Assessment vs. Listing Price

If the assessment (for tax purposes) is $75,000 and you can buy it for $55,000, you may be able to get the assessment lowered.  Nobody pays the difference.  There might also be an appraised value.  That is an appraiser's opinion of what it should sell for.  But if you can buy it for less, go ahead.  Nobody pays the difference from that, either.  There might be a problem if the purchase price is less than the mortgage balance (a short sale).  You may have trouble getting the mortgage lender to accept a short sale, and in some states they will ask the seller to pay the difference.  You might have a problem getting a loan if the appraised value is less than your purchase price.  The maximum loan amount might be 80% of the appraised value, so you might need a 25% down payment to buy at 105% of the appraised value.