Housing Wire

SEPTEMBER 20, 2021

Appraisals in Black and Latino neighborhoods are more likely to fall short of the contracted sale price, a Freddie Mac study of 12 million appraisals found. The research examined appraisals for home purchases the government sponsored enterprise received from 2015 through the end of 2020.

Appraisal 441

Appraisal Contracts Valuation Buyers 441

Housing Wire

APRIL 30, 2021

In today’s booming housing market, sellers have their pick of home offers. Now, more than ever, sellers have a chance to get more money for their homes. And while this is great for sellers, it leaves buyers asking: “How can I stand out in such a competitive market? What is an appraisal gap?

Appraisal 414

Appraisal Sellers Buyers Housing Market 414

Realtor

MAY 17, 2023

While it’s certainly true that you can let go of the anxiety of needing to show your home at any moment, you still need to cooperate with your buyer, the buyer’s agent, and the commitments made in the contract. As a seller, here’s what you need to know about the settlement process.

Sellers 142

Sellers Inspection Contracts Property Taxes 142

Hank Miller Team

FEBRUARY 8, 2022

So what happens if the appraisal is below contract price? The early '22 market is already showing it'll be as tight or tighter than the '20 & '21 markets, buyers are tossing off all constraints to "win" the beauty contest of buying a home. Appraisals below contract price will continue to be a challenge in 2022.

Contracts 98

Contracts Appraisal Sellers Buyers 98

Housing Wire

FEBRUARY 9, 2021

When you go to buy a home , your mortgage lender will almost always order a home appraisal. But what does it mean for you as the buyer? Scenario 1: Your home appraises at your full offer price. Many times, the home appraisal goes off without a hitch. Scenario 2: Your home appraisal comes in low. The purpose?

Appraisal 450

Appraisal Real Estate Agent Sellers Real Estate 450

Appraiserblogs

NOVEMBER 7, 2023

Could it be because of the racial bias complaint filed against me by an unhappy Seller… Fannie Mae accomplished what they set out to do in July 2011, when they initiated their Uniform Appraisal Dataset (UAD) and the Uniform Collateral Data Portal. Related Posts: Low Appraised Value = Racial Bias?

Sellers 126

Sellers Valuation Law Contracts 126

Housing Wire

JUNE 11, 2021

What’s the difference between a home inspection and an appraisal? Before you get overwhelmed, take comfort that critical milestones of home inspection, appraisal and closing processes are all great ways to get more acquainted with your prospective new home. What matters is whether or not the defects are deal-breakers to you, the buyer.

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Inspection Appraisal Buyers Appraisal Process 424

Raleigh Realty

FEBRUARY 24, 2022

What Does 'Under Contract' Mean in Real Estate? You've decided to buy a home and whether it's your first home or your tenth you're likely to stumble across homes that are listed as 'under contract' on the real estate listing. Then, you look at the status and that other shoe finally has a chance to drop: it's "under contract."

Contracts 147

Contracts Real Estate Sellers Real Estate Agent 147

Housing Wire

APRIL 6, 2021

Linda (who asked that her real name not be used) beat out a dozen other prospective buyers in a bidding war by offering $445,000 and waiving all contingencies. Unfortunately, the appraisal put the house’s value roughly $50,000 below than what she paid. With others waiting in line behind her, the seller wouldn’t budge on price.

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Appraisal Reconsideration of Value Real Estate Agent Sellers 539

Realtor

SEPTEMBER 13, 2023

-Oxford-/iStock The home-buying process is a high-stakes thrill ride full of exhilarating ups and scary downs, but unquestionably one of the most deflating moments is when the appraisal comes in significantly lower than the accepted offer. The loan officer writes an appeal using the new comparables and then sends it to the appraiser.

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Appraisal Sellers Real Estate Agent Valuation 193

Appraiserblogs

JANUARY 8, 2024

It is appraisers who are destroying the message. The seeming destruction of the appraisal profession by the federal government, GSEs and lending stakeholders is a collective action problem. Appraisers are responding to new GSE and lending dictates with reactions based on our own personal well-being. Or so it seems.

Appraisal 131

Appraisal Valuation Lending Contracts 131

Appraisal Buzz

DECEMBER 27, 2021

There’s too little supply and too high a demand, a predicament that’s disrupted the housing and appraisal industries. Beginning in January 2020, 7% of purchase transactions had a contract price above the appraisal value. As the appraisal gap widened, the CoreLogic Price Index rose as well, reaching 15% in May of this year.

