article thumbnail

Non-Arms Length Sales for Appraisers

Appraisal Today

I have also done many relocation appraisals, done before the home is listed. What should appraisers look for in a sales contract? The underwriter revealed that the tool uses a ‘Census Block Grid’ adjustment (CBG) to evaluate comparable property values. You are “graded” on how close you come to the sales price.

article thumbnail

When a House Doesn't Appraise For the Sale Price

Eppraisal

This is due to low interest rates, historically low inventory and more than usual buyers flocking to the market, thus, homes have been selling in record time. As a result, home values have been increasing. There are many instances nowadays where a house doesn't appraise for the price on the contract.

Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

Purchasing & Developing Land - Part 5 - Reselling It - Raw or Developed

Eppraisal

Whether you decide to hold it and sell when real property values climb or -- alternatively -- develop the lot to convey at a higher price, you are subject to forces of market, timing and competition. We have considered the acquisition of vacant land, financing that purchase; and complying with legal standards.

article thumbnail

How a Seller’s Home Inspection Can Net You More Money When You Sell

Eppraisal

Home buyers almost always have a professional home inspection performed by a licensed inspection company when they purchase a home. However, it is not a bad idea for sellers to have a home inspection, or pre-listing home inspection, performed as well.

article thumbnail

The Many Shades of Earnest Money

Eppraisal

Earnest money is the money a buyer offers to have deposited at contract time to show he is earnest or serious about purchasing the home. As home values have been rising, so have earnest money amounts. How Earnest Money Works When you submit an offer to purchase a home, part of the contract deals with earnest money.

article thumbnail

The Role of an Attorney in a Real Estate Transaction

Eppraisal

With home values rising and homes selling at record speed, it is helpful to have an attorney on your side during the transaction. Contract Review Whether you are a home buyer or a home seller, once you sign a contract it is time to hire a real estate attorney.

article thumbnail

Why Buyers Shouldn't Waive Inspection Contingencies

Eppraisal

Inspection Contingencies Defined When buyers and sellers agree on all the terms of a real estate contract, it is signed and delivered to all parties. Most real estate contracts have a 5-business day inspection contingency automatically written into the contract. Inspection contingencies are in place to protect buyers.