What Is The Difference Between Desktop Appraisals And Full Appraisals?
Many people are unsure whether they need a Desktop Appraisal or a Full Appraisal. Learn what the difference is so you can choose the right appraisal for your property.
Appraisal Technology: How It Benefits You!
The tools of the appraisal trade have drastically changed. One of the biggest changes new technology has brought on is how everyone, including lenders and homeowners, now have quick access to appraisal information. Here's how appraisers are using new technology and how that benefits you.
Low Real Estate Appraisal? Here’s What To Do
As the real estate market continues to grow, more home buyers and sellers are coming across a common issue: An appraisal that is too low! After all, valuations must be based on recent comparable sales, or "comps," and in some cases the rising rate of home sales does not match the rates of homes sold previously. In this article, I'll cover what to do if you get a low appraisal. But first, you need to ask why? Why is the appraisal lower than your expectations? This may have occured because as home rates continue to recover from the housing crisis of
Big Homes Are Back, But With A Twist!
Downsize, downsize and downsize. If you've been looking at home sales in the last few years, you would think the word "downsize" became a permanent part of the real estate lingo! Thankfully, that's not entirely true. Big homes are back! While many people were thinking about smaller homes, a whole other generation of home buyers were thinking that bigger is better. The big homes that are making a comeback come with a twist! Can you guess what it is? Before we reveal what the new trends in big home sales are, here are some interesting tidbits about home sizes across the states:
Washington D.C. Real Estate: Supply And Demand
Washington D.C. is a cultural and historical mecca. Having dozens of great neighborhoods a Metro ride away and a bustling political and business climate keeps the D.C. real estate market competitive. It's no wonder people flock there to live and work. As appraisers, our team is constantly in and out of so many Washington D.C. neighborhoods and homes; this familiarity that has led to a great understanding of the trends and home sales averages of the Washington D.C. real estate market. When a client wanted our take on Washington's priciest neighborhoods to buy a home, we used this list to answer some questions.
Why Overpriced Homes Don’t Sell
Every neighborhood has that one home with a "for sale" sign on the lawn that's been standing there for several months. The home has been there for so long that even folks who go to every open house have seen it. Admit it, now you're starting to worry. You think to yourself, "If this home, which is well-kept and modern, isn't selling, does this mean that my home won't sell when I'm ready?" There's a reason why that home isn't selling and it's not what you think. What's the cause? Well, that home is probably overpriced. The seller set the
What Happens At The Bank When An Appraisal Request Is Made For A Loan?
You have found the home of your dreams, congratulations! The paper work has been obtained and you're hoping for a closing date soon. Your next step should be to get an appraisal in order to understand the true value of your new home, and to get a loan from the bank. So what happens when a bank requests an appraisal for a loan? The majority of real estate appraisals are requested by mortgage companies to determine the property's purchase price for a loan. The appraiser is your safety net against spending more on your home than it’s really worth. It’s also a safety
Can You Negotiate The Appraised Value?
The thrill of negotiating or bargaining a sales price appeals to many of us. Once, on a vacation with my family in Barbados, we spent time bargaining with local salesmen on antiques. This was, of course, a big part of the fun. When it comes to appraisals, I've heard people ask if there is any room for negotiating, as in when a home sells and the seller and buyer negotiate certain terms. The short answer is not really, but here are some options for the longer answer: If the home buyer and seller agree on a price, can the appraiser appraise it lower or higher
Why Appraisal Reports Have Flood Maps
The devastation brought on by Hurricane Sandy is going to cost the government billions. From restoring power to rescheduling most major flights, not to mention the personal loss of people's homes and belongings -- all this is a big undertaking. Many residents of homes in flood prone zones don’t always take the necessary precautions when it comes to living in a high-risk home. Of course, no one wants to consider the worst, but as we have all seen, floods are a real threat. So going forward, especially for home owners in coastal regions, what can home buyers and sellers do
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
