Everyone believes their property is worth more than others may think. This is because you pay for it, you live in it and it is worth a lot to you. But, these factors aside, do you really know what it is worth if you decide to sell it? Or, if you are looking to buy [...]
Property tax assessments have been declining over the last few years in Maryland. For 2011, there has been a 22 percent decrease in property valuations since 2007. Maryland recalculates property taxes every three years and is based on over 50,000 property sales during that three year period. Since sales have declined, property valuations have declined [...]
What’s the worst thing that can happen to a home seller? In most cases, it’s a low appraisal value. Having a signature on a contract for a home sale is only half the battle. The home has to pass the inspection process, and it has to pass the appraisal process. Both provide quick and easy [...]
One of the contingencies attached to most home sales contracts is that which relates to a homes appraisal. If the buyer is borrowing to finance the home purchase, then their lender will insist on an appraisal prior to giving final approval for the mortgage. In the past, appraisers were often swayed into over/under pricing homes [...]
In a perfect world, a home would only have one value. However, we don’t live in a perfect world, so homes often have a range of values. Why? Good question. You may come across a home that is on the market at present that has a taxation valuation of $200,000 yet when a home appraisal [...]
Home buyers are generally looking for two things – a great home to live in, and a good bargain. When they negotiate to buy a home, it’s only natural to try and get the lowest price possible. Sellers are trying to do the opposite to get as high a price as possible. So what happens [...]
One of the hardest pills for any home buyer to swallow is that of a home appraisal that comes in lower than the price they negotiated on a home. As a home buyer, you are caught in two minds. Have you agreed on too high a price for that home? Or has the appraiser got [...]
Whether you are a home buyer or a home seller, then one of the most important questions is how much a home is really worth. One of the problems with our current society is that there is too much data around, so much that it can be quite confusing. Who do you trust, the national [...]
When you buy a home in Maryland, you will need an appraisal. An appraisal is, simply, an “opinion of value” by a professional appraiser who visits the home and inspects the size, condition, quality, and function of the home. The appraiser will generate a detailed report and will generally use comparisons to the sale prices [...]
To spend less on your mortgage payment each month, the best option might be to refinance your home loan into one with a lower mortgage interest rate. By shaving even one point off your current interest rate, you could save $150 or more each month depending on the amount of your mortgage loan. But to [...]
Looking to get your Alexandria, Virginia home appraised? Want to save as much money as you can? Follow these tips to help: Continuously research the value of your Virginia home and homes in your Virginia neighborhood; pay attention to foreclosures in your Virginia area; they will drive down the value of your home. Since appraisers [...]
There are many things to consider in order to hire the right company for your specific appraisal needs. It is highly recommended that you use a state licensed house appraisal company because most states’ appraiser licensing boards only have jurisdiction over state licensed appraisers. Additionally, state licensed appraisers are required to meet federally mandated requirements [...]
A home appraisal is a vital part of a real estate transaction. Appraisals help sellers list their homes appropriately and assure lenders and buyers of a home’s worth. Unfortunately, real estate agents around the country are reporting unusually low home appraisals, including some homes estimated to be worth less than replacement construction costs. Many have [...]
When you borrow money to buy a house, the money lender requires an appraisal – a neutral expert’s estimation of the home’s fair market value. The appraiser considers many factors, including the prices of comparable homes that have been sold recently as well as the condition, size and amenities of the property being appraised. The lender [...]
Sinking home values are often lowering appraisals as well. If you are considering refinancing your home, what do you need to know about the appraisal process to help ensure that you get the best possible appraisal on your home? Because your appraisal is used to evaluate how much your home is worth and sets the [...]
Title Insurance, Appraisal and Homeowner’s Insurance. These are very confusing areas of a real estate transaction. Some people can get confused, but that’s easy to understand when you consider that they have little knowledge or guidance concerning real estate transactions. Title Insurance When you buy a home, a title company examines the chain of titles [...]
Most home buyers take advantage of the home appraisal when they buy a new home, however, others toss the notion aside, especially when the market is hot, and that’s not a very wise decision when putting so much into something so valuable. If you’re looking to use mortgage financing, it’s hard to overlook an appraisal. [...]
Fraud is everywhere and in the real estate business it abounds. Even home appraisers have been known to dip their hands into the fraud bucket. The government is seeking out fraud companies in their own way, but they also encourage the public to take their own measures against these crooks. If you are looking to get your home [...]
By Ted Gilmour If your inspector is only spending a max 2-4hrs (“depending on size and age”) get another inspection by an inspector who will do a thorough investigation and who is not dependent on agent referrals; an unspoken cozy relationship of tit-for-tat reciprocity exists between agents and inspectors. Often when you interview inspectors they [...]
That title may be a bit of a mouthful but there is no denying the concept behind it. When buying a home, getting an inspection done and acting on the report quickly is a must. In the past, sellers were fairly honest. What you saw was what you got. There was little in the way [...]
Having the real estate economy classified as a buyers market really does make the life of an owner so much more difficult. Whether it’s a buyers market or not, if the perception is there then price becomes an important issue. Overprice your real estate and you could be pricing yourself out of a sale. Even [...]
Real estate appraisal is simply a process of determining what a property’s real worth is. The appraisal is generally undertaken by an appraiser who has been licensed by the state. They should be independent third parties who can provide unbiased valuations. That all sounds very formal and to an extent it is. Let’s take a [...]
