A Contract is Born
The Appraiser Coach
FEBRUARY 22, 2022
What makes a contract a contract? Is it the legal prose, the professional typesetting, or the date across the top? I’m no lawyer, but my mentor once told me that. Read More.
A Contract is Born
Appraisal Buzz
FEBRUARY 22, 2022
What makes a contract a contract? Is it the legal prose, the professional typesetting, or the date across the top? The post A Contract is Born appeared first on Appraisal Buzz. I’m no lawyer, but my mentor once told me that … Read More.
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Trending Sources
The hybrid appraisal is here. Who benefits?
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.
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MV Realty files for bankruptcy
Housing Wire
SEPTEMBER 25, 2023
The firm’s legal troubles began in late 2022 when it was sued by attorneys general in Florida , Massachusetts and Pennsylvania over its 40-year contracts. If the homeowner breaks the agreement or decides to terminate it early, they must pay the firm 6% of the appraised value of the home.
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What Does Under Contract Mean in Real Estate?
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."
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Real Estate Sales Agreements: Understanding Your Contract
Movoto
APRIL 8, 2024
This is a legally binding agreement between the buyer and seller that helps ensure the sale will be completed according to the contract’s outlined conditions. Real estate purchase contracts come into play to protect both parties and move the sale forward, helping prevent either party from wasting the other’s time and money.
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The Difference Between Pricing a Property and Appraising It
Cleveland Appraisal Blog
MAY 26, 2023
Most weeks I perform appraisals for divorce or a marriage dissolution. In recent years, on several occasions, I have been hired to appraise a property after a valuation service was provided for my client by another real estate professional. But then they had to hire me to perform an appraisal. That’s right!
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What Is a Land Contract In Ohio? Full Guide [2021 Update]
The Robert Weiler Company
JANUARY 2, 2021
Are you familiar with a land contract in Ohio, as well as the state-specific requirements? What is a land contract in Ohio, really? Essentially, a land contract is an alternative financing option if you’re investing in: Farmland or raw land. So, what is a land contract agreement, and how does it work? A home or condo.
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Unwrapping what to expect in your home inspection, appraisal and closing
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. An appraisal is a valuation of a property by a third party.
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What’s in a Sales Contract? Insights from a Seasoned Appraiser
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.
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From Forms to Reports: A Look at the UAD Overhaul
Appraisal Buzz
APRIL 15, 2024
By now, most appraisers are aware that Fannie Mae and Freddie Mac (GSEs) have embarked on a complete overhaul of the Uniform Appraisal Dataset (UAD). These codes, or language, make sense to appraisers but confuse uninitiated readers of our reports. It all starts with the standard appraisal forms used in the mortgage process.
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What It Takes to Be An Expert Appraisal Witness in An Eminent Domain Case
Cleveland Appraisal Blog
JUNE 18, 2022
This week I have a bonus article for my appraisal colleagues who are interested in becoming expert appraisal witnesses in eminent domain cases. Appraising property in an eminent domain case requires unique expertise and skills. Appraising property in an eminent domain case requires unique expertise and skills.
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Non-Arms Length Sales for Appraisers
Appraisal Today
APRIL 26, 2024
However, there are six other types of real estate transactions that you need to know about so you can specify these sale types in your appraisal report as they can affect the market value of the property. For appraisals required to be Uniform Appraisal Dataset (UAD) compliant, you must indicate the type of sale for the transaction.
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How To Find An Appraiser
Padove Appraisal Service
FEBRUARY 27, 2023
Many people’s experiences with real estate appraisals are limited to mortgage applications. The appraiser is usually selected, and the report ordered through the lender. The task of selecting an appraiser for purposes such as estate planning and settlement, divorce, tax appeal, etc.,
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Can You Talk to an Appraiser?
Empire Appraisal Group
NOVEMBER 3, 2022
More than a quarter of real estate professionals say they avoid having any interaction with an appraiser, falsely believing they legally can’t. Source: Can You Talk to an Appraiser? The survey of more than 600 appraisers and 2,500 residential real estate pros was conducted in May. The post Can You Talk to an Appraiser?
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USPAP Myths for Appraisers
Appraisal Today
JANUARY 5, 2024
Bradley, SRA, CDEI, McKissock Learning On May 5, 2023, the Appraisal Standards Board (ASB) voted to adopt changes to the Uniform Standards of Professional Appraisal Practice (USPAP), which will become effective January 1, 2024. I suppose it is because most appraisals are done (now) for residential lending purposes.
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Epic Fail: The Appraisal Institute IRS 990s Show They Needs To Do A 180
Miller Samuel
FEBRUARY 24, 2021
The next board meeting is coming up tomorrow and Friday, and it is a seminal moment for the Appraisal Institute. It is where the BOD gets to vote on Jim Amorin's new contract that the entire board has not seen. You can't vote on a contract in good conscience, if you haven't seen it or been exposed the the key terms.
