Should the Tax assessed value be used to determine the FMV? Theres a few homes Ive looked at, and the asking price is way above the Tax assessed value. Also when I compare similar homes in the area using the tax assessed value, the FMV of the similar homes is far from the home im considering.
For example:
My mother in law is also considering on buying a home she is currently renting. The guy wants 80,000, she had it appraised at around 65,000. When looking on the countys web site for the tax assessed value, it has a FMV of 50,000. Thats a pretty big difference from what the guy wants and what it was appraised at.
I just want to make sure I buy right, since I believe this is when you make your money in the RE business. When you buy, not when you sell.
THANK YOU ALL IN ADVANCE FOR YOUR RESPONSE ;D