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Market vs appraised value ?
I have a 2018 manufactured home, getting divorced, spouse wants to buy my half. Appraised at 142k I want to sale for market value. Thinking I would get more. He states the appraised is same as market.
Asked By Tamara P. | 852 views | Tips Advice | Updated 3 years ago
Answer(5)
Jason Craig
Coldwell Banker
An appraisal is one person's professional opinion of value and is primarily used by lenders to ensure they aren’t lending more than a property is worth. It’s based on recent comparable sales, square footage, condition and features. Market value, however, is what a willing buyer and seller agree to in an open market. In a strong market, homes can sell above the appraised value, and in a softer market they may sell below.
For a divorce buy-out, you and your spouse are effectively negotiating a sale between yourselves. The appraised value of $142k gives you a data point but doesn’t necessarily reflect what the home would bring if you listed it publicly. Manufactured housing can fluctuate widely based on location, land value and buyer demand. If you believe the property would command a higher price, you could seek a second appraisal or request a comparative market analysis from a local real estate professional to see what similar 2018 manufactured homes in your area are selling for. Keep in mind that if you were to list the home on the open market you would incur selling costs such as agent commissions, marketing expenses and possible repairs. There is also the risk that it doesn’t sell for significantly more.
Ultimately the price you agree on for the buy-out is negotiable. Using multiple sources—appraisal, recent sales data and input from a local real estate agent—can help both parties feel confident that the value is fair. A mediator or attorney can also assist in structuring the agreement so that the buyout meets any requirements in your divorce settlement.
For a divorce buy-out, you and your spouse are effectively negotiating a sale between yourselves. The appraised value of $142k gives you a data point but doesn’t necessarily reflect what the home would bring if you listed it publicly. Manufactured housing can fluctuate widely based on location, land value and buyer demand. If you believe the property would command a higher price, you could seek a second appraisal or request a comparative market analysis from a local real estate professional to see what similar 2018 manufactured homes in your area are selling for. Keep in mind that if you were to list the home on the open market you would incur selling costs such as agent commissions, marketing expenses and possible repairs. There is also the risk that it doesn’t sell for significantly more.
Ultimately the price you agree on for the buy-out is negotiable. Using multiple sources—appraisal, recent sales data and input from a local real estate agent—can help both parties feel confident that the value is fair. A mediator or attorney can also assist in structuring the agreement so that the buyout meets any requirements in your divorce settlement.
- 2 months ago
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Spirit Messingham
Tierra Antigua Realty
I can't speak for your market, but here in Arizona the market value has far exceeded the appraised value. An appraisal is a statement of opinion of the properties value. Where the market will tell us what the price is when a property gets into a bidding war and sells $6 figures over asking price (which is happening in many parts of the country currently). Best of luck, Spirit
- 4 years ago
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Alfred Galvan
eXp Realty of California
Hi Tamara, it just depends on who you hire, the agent needs to know the market. Right now it's time to sell, buyers are paying over the asking price click on my bio if you need more hello I can answer questions more in-depth.
- 4 years ago
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Amy Quimby
CENTURY 21 Judge Fite Company
Nothing surprises me in this market. What city/state is your home in? How much land? Is it a single, double, or triple wide? Have you made any upgrades to your home?
I am happy to send you site-unseen offers from 3 large investment firms. Honestly, I believe you would receive more by listing on the MLS....but you just never know.
Amy Quimby
817-564-3878
I am happy to send you site-unseen offers from 3 large investment firms. Honestly, I believe you would receive more by listing on the MLS....but you just never know.
Amy Quimby
817-564-3878
- 4 years ago
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Jeffrey Haynes
CENTURY 21 Island Homes
Hi Tamara,
Appraised value is one Appraiser's estimate/opinion on the current value of the property. Appraisers are human and you could potentially hire 5 different appraisers and get 5 drastically different opinions of value.
Market value is what happens when your home is publicly listed and multiple ready and willing buyers are able to submit offers. Market value is usually equal to or greater than appraised value in this current market.
I recommend discussing your situation with a licensed real estate agent in your area to help you decide if the gap between appraised and market value is worth it. Good luck!
Appraised value is one Appraiser's estimate/opinion on the current value of the property. Appraisers are human and you could potentially hire 5 different appraisers and get 5 drastically different opinions of value.
Market value is what happens when your home is publicly listed and multiple ready and willing buyers are able to submit offers. Market value is usually equal to or greater than appraised value in this current market.
I recommend discussing your situation with a licensed real estate agent in your area to help you decide if the gap between appraised and market value is worth it. Good luck!
- 4 years ago
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