would you get it privately appraised to see if there is a difference?

- Would you use this county appraisal as a possible offer number to the seller?

Thank you!

@Dillion Burns

Take the county appraisal with a grain of salt. SFRs values are based on comparable sales data. So, if homes in the area are selling for that price....that’s where the value comes from. Lenders on single family residences typically require an appraisal before they lend money.

@Canesha Edwards 

Thank you! I read a little bit more on it. 

Do you usually look into county appraisals to help with your analysis? Or is it just a good resource to get an estimate on how much taxes you may be paying on the property?