Remove Government Remove Legal Remove Lending Remove Market Value
article thumbnail

Once Upon a Time… A Housing Fairy Tale

Appraisal Buzz

We have rules, we have standards, and we all know the exact definition of value. The “official unofficial” government-related loan definition of market value is clear. As an appraiser, I had to look at what I had spent a lifetime doing: “Find market value.” Let’s pretend market value is market value.

article thumbnail

FHFA’s RFI on appraisals is a critical inflection point

Housing Wire

One significant factor behind the lack of evolution in the appraisal industry is that the American housing market has grown at a much higher rate than the pool of licensed professionals that are legally certified to appraise residential real estate. Real estate agents in particular understand local properties extremely well.

Appraisal 314
Insiders

Sign Up for our Newsletter

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

article thumbnail

26 Reasons to Get an Appraisal

Realvals

The appraisal helps in establishing the loan-to-value (LTV) ratio. The LTV is a percentage that represents the amount of money to lend compared to the value of the home. ” ( source ) The only way to obtain legal ownership of the property is to go through the probate process.

Appraisal 145
article thumbnail

What Is A Home Appraisal?

DataMaster

Many people don’t understand home appraisals and how appraisers are legally bound to operate. An appraisal is an unbiased valuation of the fair market value of a home. Lenders make sure that they are lending the right amount of money for a home. We must look at the market analysis and where we are coming from.

Appraisal 158
article thumbnail

Using Equity To Buy A Second Home

D Fritz Appraisals

It represents the difference between what they owe on their home and its current market value. However, refinancing will also incur additional closing costs, such as appraisal fees and legal expenses, which the borrower should consider before making a decision. What Is Home Equity?

article thumbnail

What Is A Home Appraisal?

DataMaster

Many people don’t understand home appraisals and how appraisers are legally bound to operate. An appraisal is an unbiased valuation of the fair market value of a home. Lenders make sure that they are lending the right amount of money for a home. We must look at the market analysis and where we are coming from.

article thumbnail

What Is A Home Appraisal?

DataMaster

Many people don’t understand home appraisals and how appraisers are legally bound to operate. An appraisal is an unbiased valuation of the fair market value of a home. Lenders make sure that they are lending the right amount of money for a home. We must look at the market analysis and where we are coming from.