Follow tips if your property’s assessed value is lower than the expected

A property assessment is an important procedure that helps in estimate the approximate market value of your property. Various factors affect the valuation procedure such as location of the house, condition, size of the house, facilities in the house, recently sold similar properties in the area, safety measures and age of the house. While, these aspects may result in higher assessed value of the property, at times, it might be possible that the value quoted by the assessor is way lower than the ‘asking’ price.

Sometimes, property buyers dismiss the deal as they feel cheated by the seller for asking a higher rate than the real market value. This not only causes to lose the seller’s image, but also puts future hope at stake. To avoid such a situation, Krishna Developers share some effective tips that can be helpful when an assessment procedure fails to match your expectations.


Searching for second perspective

In case the first assessment fails to meet your expectation, industry reliable recommends a second assessment procedure. This becomes extremely significant if comparable properties in the area are valued more.

According to Home Loan Expert, “If the assessment worth is lower than the agreement price, seller should find for another assessment. However, be ready for extra cost. The home owner may not add cost of first assessment but has to pony up for second assessment procedure too. The amount of valuation procedure differs according to the location and the size of the property.”

Assessment review

Assessment report is gotten within two to three weeks of the date of valuation. Review the report carefully and look at the possible aspects that the appraiser might have missed while comparing the property to similar ones sold recently in the neighbourhood. There may be many facilities that the assessor might have skipped such as the size of the kitchen, bedrooms or any latest renovation that has been done to the house. Taking such aspect to the assessor’s attention can lead to increase in property evaluation.

Talk with buyer

If the assessed value is lower than the expected value, it is recommendation to talk to the intended buyer and ask him to render or hire the services if an appraiser for clarity.  

Clarity is important

 While the assessed value is lower than project value, evaluate what rate will work for you as well as the rate that is not negotiable at all. If the low rate is maintain in the present market changes, possibilities are less that it will change with another buyer. So, if you are long waiting to close the property deal agree on the price that works for you instead of dismissing the deal generally.

If you want to buy property in anand and surrounding, call us at +91 9824688888

Leave your comment