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No, the appraisal value comes from an appraiser and is a professional opinion of value based on property location and condition, while the market value is determined solely by what buyers are willing to pay for your home. Lenders normally use appraised values to ensure they’re staying within target loan-to-value (LTV) ratios—the market value is simply what the home sells for. Appraised value can sit above or below market value.

In most cases, no, a seller cannot negotiate after an appraisal if they signed an offer agreement. The only exception would be if there was a contingency in the offer that stated that the offer acceptance was contingent on the appraisal amount. If that’s the case, the seller can negotiate a higher sale price to match the appraised amount. If the appraised amount comes in below the sale price, both sides have to agree to negotiate, but there may be no other option since the buyer’s lender might not approve the higher amount.

Both conventional loans and FHA loans are types of mortgages, but they have a few key differences. Conventional loans are backed by private lenders without any government backing, and FHA loans are guaranteed by a government agency. FHA loans are designed to be easier for borrowers with low credit scores or income to qualify for.

Yes, a screened-in porch will increase your property taxes because it has a foundation and is considered a permanent improvement to your land. The exact amount your taxes will go up depends on the value of your existing home, the value added by the screened-in porch, the size of the structure, your location, and more.