Cleveland Appraisal Blog

MARCH 30, 2021

Within the past couple of weeks, I have appraised several properties for purchases, where my opinion of the market value of these homes was significantly below the contract price. When an appraiser’s opinion of value is below the contract price, that’s when the carping begins. Good agents know this.

Housing Market 367

Housing Market Marketing Reconsideration of Value Contracts 367

Housing Wire

MARCH 24, 2023

An appraisal gap is the difference between what a buyer agreed to pay for a home in a purchase contract and what an appraiser concludes as the fair market value of the property. The truth of it is that an appraisal coming in below the contract price can be a powerful tool for a homebuyer and save them future pain and heartache.

Appraisal 384

Appraisal Contracts Tools Valuation 384

McKissock

JANUARY 31, 2023

As part of our Question of the Month survey series, we asked members of our appraisal community, “What’s one thing you wish real estate agents knew about the appraisal process?” ” “The definition of market value.” ” “How value is derived.” Was the seller highly motivated?

Real Estate Agent 97

Real Estate Agent Real Estate Agents Appraisal 97

Cleveland Appraisal Blog

AUGUST 20, 2021

That way of measuring the market can lead to an opinion of value that is in the ballpark of a home’s market value. Often, homeowners, agents, and others base their value opinions on square footage obtained from public records, usually because it’s free and, in most areas, available to the public.

Appraisal 418

Appraisal Market Value Contracts Agents 418

Birmingham Appraisal

JUNE 21, 2023

Helping Agents Understand Appraisal Factors That Impact Home Sales In the world of real estate, accurate property valuation plays an important role in the home buying and selling process. Appraisals provide an objective assessment of a property’s worth, ensuring accurate market value and facilitating successful transactions.

Real Estate Agent 79

Real Estate Agent Real Estate Agents Appraisal 79

Will Springer Realtor

OCTOBER 19, 2021

The home is under contact, seller and buyer have agreed to terms. Buyer is financing the purchase through a mortgage lender and the underwriter wishes to confirm the value of the home before issuing the loan. (No No lender will approve a mortgage on a home that is valued less than the agreed sales price.).

Contracts 41

Contracts Appraisal Sellers Real Estate Agent 41

Appraisal Today

APRIL 2, 2023

What Do Appraisers Look For in a Sales Contract? Why must an appraiser be given a copy of the sales contract? Secondly, the appraiser is likely familiar with the local real estate contract forms, customary terms, and conditions of real estate transactions in the area, and might be able to identify irregularities and comment on them.

Contracts 52

Contracts Appraisal HOA Architecture 52

Listing Spark

DECEMBER 9, 2020

One of the most common questions we get from our home sellers at ListingSpark is “How do I determine what my closing costs are”? For this article, we are going to focus on the home seller closing costs we would typically see in Texas with a residential sale (commercial sales typically have a different set of fees).

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Sellers HOA Insurance Contracts 69

Cleveland Appraisal Blog

AUGUST 20, 2021

That way of measuring the market can lead to an opinion of value that is in the ballpark of a home’s market value. Often, homeowners, agents, and others base their value opinions on square footage obtained from public records, usually because it’s free and, in most areas, available to the public.

Appraisal 263

Appraisal Market Value Contracts Agents 263

McKissock

JULY 6, 2022

One of the main responsibilities of a real estate agent is to effectively organize all the competing interests of a transaction (or pieces of the jigsaw puzzle). Most agents quickly realize that “coordinating the chaos” is a major part of their role in a given transaction. As agents, we know better.

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Clients Real Estate Contracts Sellers 87

Cleveland Appraisal Blog

OCTOBER 14, 2021

On many of my appraisals at that time, my opinion of value would not support the contract price. Perhaps they were drinking the Kool-Aid that some are drinking today, that market value is whatever the purchase price is. Don’t drink the Kool-Aid that any contract price is reflective of market value.

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Inventory Market Value Appraisal Contracts 243

Eppraisal

OCTOBER 23, 2023

The seller can reject your bid, make a counteroffer or accept your original proposal. Your response depends on how the seller replies. If the Seller Rejects Your Offer The seller may deny your home purchase offer for various reasons. You can say no to the counteroffer, accept it or propose new changes to the contract.

Real Estate Agent 69

Real Estate Agent Sellers Inspection Real Estate 69

Birmingham Appraisal

JANUARY 25, 2023

Tips For Agents on How to Adjust For Square Footage I wrote an article once titled “ Price per square foot is not the holy grail of property value ” where I explained that price per square foot should not be the only metric given consideration when pricing a home. If you liked this post subscribe by email (or RSS feed ).

