What is the Difference Between Market Value and Appraisal Price?

For homeowners planning to sell their house, it is important to understand what price they can expect to get for their house, and a great way to start would be in understanding the important difference between market value and the appraisal price. Both are entirely different pricing metrics, each which there own careful systems of measurment, taking into account a variety of factors: property details, market analysis, condition, etc. Market Value permits subjective considerations like if the neighborhood is popular, while the other is entirely based on physcial substance, real world properties, like the value of the land or the cost of the physical material composing the house and th expense required to build it in man hours.

Needless to say, the appraisal price is the most significant number a home owner should be aware of because this is the number involved in all financing aspects. It is the number the banks, mortgages, private money lenders are concerned with. They will only loan and give out mortgages based on the appraisal price! This number become increasingly important to understand if the homeowner needs to sell their property fast as it gives them a more realistic figure of what one will get, assuming there are financing contigencies in place. Investors also go by the appraisal price. It is the most accurate number to work with with the safest risk management.

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Thank you! Even though I did not get my home back, I was able to reverse the forelosure and even walked away with a little bit of cash.

Going through foreclosure is a difficult learning experience. Luckily, there is still a silver lining within the state of TN that a lot of homeowners are not aware of and banks neglect to mention -- the right of redemption. Here are a few caveats and stipulations about the process.

• If there is no clause in mortgage contract preventing right of redemption, I can reverse foreclosure.
• You will even walk away with a bit of cash - after the fact the house was foreclosed on.
• Avoid the damage done to your credit that would be accrued with a foreclosure.