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Appraisal Valuation Modernization Contracts 397

Housing Wire

MAY 21, 2024

Buying a home in a non-disclosure state, where sale prices are not available to the general public, presents a unique set of challenges and requires home buyers to be more proactive in gathering information. Get a professional appraisal A professional appraisal becomes even more important when you’re buying a home in a non-disclosure state.

Real Estate Agent 410

Real Estate Agent Real Estate Inspection Tools 410

Housing Wire

NOVEMBER 16, 2023

billion in damages to residential home sellers who successfully proved that the organization – which represents real estate agents at most of the top brokerages in the United States – colluded with other defendants to inflate agent commissions. Unless the decision is appealed, NAR will have to pay at least $1.8

Realtors 395

Realtors Contracts Real Estate Agents 395

Will Springer Realtor

MAY 2, 2023

Home buyers are consumers. They have safeguards built in to written agreements such as a purchase contract on a home. These buyers also have the right to either add or omit some of those available rights when their real estate broker drafts an offer. More on appraisals.) Lenders also typically require a minimum 3.5%

Contracts 55

Contracts Buyers HOA Inspection 55

Appraisal Buzz

OCTOBER 4, 2021

Freddie Mac (OTCQB: FMCC) today released an analysis showing that appraisal values are more likely to fall below the contracted sale price of a home in census tracts with a higher share of Black and Latino households, resulting in an appraisal gap. for those in White tracts, leading to a gap of 5.2%.

Valuation 370

Valuation Appraisal Contracts Finance 370

The Robert Weiler Company

JANUARY 2, 2021

In real estate, buyers and sellers must be knowledgeable to make informed decisions. Are you familiar with a land contract in Ohio, as well as the state-specific requirements? What is a land contract in Ohio, really? While a land contract might be ideal for you, there are important details you need to know, first.

Contracts 143

Contracts Tenants Legal Sellers 143

Birmingham Appraisal

FEBRUARY 28, 2023

Homeowners, Don’t Make These Appraisal Mistakes When Selling Your Home As a real estate appraiser, I have seen many mistakes that sellers make during the appraisal process. These mistakes can significantly impact the value of a property and even lead to an appraisal being lower than the contract price.

Sellers 82

Sellers Real Estate Appraisal Appraisal Process 82

Empire Appraisal Group

FEBRUARY 29, 2024

Lusky, DigitalVision, Getty Images Source: [link] FSBO Sellers Regret Not Having an Agent By Melissa Dittmann Tracey Survey: Sellers who go-it alone are twice as likely to be unsatisfied with the experience – and more likely to say their earlier opinion, “agents are overpaid,” was wrong.

Sellers 78

Sellers Agents Real Estate Agent Real Estate 78

Listing Spark

FEBRUARY 6, 2023

Episode Summary In this episode, Aaron Jistel (Broker and Co-Founder at ListingSpark) focuses on how recent changes to Texas Real Estate Commission’s contracts and documents may affect home sellers and buyers. As a seller, this can help to ensure that buyers have the actual cash they are claiming they have.

Contracts 36

Contracts Real Estate Sellers Buyers 36

Appraiserblogs

JANUARY 4, 2024

As long as the new normal is reporting the appraiser when you don’t like the value continues, why bother? In today’s new and unimproved appraisal atmosphere, any appraiser that does not “hit the number” is open to detrimental consequences. Buyers, Sellers, & Refinancers – The U.S.

Appraisal 149

Appraisal Government Sellers Buyers 149

Movoto

APRIL 8, 2024

After submitting an offer on a home you plan to purchase, a few things might happen – once an offer is accepted (typically, after negotiations but not always), real estate sales agreements come into effect between buyers and sellers. Should the buyer breach the contract (e.g., auctions, cash sales, etc.):

Contracts 36

Contracts Real Estate Property Taxes Legal 36

Housing Wire

JULY 12, 2022

Luke Tomaszewski, an appraiser doing home inspections in the aftermath of the housing bust, was traveling as much as an hour across Chicago just to snap exterior photos of bank-owned properties. At $50 to $100 per inspection, according to ProxyPics, it’s certainly less expensive than sending an appraiser. Made to order.

Appraisal 403

Appraisal Inspection Real Estate Agent Training 403

Housing Wire

MAY 17, 2024

The guarantee means that the bank promises an on-time closing on or before the contract closing date, or it will pay the homebuyer $20,000. In just the past year, the Department of Justice has called for a full dislocation of real estate agent commissions between sellers and buyers, and new appraisal bias protections have been set up.

