What Factors Determine A Home’s Value When It Is Appaised?

Rob — Sun, 17 Jan 2010 12:09:15 +0000

Attempting to buy a relative’s home ~ but the home & property (5acres) was appraised for $30,000. less than the asking price.
Relative was upset, because the house was appraised 5yrs ago at $10,000. OVER the current appraisal value ~ and that number was for the house alone, didn’t include the value of the land it is sitting on.
Although the appraisal is lower than the original asking price, due to circumstances (which are too complicated to go into here) it would have been better for all parties if the appraisal was not so low.
Has anyone had this experience? The realtor stated that part of the problem is that property in this area is not selling well ~ but does that play a huge factor in the value of a home?
Also, the home is older, being sold “as is” & does need some maintenence~ but there are new homes nearby on 1/4 acre lots being sold for 1.5 times the amount this house was just appraised for. Does age/condition of the home matter that much?

How Does The Irs Determine A Home Value When Calculating If Tax Payer Was Insolvent After “settling” A Debt?

Rob — Sun, 26 Jul 2009 12:11:48 +0000

I “settled” with several credit companies for over $40,000 in debt. The IRS considers the settlement amount as earned income unless the tax payer was “insolvent” at the time of the settlement. My home has minimal equity but I don’t know how to determine the value the IRS will use in calculating my debt to income ratio. It could make a big difference in my tax liability for the past year but was better than filing for bankruptcy or losing my home. This question even seems to stump tax advisors. Any wisdom out there in Yahoo land would be appreciated.

Homes Appraiser » Determine

What Factors Determine A Home’s Value When It Is Appaised?

How Does The Irs Determine A Home Value When Calculating If Tax Payer Was Insolvent After “settling” A Debt?