Assessed, Appraised and Market Value When Buying a Massachusetts Home
It's not unusual for Massachusetts first-time homebuyers to confuse appraised value, assessed value and, most importantly, market value. The first thing to understand is that there is not any correlation between assessed value and fair market value.
A licensed appraiser, who most often works for the mortgage lender, provides an opinion on appraised value.
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A real estate buyer agent should be able to provide a homebuyer with an opinion of fair market value for a single-family, multi-family or condo home.