Lending 368

Lending Real Estate Agent Contracts Government 368

Cornerstone

OCTOBER 26, 2021

As a result, hurdles related to home appraisals have also started to arise. In the past few months, it’s become commonplace for an appraisal to come back under a home’s contract price. This difference is known as ‘the appraisal gap… ’”. This difference is known as ‘the appraisal gap… ’”.

Sellers 57

Sellers Buyers Appraisal Loan Officers 57

McKissock

AUGUST 13, 2021

Why must an appraiser be given a copy of the sales contract? First and foremost, Standards Rule 1-5 in the Uniform Standards of Professional Appraisal Practice (USPAP) states that we are to: “analyze all agreements of sale.” When should we analyze the contract? That’s the real reason why—because USPAP says so.

Contracts 64

Contracts Appraisal Market Value Real Estate 64

Appraisal Buzz

AUGUST 16, 2021

Like many busy appraisers, I can spend a lot of time in my own little world just trying to keep my head above water. Lately, though, I’ve been trying to carve out some extra time to find out about what other appraisers are saying and doing in this unusual market. But what offer will the seller accept $400,000.

Market Value 448

Market Value Buyers Appraisal Sellers 448

Housing Wire

DECEMBER 14, 2023

The letter states that the CHLA believes this shift could have “profound negative impact on the ability of home buyers to pay for or finance those commissions and on loan appraisal loan to value (LTV) calculations and requirements.” Under current regulations, VA buyers are not allowed to pay for buyer’s representation.

Lending 399

Lending Mortgage Government Finance 399

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? First and foremost, Standards Rule 1-5 in the Uniform Standards of Professional Appraisal Practice (USPAP) states that we are to: “analyze all agreements of sale.” Answers a lot of appraiser questions.

Contracts 52

Contracts Appraisal HOA Architecture 52

Cleveland Appraisal Blog

MAY 13, 2021

Buyers have their view of how much they are willing to pay for a home. And, of course, we appraisers have our views of what a home is worth. . THE BUYER’S VIEW. However, most home buyers are looking for a place to live. . It’s the buyer’s money. What is a buyer to do? Is their view wrong?

Market Value 298

Market Value Contracts Appraisal Buyers 298

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

Appraisal Buzz

MAY 17, 2021

During the 2007-10 mortgage default meltdown, appraisals were a target of complaints and allegations by lenders, the GSEs, some state appraisal boards, and a few unscrupulous entrepreneurs. Many allegations related to appraisals that used inappropriate comparable sales that were used to “make” a deal work.

Appraisal 418

Appraisal Clients Real Estate Sellers 418

Housing Wire

APRIL 8, 2021

First, the pre-approval letter tells the seller that you are serious about buying a home and that you have a commitment from a reputable lender on how much it will lend to you. Another seller’s home may need repairs, and you put in your offer the need for a seller credit to pay for them. In an extremely competive market?

Inspection 433

Inspection Sellers Buyers Tools 433

Birmingham Appraisal

AUGUST 23, 2023

How Can Appraisers and Agents Work Together? In the often chaotic world of real estate, the appraiser-agent relationship can contribute to a smoother process. There are many areas that appraisers and agents can inform and educate one another so that each of their jobs is done more successfully.

Agents 85

Agents Appraisal Valuation Appraisal Process 85

Realtor

OCTOBER 29, 2020

When you’re a first-time home buyer approaching the finish line in the journey to your new home, you want nothing to go wrong, right? These are the most common contingencies that are part of your new home closing process: Home inspection contingency: This gives buyers the right to have the home professionally inspected.

Buyers 208

Buyers Inspection Contracts Real Estate Agent 208

Empire Appraisal Group

MARCH 16, 2023

NEWS & MEDIA sorbetto / Getty Images Source: Hard Convincing Sellers Not to Overprice? Use Data | Florida Realtors Hard Convincing Sellers Not to Overprice? Use Data By Jennifer Warner Florida Realtors economist : Many sellers today plan to overprice their home, but overpricing isn’t new.

Sellers 78

Sellers Inventory Realtors Clients 78

Appraisal Buzz

MARCH 28, 2024

Month-over-month, contract signings climbed in the Midwest and South but sank in the Northeast and West. Home prices rising faster than income growth is not healthy and adds challenges for first-time buyers.” Percent in February appeared first on Appraisal Buzz. Pending home sales increased 1.6%

Inventory 195

Inventory Housing Market Contracts Realtors 195