Some of the phrases used in appraisals to define the value can be confusing and it is important to understand the differences in terms. There are two terms used that homeowners often confuse them or use them interchangeably when in reality they are not the same. The two terms are market value and market price.
The appraiser’s job is to determine the current market value of the property. This is the value at which the property is valued at on the effective date of the appraisal. This is also what the property is likely to sell for in an arm’s length transaction between two willing parties as of the effective date.
The appraiser in San Diego that you choose will determine the market value which is the price at which the property is mostly likely to sell for in the subject properties market on the date of the appraisal. This does not take into account financing, incentives, or anything else that may be involved in the sale. Some other terms that can be used to define market value are fair value or fair market value.
Market price is the price at which the property in fact sells for. The market price of the home is not always the same as the market value of your home it can be more or less. During a sale the buyer and seller may negotiate a different price, this can sometimes depend on how quickly the transaction each party needs to complete the transaction and if it is arm’s length transaction.
Please contact our office with any questions you may have or to schedule your appraisal appointment at 760-741-7699, brandlinappraisal@yahoo.com or use our contact page on our website.
Brandlin Appraisals Inc. specialize in helping people who need appraisals for estate purposes, divorce, date of death, bankruptcy, FSBO’s and more throughout San Diego county. For more information please contact us at (760)741-7699, or visit our website at Brandlinappraisals.com, or email us at admin@brandlinappraisals.com
Mike Brandlin
San Diego, CA // Real Estate Appraiser
www.brandlinappraisals.com
(760) 741-7699
San Diego Real Estate Appraisal Services For:
* Divorce Appraisals / Marriage Dissolution
* Bankruptcy Appraisals
* Bail Bonds Appraisals
* Estate / Date of Death / Retrospective Appraisals
* Financial Planning & Trusts
* PMI Removal Appraisals
* Pre-Foreclosure & Short Sales
* Tax Assessment Appeals
* Pre-Listing, Pre-Purchase, FSBO’s
* Probate Appraisals
