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Top 10 Things Appraisers Wish Real Estate Agents Understood

McKissock

” “The definition of market value.” ” “How value is derived.” ” “Why the price per square foot is not an indicator of value.” ” “That cost does not equal value on homes, and picking comparable sales just to hit contract prices is unethical.

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How to prepare a comparative market analysis (CMA) report

Housing Wire

A Comparative Market Analysis (CMA) is a detailed report that helps real estate agents evaluate and determine the market value of a property. A CMA report includes information on similar, comparable properties in the area, including recent sales, active listings and current market trends.

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What Happens to My Mortgage If I Move?

Assurance Financial

To pay for the rest of the mortgage, the closing manager sets up an escrow account into which the buyer will deposit their payment. The home’s gains in market value. The cost of renovations or improvements the seller made to the house. Then, the title company will distribute the final mortgage payment to the lender.

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What to Do If You Inherit A Home

McKissock

This means having to renovate the house so that it is in good condition, which is never cheap. Download here. Note: Keep in mind that you will need to ensure the property is in the best shape for you to live in (renovation costs) and that moving in could lead to an increase in property taxes. Rent out the property.

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Important Mortgage Acronyms

Assurance Financial

If the house doesn’t pass inspection or the sale doesn’t go through due to an allowable contingency, the buyer gets the EMD back. But if the buyer cancels the sale or backs out for another reason, the seller gets to keep the EMD. Downloadable Guides. Click here to download the file. FMV (Fair Market Value).