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Pressure to Hit the Purchase Price: 5 Resources for Appraisers
McKissock
MARCH 2, 2021
As an experienced appraiser, you’ve likely encountered pressure to hit the purchase price or develop your appraisal based on a predetermined value. Webinar: The Market Value Doesn’t Support the Contract Price, Now What? Blog post: 9 Ways to Handle Appraisal Pressure. Video: Appraisers Who Hit Sales Prices.
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Appraiser Liability Risks
Appraisal Today
JUNE 23, 2023
This Is Where Appraisal Liability Risks Lie (Plus Tips on How to Avoid Them) By: McKissock Excerpts: While it’s difficult for a litigant to win a judgment against an appraiser, that doesn’t spare appraisers the inconvenience of being sued, which can be costly, time-consuming, and harmful to one’s reputation even if the suit fails.
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Appraisal Reviews: Ensuring Accuracy and Compliance
Town & Country Residential Appraisals
JULY 24, 2023
Recently, after completing a few courses and passing the exam offered by Appraiser eLearning through the National Association of Appraisers, I received a Certificate in Appraisal Review from their Professional Certification Board. Now why would one want to have an appraisal report reviewed?
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OK to average adjusted comps on appraisals?
Appraisal Today
DECEMBER 8, 2023
OK to average adjusted comps on appraisal? Basic Appraisal, but not all appraisers know about this, especially if they “appraise to fit the form” aka form fillers. Worth reading, plus the appraiser comments. Click here = Appraisers vs. Lenders. One of the best I have read. What Can We Do?
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Appraisers Riding the Waves of Up and Down Mortgage Rates
Appraisal Today
NOVEMBER 24, 2023
The Surfing Appraiser Riding the Waves of Up and Down Mortgage Rates By Mark Buhler Excerpts: Riding the waves of the appraisal profession can result in a range of outcomes and emotions over time. Appraisers, and surfers, have varying levels of experience, and experiences. Appraisers were busy cranking out appraisal reports.
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Pre-Appraisal Checklist for Homeowners
D Fritz Appraisals
MARCH 16, 2021
Be Prepared for an Appraisal for a Positive Impact on Your Home’s Valuation. Whether you’re selling, refinancing, dividing assets, settling an estate, or determining capital gains on an income property , it pays dividends to be prepared for your home appraisal. How Do I Get Ready for the Appraisal on My House?
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Pros and Cons of Selling Your Home As-Is
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?
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When a House Doesn't Appraise For the Sale Price
Eppraisal
OCTOBER 19, 2021
Real estate appraisers however are acting more level-headed. There are many instances nowadays where a house doesn't appraise for the price on the contract. It's an appraiser's job to protect the mortgage lender's investment in a home. An appraiser looks at previous sales data when appraising a home.
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Appraising Fixer Uppers
Appraisal Today
APRIL 14, 2023
Appraising Fixer Uppers Excerpts: We’re all familiar with the term “fixer-upper.” The degree and cost to cure becomes an issue to buyers and sellers, and a challenge for appraisers. The rest of the post is a very good case study To read more, click here My comments: I have appraised many fixer-uppers.
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New Year, New You: Transforming Your Appraisal Career in 2023
McKissock
JANUARY 6, 2023
How about one for you and your appraisal business? Most of us are fee appraisers who work independently. Our opportunity is time—it’s time to take stock of where we are and perhaps consider diversification or an alternative appraisal career. Here are a few ideas for transforming your appraisal career in 2023.
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VA Appraisals and Fee Appraisers
Appraisal Today
JULY 8, 2022
as a Model for Appraisals. appraiser roster is a coveted position for most residential appraisers. appraiser) says the V.A. pays higher appraisal fees. doesn’t use Appraisal Management Companies (AMCs). does not use AMCs allows them to pay more directly to the appraiser, according to Rocha.
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What Does A Real Estate Appraisal Include?
Birmingham Appraisal
NOVEMBER 8, 2022
What Information Is Included In A Real Estate Appraisal Report? This is a question I often get when someone is ordering an appraisal. I perform appraisals for multiple reasons, including estate planning , probate , divorce , PMI cancellation , pre-listing , and pre-purchase. Appraisal Process.
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5 Appraisal Topics Every Agent Should Know
Empire Appraisal Group
JULY 1, 2021
5 Appraisal Topics Every Agent Should Know. Source: 5 Appraisal Topics Every Agent Should Know | Realtor Magazine. Appraisers are an integral part of the real estate sales process. Interacting With an Appraiser at a Property. Don’t tell the appraiser your client needs a certain value, for example.
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Fannie Mae: No Appraisals Required? 3-10-23
Appraisal Today
MARCH 31, 2023
Fannie Mae: Appraisals are no longer the default option: Value Acceptance replaces Appraisal Waiver Fannie Mae updated its Selling Guide on March 1 to include more options for property valuations, saying that they are “moving away from implying that an appraisal is a default requirement.” Fannie sells their loans to investors.
