The Unreal Estate Boom (Real Estate Appraisal)

The Unreal Estate Boom
Wired – By now, though, real estate was acutely hard to come by. Deeds were still available, but there was nowhere left to build. The As he logs on for the first time and starts taking inventory, the casual once-over of his initial appraisal sharpens to a

Real Estate Appraisal – Billings Clinic-Livingston HealthCare union would help project

Billings Clinic-Livingston HealthCare union would help project
Billings Gazette – merger between Billings Clinic and Livingston HealthCare and a local family’s pledge to donate 20 acres of prime real estate. He said an appraisal hasn’t been completed. The recently annexed land, part of the Myers Watson Ranch, is on the east side of

FirstFed Reports Results for the Fourth Quarter of 2006
MSN MoneyCentral – The improvement in 2006 was due to increases in appraisal fee income and brokered loan fees. Real estate operations resulted in a small net loss for the fourth quarter of 2006 and year ended 2006 due to write downs on foreclosed properties. A

County seeking $868,884 in deliquent taxes
Valley Morning Star – 105 lawsuits seeking $868,884 from business and real estate owners. The pile of lawsuits is only the beginning, Yzaguirre said. Lawsuits will be filed every 30 days, he said. Homeowners who have homestead exemptions on file at the Cameron Appraisal

City owed for loan  (Real Estate Appraisal)

City owed for loan 
Wiley Brown & Associates LLC. owes Winston-Salem $94,000, but city officials said they are waiting to see if a foreclosure dispute involving a former company property is resolved before taking any action to recover the money.

A new debate rages on real estate commissions 
NEW YORK – The comment simply added an international flavor to what has become an ongoing wrestling match about real estate commissions. In fact, “60 Minutes,” the popular CBS program, even showed up to shoot video at the Real Estate Connect NYC Conference.

In Memoriam 
Joseph A. LoPinto, a real estate appraiser whose business merged into Bankers Trust, died at 88. His remarkable life was marked by the philosophy of “find a way or make one.” He was born July 15, 1918 in New York City and became a highly respected real estate appraiser of major commercial and investment properties from the East Coast to Hawaii.

Essential Tips for Real (Real Estate Appraisal) Estate Appraisals

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When you have the perfect home picked out and you know this is the home you want, your lender will require you to have an appraisal upon the request to use the home as security for a loan. A real estate appraisal will help in establishing a property’s market value, the sales price it would probably bring the seller, if offered in an open and competitive real estate market.

The reason the lender requires the real estate appraisal is because they want to ensure that the property would sell for at least the amount of money you require for your loan. Simply put, if the lender should ever have to foreclose, they want to ensure they would be able to get their moneys worth.

A real estate appraisal is not to be confused with a comparative market analysis (CMA). Real estate agents commonly use a CMA as a tool to determine a realistic asking price for home sellers. Although, an experienced agent may come extremely close to an appraisal price with the CMA, an real estate appraisal’s report include a lot more detailed information, not to mention the fact that it is the only evaluation report a bank will accept when making the decision of whether or not to loan money.

When having a home appraised for this purpose you should have an appraiser that is an objective third party. The appraiser should have no financial or any other connection with either party involved. If you have never experienced a real estate appraisal before, here are a few things that are included in the report.

There will be many details about the property in question as well as side-by-side comparisons of three different properties like it. There will be an evaluation of the areas overall real estate market. Any issues an appraiser feels can be harmful to the value of the property. Notations about any serious flaws will also be made; these are all coupled with many other items on the detailed appraisal report.

Real estate appraisals come in two different methods for appraising homes. There is the sales comparison method where the market value is estimated by comparing the property to other similar properties that has been sold in the same area. This method uses the similar properties to make several estimates of what they would have sold for if they had the same feature as the property in question.

Then there is the cost method, this is generally used for new properties when the costs of building is known. In this method, the appraiser estimates the costs involved in replacement of the structure if it were to be destroyed.

It is important to note that you should not depend on an appraisal to help you determine if the home is in satisfactory condition. This is a job for a home inspector. During a real estate appraisal, the appraise may take notes about obvious issues, however they will not test appliances, inspect the chimney or roof.

About the Author

Rory H. Hawkins writes about real estate appraisal and other interesting topics. For more information on real estate appraisals visit us today.