My Nassau Properties 'appraisal' -- is it likely to be the same as the bank's appraisal?

Spinoff from the other post --

Does anyone know whether the Fair Market Value listed on My Nassau Properties is a true indicator of how the bank will appraise the house for mortgage purposes?

TIA!

Re: My Nassau Properties 'appraisal' -- is it likely to be the same as the bank's appraisal?

So. when I first saw that appraisal I brought it up to my agent, and she said that my nassau properties, is usually a little less, but I don't know how true that is.

Re: My Nassau Properties 'appraisal' -- is it likely to be the same as the bank's appraisal?

no it's not. The "appraisals" on my nassau property are done for two completely different reasons.

Re: My Nassau Properties 'appraisal' -- is it likely to be the same as the bank's appraisal?

No - the fair market value of a house, as determined by an appraiser, is different than what's on the mynassauproperty site, which is tied to assessed value. Since a lot of people grieve their taxes (and therefore lower the assessed value), the assessed values have stayed relatively static in the past couple of years (to reduce the number of people seeking to grieve their taxes). ETA - This is why the assessed value and related "fair market value" as per mynassauproperty is usually a bit lower than the true fair market value established by recent sales data.

A bank appraiser will look at closed sales in the same area (same town, same school district, usually within a 1 mile radius, but the closer the better) of comparable homes that are no more than 6 months old (but less than 90 days old is preferable). They will compare the house you are buying to these recent closed sales and make adjustments based on square footage, lot size, number of rooms, amentities (garage, basement, etc.), improvements.

Message edited 10/23/2012 4:56:38 PM.