Are Free Home Appraisals A Good Way To Determine A Home’s Value?
There are tons of websites that provide free home appraisals. It sounds like a great idea, right? A free house appraisal? Stop right there. Sometimes, you really get what you pay for, and with a free home appraisal, you get nothing. Here's why: Home appraisal and valuation sites that offer "free" or "instant" services are a dime a dozen on the internet. This seems like a good value -- after all, it's free and it's instant. Getting the true market value estimate of your home never works that way. What these websites offer is actually an inaccurate value for 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
The Latest In Celebrity Real Estate
Like celebrity marriages, celebrity real estate changes hands so frequently that it is often impossible to keep up. Lucky for you, we have rounded up this month's biggest sales and real estate news in Tinseltown-- which now stretches all throughout the world! Michael Jackson's Final Home Sold for $18.1M Michael Jackson's death shocked the world. Now, the home in which he lived his last days (and died in) has just been bought for a $18.1 million. Yet, the most shocking detail of this sale is that the original asking price was $38.5 million. The 17,000-square-foot home boasts seven bedrooms and thirteen bathrooms. It's
Crazy Appraisal Stories From The Front Lines!
The home appraisal profession is not often considered a dangerous job. Most appraisers can be in and out of a client's home within just a few hours. Other than a messy house, the work usually goes off without a hitch. Well, if that's been your experience, consider yourself lucky because we've decided to gather some of the most hilarious and totally off-the-wall stories we've ever heard in the business. If you've got stories to share, go ahead and email us and we'll compile another post dedicated to crazy appraisal stories. Home Appraisal In Anchorage, Alaska Goes Wild Many years ago,
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
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
Do Bigger Improvements Get A Better Appraisal?
The short answer is yes. However, the long answer requires some consideration. As we've discussed before, the most accurate appraisal figures come from the comps in the vicinity of the subject property. "Comps" is just a term appraisers use to describe comparable properties in your area. So, comps are homes with the same or similar number of beds, baths, square feet, garages and etc. For example, if homes in your area are selling for $200k and you want your value to be $225k, your home needs to be better than the homes selling. This means more room, spare bedrooms, or
Questions And Answers Of Real Estate Appraisals Part II
In the first installment of this series, we covered many of the basics. Since then, we listened to our clients and made a list of other frequently asked questions for appraisers. We hope this helps clear up any confusion regarding the real estate appraisal process because ultimately, we are all working together to get you top dollar for your home. Q: What are an appraisers' qualifications? A: Most U.S. states require all real estate appraisers to be state licensed or state certified. They also must have completed educational and experience requirements as directed by the state's industry standards they represent.
Basic Questions And Answers Of Real Estate Appraisals
We often get the same questions asked by different clients. In this blog post, we decided to take some of the most frequently asked questions and create a "most common questions for appraisers" post. This is a basic crash course in appraisals and the first installment for this series. Q: How is home's value determined? A: Property value is determined in a number of ways. The most common determining factors are: Condition of the home, improvements, location and neighborhood, and housing market trends. Appraiser usually use the three most recently closed comparable sales from within a one mile radius. Q:
