Real Estate Appraisal – Property scam retold to court

Property scam retold to court
Newark Star-Ledger – Michael Eliasof, 63, of Mahwah, once a top-producing real estate agent for Re/Max Property Center in Paramus, admitted by an unlicensed appraiser known to Eliasof and the others as “Billy the Kid,” who was paid to create fictitious appraisal

Poll: Florida property-tax cut falls short of 60%
Orlando Sentinel – The package would expand the state’s current $25,000 homestead exemption by about $15,000, cap annual appraisal increases People are doing a lot of whining,” said Jane Glover, 59, an Ormond Beach commercial real-estate agent who said she opposes

Downtown apartment rents hit new highs in (Real Estate Appraisal) 3Q

Downtown apartment rents hit new highs in 3Q
Crain’s Chicago Business – rent at Class A downtown apartment buildings hit $2.36 a square foot in the third quarter, up 2.2% from the second quarter and 6.3% from the year-earlier period, according to a report from Appraisal Research Counselors , a Chicago-based real estate

Kidman, Urban sell their Nashville home
Miami Herald – In a sign of strength for high-end Manhattan real estate, Foreigner guitarist Mick Jones sold his East Side townhouse last sale prices for apartments rose to $3.95 million in the third-quarter, up 16.3 percent from the 2006 period, appraisal firm

Summary of last night’s SW6 meeting
Bridgeton News – The appraisal analysis is a necessary step in acquiring land for park and moving forward with a new SW plan. The two as the firm to hire to do the SW analysis since this firm is privately owned and independent of any developer, real estate

Fundamentals of Real Estate Appraisal (Fundamentals of Real Estate Appraisal) (Real Estate Appraisal)

Fundamentals of Real Estate Appraisal (Fundamentals of Real Estate Appraisal) Using an effective blend of theory and practice, this best selling textbook provides a strong foundation for understanding today’s ever changing appraisal marketplace.
Customer Review: It’s a toughie.
This is the text book that was assigned to my class, and I am taking an at-home course. I don’t know if these guys are covering everything or not, but I can tell you this: they sure don’t know how to write clearly. Sentences are long-winded and convoluted. I read each sentence over and over just trying to figure it out. I am taking notes by re-writing every paragraph. Appraisal school is difficult enough without having to decipher and translate the textbook into plain English. Today’s example:

“The amount of the expected annual ‘effective gross income’ from the property, estimated by subtracting aniticipated vacancy and collection losses from potential gross income”.

I translated that to:

“Effective Gross income equals potential gross income minus (anticipated vacancy + collection losses).”

It makes for very tedious studying.

Essential Tips for Real Estate Appraisals (Real Estate Appraisal)

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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.