Agents 79

Agents Appraisal Contracts Buyers 79

Realtor

OCTOBER 29, 2020

Most purchase agreements have contingencies —things that buyers must do before the real estate transaction is official, explains Jimmy Branham , a Coral Springs, FL, real estate agent at the Keyes Company. Appraisal contingency: With this contingency, a third party hired by your mortgage lender evaluates the fair market value of the home.

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Buyers Inspection Contracts Real Estate Agent 208

Empire Appraisal Group

JULY 1, 2021

5 Appraisal Topics Every Agent Should Know. Source: 5 Appraisal Topics Every Agent Should Know | Realtor Magazine. It’s imperative that agents not only understand the fundamentals of the appraisal system but also follow the best practices for communicating with appraisers, especially while navigating today’s market.

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Agents Appraisal Real Estate Realtors 78

PennyMac

JULY 20, 2021

Whether you are buying or selling a home, your real estate agent will be your partner through one of the most significant transactions of your life. Finding the right agent should involve careful planning and research, but many of us just don’t know where to start. How long have you been working as a real estate agent?

Real Estate Agent 69

Real Estate Agent Real Estate Agents Sellers 69

Appraisal Today

APRIL 26, 2024

The 7 Sale Types Explained Excerpts: An arm’s length sale – a sale in which the buyers and sellers act independently and in their own self-interest is the most common type of real estate transaction. A non-arm’s length sale in real estate is a transaction between a seller and buyer who have a connection by marriage, family, work, etc.

Appraisal 76

Appraisal Real Estate Real Estate Agent Contracts 76

Hank Miller Team

DECEMBER 14, 2022

Home buyers and home sellers dabble in the “persuasion” arena during the purchase process as they roll through the deal. The typical real estate agent doesn't dabble, they will do whatever necessary to secure their commission. Home Sellers & Appraisers When an owner decides to list, their first move to solicit a real estate agent.

Appraisal 52

Appraisal Real Estate Agent Contracts Agents 52

Birmingham Appraisal

SEPTEMBER 26, 2023

The market area that the property is located in can definatley support the price but does the price truely reflect the market value of that specific property or does it reflect what a super motivated buyer with available funds is willing to pay? They are, after all, real transactions that have taken place within the market.

Real Estate Agent 89

Real Estate Agent Real Estate Clients Agents 89

Listing Spark

JULY 6, 2021

They then either flip them for a profit, keep them as a rental property, or wholesales the contract to another investor. When taking an objective looks at how “We Buy Ugly Houses” works, its apparent there are some well-defined upsides for home-sellers, as well as some significant downsides. As part of the HomeVestors Inc.

Sellers 36

Sellers Contracts Investors Real Estate 36

Cleveland Appraisal Blog

AUGUST 11, 2022

Talking to your real estate agent or appraiser is also helpful to get a professional’s point of view. The type and range of information you have to provide in the seller’s property disclosure will, of course, depend on the legal regulations of the state where you have the property. What does it mean to sell your home as-is?

Renovations 221

Renovations Buyers Appraisal Investing 221

Lamacchia Realty

FEBRUARY 21, 2023

“The Zestimate® home valuation model is Zillow’s estimate of a home’s market value. A Zestimate incorporates public, MLS and user-submitted data into Zillow’s proprietary formula, also taking into account home facts, location and market trends. What exactly is a Zestimate? via Zillow.com Are Zestimate’s Worth Looking At?

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Real Estate Agent Real Estate Sellers Realtors 73

Hank Miller Team

NOVEMBER 22, 2022

In fact, some real estate agents would also benefit from a reminder about their respective roles. In brief (operative word), an appraisal is an estimate of the current market value of a home completed by an appraiser using set evaluation criteria. They do not represent either buyer or seller. What is a Home Inspection?

Inspection 52

Inspection Appraisal Buyers Sellers 52

Eppraisal

DECEMBER 20, 2022

Whether you are a home buyer or seller, the real estate transaction can sometimes be tricky to navigate. Often times, agents will specialize in working with those looking to either buy or sell. An agent who specializes in buyers, or an Accredited Buyers Representative (ABR) may be most appropriate for your transaction.

Real Estate 36

Real Estate Buyers Inspection Real Estate Agent 36

McKissock

OCTOBER 3, 2021

As a wholesaler, you need to find a property for sale, acquire a contract from the seller, identify a buyer, and assign the contract to him or her. The only costs you have to cover are those for finding a property for sale and for marketing the property to interested buyers. What about rental properties?

