Real Estate Appraisal

Foreclosure Crisis Creates New Real (Real Estate Appraisal) Estate Game – CBS 2 Chicago

Foreclosure Crisis Creates New Real Estate Game – CBS 2 Chicago
CHICAGO (CBS) The foreclosure crisis is something we’re all getting familiar with. There were 90,000 foreclosures in Illinois last year alone. Now, many of these houses are back on the market — and priced to sell. CBS 2’s Dorothy Tucker reports

Real Estate Appraisal – Look closely at mortgage broker fees – Baltimore Sun

Look closely at mortgage broker fees – Baltimore Sun
L ooking to get a mortgage or refinance an existing one? If you have the credit score to make it work, you shouldn’t have trouble finding people who really, really want your business. The trick is deciding who should get it. Christopher Cruise, a

Zaio CEO Provides Mortgage Crisis Expertise in New Book – Forbes
Zaio Inc., the US Subsidiary of Zaio Corporation (TSX-V:ZAO), has contributed expert insight in a new book entitled: The Subprime Crisis – Perspectives and Legal Insights on the Subprime Lending Crisis published by Thomson West. The primary audience

Real Estate (Real Estate Appraisal) Appraisal – Do Your Own

For single family homes, there are two basic methods used in real estate appraisal. They are replacement cost analysis, and using comparable sales. A third appraisal method, based on capitalization, is used for income properties, and is covered in another article.

In figuring replacement cost the question is: What would it cost to buy this land and put this house on it? If the land (improved) would cost $40,000, and the house could be built for $150,000, the value indicated would be around $190,000 – if the house is fairly new. If it has used up 10% of its useful life, you can deduct $15,000 for depreciation.

Replacement cost is not really a very useful measurement. It is difficult to say what the land is worth in a city center where none is left for sale, for example, and tough to gauge depreciation. It is used as a secondary method, and for unique homes that can’t be compared easily with others. The primary method of real estate appraisal used for homes is a market analysis using comparable sales.

Real Estate Appraisal 101

To get a good idea of what a home should sell for, you need to compare it to homes that have sold. Find at least three similar homes in the same area that have sold within the last year, preferably within the last six months. This information is available in the county records, or from a real estate agent with access to the MLS (multiple listing service).

Now the confusing part. You start with the selling price of each of your comparables. If your subject home has a second bathroom, and the a comparable doesn’t, you add the value of the bathroom to the sales price of the comparable. If a comparable home has a blacktop driveway, and the subject home doesn’t, you take the value away.

You are rectifying differences, to see what comparable homes would have sold for if they were like yours. So if a comparable sold for $140,000, and a bathroom is worth $15,000 in your area (ask a real estate agent for help with these figures), you ADD $15,000 for the bathroom it doesn’t have. Then you subtract, say $4,000, for the paved driveway it does have. This gives you a comparable sales price of $151,000.

You do this with all differences between the subject home and each comparable. When done, you average the three comparable prices. So if the three comparables have adjusted sales prices of $151,000, 162,000, and 149,000, you add the three figures and divide by three. The indicated value of the home is $154,000.

Of course all appraisal is an inexact science. If you can only find comparables sold over a year ago, you have to estimate appreciation in the area. If one sold with seller financing, you have to decide how this affected the price. For all of it’s flaws, however, for single family homes, this is the most accurate method of real estate appraisal.

About the author:
Steve Gillman has invested in real estate for years. To learn more, and to see a photo of a beautiful house he and his wife bought for $17,500, visit http://www.HousesUnderFiftyThousand.com

Real Estate Appraisal – Donald Trump’s Real Estate Tycoon

Donald Trump’s Real Estate Tycoon Customer Review: Where did the tutorials go?
I played the game through all levels of the tutorials and advanced to ‘one-on-one’ with D. Trump… I did okay. Then I didn’t play the game for while and when I went to play it again and get a refresher from the tutorials they were “GONE”! Now the game will not play at all…… No help from the ‘Website’ either.. That is just an order site only. So I would not buy this again.