Hank Miller Team

NOVEMBER 22, 2022

In brief (operative word), an appraisal is an estimate of the current market value of a home completed by an appraiser using set evaluation criteria. In simple terms, the lender will not lend more than a certain percentage of what the home is worth as of the date of contract. On occasion, appraisals come in below contract price.

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Town & Country Residential Appraisals

SEPTEMBER 26, 2022

But did you know there are a number of other reasons you should be contracting an appraiser to perform a professional valuation on your property? My experience in completing appraisals for properties that have been sold without the professional expertise of a real estate professional is that the selling price is often lower than the value.

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Listing Spark

FEBRUARY 9, 2023

A home appraisal is a process in which a licensed appraiser analyzes your property and determines the fair market value of your home. People typically use an appraisal to validate the value of a home or property for real estate transactions between buyers and sellers, or if homeowners are refinancing their mortgage.

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Town & Country Residential Appraisals

JUNE 6, 2022

When making a decision to contract just about anyone to perform a service, one of the most important qualifiers for most is the experience one brings to the table. You really don’t want someone building your deck who has never built one before or replacing your transmission if they have never worked on cars.

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McKissock

MAY 10, 2023

Or you were a home inspector and/or are familiar with construction, major components, and mechanicals. We all have skill sets and experience that we can market to potential mentors.” One day, there will be no one to develop an unbiased independent third-party opinion of market value. The nation needs appraisers.

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The Robert Weiler Company

OCTOBER 21, 2022

The commercial real estate appraiser’s role is to produce an accurate, reliable, and unbiased estimate of the market value of a property. Market value is the most likely selling price a knowledgeable buyer would pay to a knowledgeable seller. Question 6: What is the overall commercial real estate appraisal process?

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AmeriMac

OCTOBER 5, 2022

If you are in the process of buying a home, getting a home appraisal of the property can help you to get the correct market value for the home so that you don’t pay too much for it. It can be helpful for both the buyer and the seller of the property when the true value of the home is assessed. Your Loan-to-Value Ratio.

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Appraisal Today

JANUARY 5, 2024

Spend hours writing volumes of supporting documentation to justify the market value of a property you already decided on when you pulled into the driveway. The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($726,200 or less) increased to 6.76 percent of total applications from 39.4

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Appraisal Today

JUNE 17, 2022

NOTE: Please scroll down to read the other topics in this long blog post on real estate market, USPAP and contracts, unusual homes, mortgage origination stats, etc. ==. My Comments on Market Changes. USPAP and the Contract. Excerpt: But USPAP and the contract have a very unique relationship. 8-minute podcast.

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McKissock

SEPTEMBER 10, 2020

The Dictionary of Real Estate Appraisal, 6th Edition defines intangible property as “nonphysical assets, including but not limited to franchises, trademarks, patents, copyrights, goodwill, equities, securities, and contracts as distinguished from physical assets such as facilities and equipment.” Consider alternate uses.

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Cleveland Appraisal Blog

MARCH 30, 2021

Within the past couple of weeks, I have appraised several properties for purchases, where my opinion of the market value of these homes was significantly below the contract price. When an appraiser’s opinion of value is below the contract price, that’s when the carping begins.

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Appraisal Today

OCTOBER 20, 2023

Note: This update does not apply to newly constructed manufactured homes because these items must be present on all new units. The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($726,200 or less) increased to 7.70 The average contract interest rate for 5/1 ARMs increased to 6.52

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Property Metrics

AUGUST 13, 2020

A liquid asset is one that can be sold immediately at market value. If an owner had to sell a piece of real estate by the end of the day, chances are that it would be for a price far below market value. The degree of illiquidity varies according to location, property type, and market cycle. Construction Risk.

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Genworth MI Blog

JUNE 27, 2019

Withholding or threatening to withhold timely payment for an appraisal report or appraisal services rendered when the appraisal report or services are provided in accordance with the contract between the parties. Market Value: In a mortgage appraisal, the appraiser is most likely estimating the market value of the property.

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Genworth MI Blog

JUNE 27, 2019

Withholding or threatening to withhold timely payment for an appraisal report or appraisal services rendered when the appraisal report or services are provided in accordance with the contract between the parties. Market Value: In a mortgage appraisal, the appraiser is most likely estimating the market value of the property.

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AmeriMac

JANUARY 19, 2021

A low appraisal can cause the cancellation of sales contracts because a lender won’t approve mortgages higher than a home’s value. Highlight new and upgraded features, especially those adding value to your house. Constructing a basement. It is a poor way to get market value. Hardwood floors.

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Birmingham Appraisal

SEPTEMBER 15, 2022

Banks are typically absolved from discrepancies between the amount they lend and the true market value of the home meaning that they will not be held responsible to the buyer. What If The Appraisal Is Less Than The Contract? There is always the possibility that the appraisal value is less than the contract price.

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Appraisal Today

APRIL 12, 2024

Home equity lines of credit (HELOCs): When homeowners apply for HELOCs, lenders may request desktop appraisals to ascertain the property’s value and determine the credit limit without requiring a full appraisal. Managing Investments: For investors who own multiple properties, desktop appraisals provide rapid updates on property values.