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7 Takeaways: Due Diligence Fee and Earnest Money in Real Estate
Raleigh Realty
AUGUST 17, 2021
Understanding Due Diligence and Earnest Money in North Carolina Real Estate When you go under contract on a home in North Carolina you are going to encounter terms like Due Diligence and Earnest Money. It's important to note that real estate contracts and laws change depending on what state you are in. Due Diligence: What Is it?
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Home Inspections vs Home Appraisals
D Fritz Appraisals
AUGUST 12, 2019
What’s the Difference Between a Home Inspection and a Home Appraisal? If you’re in the market for a new home, the terms “home appraisal” and “home inspection” are more than likely to come up at some point as you zero in on a property you want to buy. home appraisal – an often mandatory step the buyer’s lender insists on.
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How Surplus & Excess Land Work
Cleveland Appraisal Blog
JANUARY 7, 2021
However, what if the car salesman said that the buyer would have to sign a contract stating that they could not resell the second car? CONSIDERING LAND IN THE APPRAISAL PROCESS. When appraising a property, we must analyze what the highest and best use of the land is. They would just have to figure out a way to use it.
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Cost Approach – When to Use in Appraisals
Appraisal Today
AUGUST 26, 2022
Excerpt: We often receive questions from appraisers regarding Fannie Mae and the cost approach. For example: “I’m appraising a property and have been instructed to comply with Fannie Mae guidelines. My comment: I included this article plus the one below, which both address the Cost Approach’s common appraisal questions.
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Residential Appraisals and Airbnb Income?
Appraisal Today
JUNE 3, 2022
Residential Appraisals and Airbnb Income? State appraisal boards ARE disciplining appraisers across the country for improperly using the business income (Short term Rental – STR) from Airbnbs on the residential 1007 Fannie Mae form. Julie does not include short-term rental income (STR) in her appraisals of homes with Airbnbs.
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ROV (Reconsideration of Value) Changes – FHA and GSEs
Appraisal Today
MAY 10, 2024
Appraisersblogs with Dave Towne’s opinions plus many appraiser comments. Within this framework, the lender must include steps for the borrower to appeal an appraisal when they believe the value opinion: is unsupported; is deficient due to unacceptable appraisal practices; or reflects discriminatory practices.
3 Things You Can Do When an Appraisal Value Is Too Low
East Coast Appraisal
JUNE 10, 2022
Lenders will usually require an appraisal to determine the value of the property before approving a mortgage loan. The appraisal process typically goes smoothly, but rapidly increasing property values and extreme competition within the real estate market have complicated the appraisal process in recent years.
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Appraisers: How and Why To Check Carbon Monoxide Detectors
Appraisal Today
SEPTEMBER 30, 2022
Killed by Carbon Monoxide: Appraiser Blamed. Excerpts: For decades, appraisers have been gently reminded to pay careful attention to smoke alarms and carbon monoxide (CO) detectors—especially noting when they are absent altogether. Humor for Appraisers. Read this article on how to check CO detectors. CO Detector vs Smoke Alarm.
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Just Put in an Offer on a Home? Here's What to Expect
Eppraisal
OCTOBER 23, 2023
Your bid may need to be higher, your contract contingencies may be undesirable or other buyers may have more attractive financing requirements. You can say no to the counteroffer, accept it or propose new changes to the contract. Arriving at a verbal agreement differs from being in a contract.
What Is Appraisal Review in Real Estate?
AmeriMac
JULY 25, 2022
This is why home appraisals are advised to ensure property costing is as fair as possible. This article discusses what an appraisal requires, why it needs to be reviewed and the methods involved in arriving at both conclusions. What Is an Appraisal? Methods of Conducting Appraisals. What Is Appraisal Review?
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Getting Appraisers to Reconsider Value—Do’s & Don’ts
Portland Appraisal Blog
APRIL 14, 2019
There has been a meeting of the minds, the contract has been signed and everyone is anticipating a smooth closing. Streaking through the atmosphere is a meteor scientists have dubbed “the appraisal”; it came of out nowhere and impacts your deal at hypersonic velocity, obliterating it in an instance. There must be some mistake.
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What is the Purpose of an Appraisal Management Company?
AmeriMac
MAY 24, 2022
Appraisals are generally required when purchasing most residential and commercial properties, for lenders rely on these assessments to determine and confirm property values. Appraisal management companies take the burden of managing many appraisals off of lenders’ shoulders. What is an Appraisal Management Company?
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9 Things to Know Before Selling a Home For Sale by Owner
Raleigh Realty
MARCH 23, 2021
And while that may be enticing, there are many other costs and legal repercussions that are associated with selling a home that will be the full responsibility of the seller if a real estate agent is not involved. Here's what you should know before the appraisal. What Real Estate Contract do I Use When Selling For Sale By Owner?
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