The Types Of Values Sought With An Appraisal
A real estate appraisal develops an opinion on the value of a property. Most often, the use is to determine the market value of a home for a buyer and seller. However, because no two properties are alike and they may serve different needs such as a commercial space versus a home, there are different types of values sought with an appraisal. In order to determine what type of value you seek with your appraisal, take a look at some of the varying types. Some of the most common include: Market Value – This is the estimated value for which a property could exchange between a buyer
The What, How And Why Of A Bankruptcy Appraisal
If you are filing for bankruptcy, getting a bankruptcy appraisal may be one of the most important things you do. Filing for bankruptcy as a means to control of your finances is a difficult, yet sometimes necessary procedure. When you file, you must provide the court with transparent records of your income, debt and any other financial affiliations. While gathering current bills, collections statements and bank statements may not be so complicated, providing the value of your home is trickier. There are several types of bankruptcy filings. Briefly, a Chapter 13 bankruptcy stipulates that the debtor prepare a repayment plan with creditors, and a Chapter 7 states that
Should A Cash Buyer Get An Appraisal?
We received a call from a prospective client who asked about whether or not an appraisal was needed if she were a cash buyer. She went on to say that the price she was quoted by the homeowner seemed reasonable since her friend had purchased a house nearby for just about the same amount. However, she stated that she had not seen her friend's home yet and the square footage and number of rooms could not be determined. This means that her friend's home cannot be used as a valid comparable. Now, whether someone paying for their home with cash
Divorce Appraisal: The Basics
It's an unfortunate time when you are going through a divorce. Whether it is amicable or challenging, there are several things that need to be divided. A division of property (or properties) is often on top of the priority list for divorcing couples. But where do you even begin? You must begin with a professional divorce appraisal. This is mandatory because a judge cannot simply determine how much any home is worth on a whim or based on the testimony of either spouse. This is a legal procedure and must be done correctly. Either your attorney knows a local appraisal
Is A DIY Appraisal A Good Idea?
There are a great many online sites that allow you to check out how much homes in your area are worth. This makes it easy for the average person to feel like they can appraise their own home. While a DIY appraisal may seem like a cost efficient way to do things, there are a great many mistakes that can be made, and this can endanger a home sale. What are some reasons for researching comp sales on your own? You want to investigate what the current market is like You're buying a home and want to feel confident that
What’s The Difference Between Tax Assessments And Appraisals?
When selling your home, it is important to understand the difference between tax assessments and appraisals. While these two processes may seem similar upon first impression, they serve very different purposes when factoring the true value of a home. A tax assessment is something governments can use to establish the value of a home. The tax assessor's office hires a professional company that sometimes uses a technique called a "mass appraisal". This is only useful for tax assessment purposes, and not at all useful for setting the asking price of a home. The assessment is a valuation of what the
Do Celebs Get Premium Prices On Their Homes?
Recently, real estate agent Barbara Cocoran went on the Today Show to discuss real estate pricing for the rich and famous. The high end market of celebrity real estate is not like regular real estate, not even compared to millionaires who own mansions in exclusive neighborhoods. According to Cocoran, buyers pay a premium prices on homes that have been own by stars. There are several examples of celebs asking for premium rates on their homes. One such example is Alicia Keys and her husband, Swizz Beats. They own an apartment in New York City and recently put it on the
What Are The Benefits Of Appraisal Technology?
Technology has revolutionized the appraisal industry. Tools have changed the landscape of the appraisal process. The right appraisal technology saves time and make the process more efficient. Technology can help in a variety of ways. For example, the appraisal process involves an examination of public records. Appraisers used to go to courthouses or mayor's offices to obtain tax records pertinent the property. This would take a long time. Now, using laptops and smart phones, appraisers can access data at the speed of a click. There are other ways technology has helped the appraisal process. Here are a few more examples: Mapping For Comparables Appraisers often
How To Appraise Wayne Manor
We're going to have a little fun with this post. There have been many homes of fictional characters that seem to price at immeasurable sums. Take Iron Man's laboratory or Lex Luthor's commercial properties-- it's interesting to think about how much their real estate actually costs. What about someone like C. Montgomery Burns from the Simpsons? How much is his home worth? Perhaps the property with the home that may have the most surprising value is Wayne Manor, home of Bruce Wayne, otherwise known as the Batman. A recent article ran about the appraisal cost of Wayne Manor and we
Low Appraisal? Here Is What To Do
Several real estate appraisers have mentioned that foreclosures and short sales have created a new price structure that includes average home sales prices and distress sales. This means that homes may have been appraised at a lower value because the "comps" in the area are low as well. So what should a homeowner do if the valuation is too low? Appraise First, Set the Sales Price Second Get an appraisal before you list the home for sale, this way you can take steps to raise the value if the price falls short of your expectations. Get a Copy of the Appraisal
