Moderator Emeritus
llecs
Posts: 32,881
Registered: ‎08-04-2007
Thinking about buying
With the $8,000 tax credit floating out there and with prices at a low, DW and I are thinking about taking a plunge.

We are renting from the in-laws (they live elsewhere) and they want to give the house to us. That isn't possible because of gift taxes. But they can sell the house to us at market value. Our CPA advised us to get an appraisal to use as a basis for the loan amount.

When getting an appraisal, is it advisable to get more than one estimate and then choose the lesser? Would all result be ballpark? And how close are appraisals to the taxing government's estimate (e.g. I live in Fairfax Co., VA and Fairfax Co. will send tax assessments based on their preceived value)?