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
Reasons For Getting A Home Appraisal
Most people think that the only reason to get a home appraisal is because they are refinancing or financing a purchase of a home. There are actually a host of other reasons too. An appraiser is always a valuable third party correspondent in many other circumstances. Here are some examples where an appraisal may come in handy: Selling or Buying(Without Financing): This is one of the most common requests. Get an unbiased opinion of value from a certified appraiser who values homes for a living and does not have an interest in your home appraising too high or too low. Realtors do
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
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
Is An “As-Is” Appraisal A Good Idea?
A local appraiser we work with recently received a call to appraise a home in Florida. The home owner said that his home consisted of 2 acres of land and a partially built residence. He wanted to know if an “as-is” appraisal for the property was a good idea. Normally, homes that are under construction are not good candidates for accurate “as-is” appraisals because it is very difficult or nearly impossible to find comparable homes that have sold while in similar states of repair. Plus, when doing an “as-is” appraisal, the home in its current state is not worth the same amount as the home in
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
Are Two Appraisals Needed During A Divorce?
The answer really depends on your individual situation. What most of our clients do is just order one appraisal when divorce proceedings are getting close. If the husband and wife can agree on the value then there is no need for a second appraisal. In cases where they can not agree on the value, the husband or wife order a second independent appraisal from a different appraiser and agree on a value in-between the two appraisals. Another reason why you might need two appraisals in a divorce is if you had an appraisal completed when first considering to get divorced and
How You Can Prepare Your Home For An Appraisal
It's common knowledge that homeowners prepare their homes for home sales. They clean and make sure that all possible repair work has been done before the real estate agent and potential buyers visit. It's essential to prepare your home for an appraisal as well. The process leads to a sale and there is no reason not to do everything in your power to help the situation. Here are some things to consider before your upcoming home sale evaluation: Is all the maintenance work done on your home? Is your home painted and is the lawn neat? These are some obvious