Investing 87

Investing Real Estate Real Estate Agent Realtors 87

Town & Country Residential Appraisals

JUNE 26, 2023

When it comes to appraising homes for buyers using VA-backed financing, the Tidewater process plays a crucial role in determining fair market value. Its purpose is to protect the interests of veterans and ensure fair market value. What is the Tidewater process and what is its significance in VA-backed home appraisals?

Appraisal 36

Appraisal Market Value Buyers Sellers 36

Realtor

OCTOBER 29, 2020

Most purchase agreements have contingencies —things that buyers must do before the real estate transaction is official, explains Jimmy Branham , a Coral Springs, FL, real estate agent at the Keyes Company. Appraisal contingency: With this contingency, a third party hired by your mortgage lender evaluates the fair market value of the home.

Buyers 78

Buyers Inspection Contracts Real Estate Agent 78

Lamacchia Realty

OCTOBER 13, 2022

Sellers and their agents use comps to help determine a proper list price for a property. Closed comparable sales, also known as ‘comps,’ are used to approximate market value for residential properties. Comps in the Post-COVID Market. Market value is determined by sales, not the high hopes of a seller.

Marketing 70

Marketing Sellers Buyers Market Value 70

Raleigh Realty

AUGUST 27, 2021

It lets sellers know that you are serious about purchasing their home and that you have done the work to be in good financial standing. Sellers want to know that you will be able to follow-through with the purchase of their home. How Do I Know If My Real Estate Agent Is The Right Fit For Me? What Are My Total Costs?

Real Estate Agent 78

Real Estate Agent HOA Real Estate Agents 78

Appraisal Today

JANUARY 19, 2024

During the two-year renovation, the seller, who bought the home in 2017, updated the kitchen with a Bosch cooktop, Gaggenau appliances, and soft-close doors. An example of this in real estate appraisal is the purchase and sale contract. In and of itself, it is not market value. Sliding-glass doors lead out to the yard.

Appraisal 73

Appraisal Contracts Real Estate Architecture 73

Appraisal Today

SEPTEMBER 15, 2023

Appraisers are less likely this year to cite expanding regulations/interpretations of regulations, lender requirements, pressure from real estate agents/brokers, and liability concerns. No one is allowed to provide a list or a panel of appraisers to use for loans involving a specified mortgage broker, real estate agent, or loan officer?

Appraisal 82

Appraisal Real Estate Agent Contracts Real Estate 82

Raleigh Realty

FEBRUARY 19, 2022

Like making counter-offers and going through the home inspection process, the home appraisal can be a sticking point between buyer and seller. A home appraisal determines the fair market value of a home. The home appraisal is something you can negotiate prior to going under contract as well, or even while under contract.

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Appraisal Process Appraisal Construction Sellers 139

Appraisal Today

JANUARY 20, 2023

Spend hours writing volumes of supporting documentation to justify the market value of a property you already decided on when you pulled into the driveway. Record Share Of Sellers Give Concessions To Buyers Excerpts: ‘Buyers are asking sellers for things that were unheard of during the past few years.’

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Appraisal Contracts Sellers Business 52

Portland Appraisal Blog

APRIL 14, 2019

You’re a real estate agent and after a lot of back-and-forth, give-and-take, offers and counteroffers, you’ve helped your client negotiate a sweet price for their home. All the work getting the property ready for listing, the extensive marketing, the numerous showings, the sometimes tedious offer evaluations has paid off.

Appraisal 78

Appraisal Reconsideration of Value Agents Market Value 78

Appraisal Today

JULY 1, 2023

Famed Rotating Home in California On the Market for $5.3M It rotates 360 degrees—both counterclockwise and clockwise—and the plumbing and electrical all rotate together,” explains listing agent Melvina Selfani, of Top 1% with Century 21 Affiliated. How can market value be a function of price since price is not value?

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Appraisal Contracts Market Value Mortgage 85

Cleveland Appraisal Blog

MARCH 18, 2021

The MLS reflected it as a pending sale with zero days on the market. So, it does not appear to have been exposed to the market. Perhaps the sellers had a pool of buyers looking for homes to buy in this area. Therefore, my opinion of value was in the mid-sixties, which was far below the contract price.

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Appraisal Investors Buyers Market Value 195

McKissock

JULY 27, 2021

Many survey respondents emphasized the importance of making sure your work is as detailed and well-supported as possible—by means of careful comparable selection and analysis, thorough documentation, and clear explanation of why the available comps do not support the contract price. ” “Market analysis and illustrations.”

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Appraisal Contracts Clients Marketing 109