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Appraisal Today

OCTOBER 7, 2022

If it had a market value of $345k, it would have listed at $345k!”. “Owning this house is a bit like being a celebrity in very weird, eclectic circles,” he said in a recent interview, noting how architecture students would regularly visit to study the home’s sculptural construction. To read more click here.

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Appraisal Today

JULY 1, 2022

Excerpt: What’s the difference between a newly constructed home and a hundred-year-old home? When developing an opinion of the market value of a property, what appraisers are really measuring is how much depreciation a property has suffered from, and more specifically how much depreciation the improvements on the land have depreciated.

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Appraisal Today

APRIL 14, 2023

For many different reasons, properties can come on the market in less-than-par condition. At some point it’s no longer “normal market value minus cost to cure equals as-is value.” The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($726,200 or less) decreased to 6.30

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Cleveland Appraisal Blog

MAY 13, 2021

And right now, many buyers are forced to bring cash to the table to make up the difference between what the home’s market value is determined to be, and the contract price. It may still be worth it to the buyer to move forward, despite paying more than market value. . What is solid support for market value?

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Cleveland Appraisal Blog

SEPTEMBER 30, 2022

This first section of the report discusses some of the positive and negative aspects of a neighborhood that may impact market value. Is there new construction in the area? Is there anything about the improvements that would positively or negatively impact its market value? What is the density of the area?

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AmeriMac

JULY 25, 2022

The cost approach values a property based on the sum of the cost of the land and the cost of property construction, less the calculated depreciation over time. Prospective buyers may argue that the estimate does not reflect the property’s current market value, and the property owner may state otherwise. Cost Approach.

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Simonson Real Estate

JULY 10, 2020

The understanding here is the tenants could vacate and a more reliable value is provided by the fee simple analysis based on market rents. When a property has longer-term leases in place, even at market rates and terms, the interest appraised is typically leased fee. Value Scenarios.

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Appraisal Today

SEPTEMBER 15, 2023

At the same time, concrete finishes merge various construction techniques and artisan approaches that give the feeling of carved stones, whose volumes and shapes vary, but always integrated harmoniously in these habitable sculptures. Therefore, the final price may not reflect the market value of the property.

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Simonson Real Estate

DECEMBER 6, 2022

In 2022, Simonson Appraisals completed a steady stream of financing assignments with planned new construction or significant proposed renovations. On several occasions, we were presented information about construction or renovation plans well after the initial assignment was started. Clarify What Value or Values are Needed.

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Lifestyle Properties of Maine

AUGUST 6, 2019

What if the home doesn’t appraise for the contract value? “An appraisal is a licensed appraiser's opinion of a home's market value based on comparable recent sales of homes in the neighborhood.” Renegotiate the contract. What is an appraisal? Why is an appraisal necessary?

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Birmingham Appraisal

NOVEMBER 14, 2023

Agents and appraisers are not that different in their desire to determine an accurate market value for a property. The contract price and appraisal value will need to line up or the buyer will not be able to get a loan to pay for the property.

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Appraisal Today

FEBRUARY 9, 2024

also clarifies when appliances are required to be operational by stating, “Appliances that are to remain and that contribute to the market value opinion must be operational,” and, “The Appraiser must note all appliances that remain and contribute to the Market Value.” FHA Handbook 4000.1 Nationwide, 31.8% percent from 13.3

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Appraisal Today

FEBRUARY 16, 2024

In my city of 78,000 population, there are over 10,000 buildings constructed prior to 1930, including many classic Victorians. the price of the Naples compound was justified not only because of the size, location, and yacht basin, but also because it would be difficult to construct such a property again. percent from 6.80

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The Robert Weiler Company

SEPTEMBER 16, 2021

Cost of construction and materials. Explanation of potential risks you may face or negative aspects that may impact the market value of the commercial property. Independent and not contracted with any third party, institution, or broker. Floor plans. Neighborhood and location. Recent sales of comparable properties.

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Miller Samuel

MARCH 19, 2019

A large swath of high-end condo market activity of the past five years are non-primary residences which include pieds-a-terres but most are investor purchases that are subsequently rented after the unit closes when construction was completed. January: The closing of the $238,000,000 Manhattan condo sale in January (2015 contract).

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Appraisal Buzz

MAY 24, 2021

Challenges often arise in how professionals figure out the overall value of multifamily homes. Because appraisals are contingencies in 43% of contracts , you must find ways to accurately evaluate these properties. This tactic uses the land’s price, plus the construction fees and minus depreciation.

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Clear Capital

DECEMBER 21, 2022

With so much at stake, a credible appraisal report with the appropriate comparable sales is key to determining the market value of a property and protects the investment of the parties involved in the transaction. But this is not always the case! This analysis will determine whether a time adjustment is warranted.

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Assurance Financial

NOVEMBER 9, 2021

Job market decline: A dwindling job market may prompt homeowners to sell their houses and move to different locations with more job opportunities, creating a buyer’s market. Tips for Buying in a Seller’s Market. Real estate overdevelopment in an area often leads to an excess housing supply.

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Will Springer Realtor

OCTOBER 11, 2022

The local single-family market is riding a similar up-and-down wave, depending on the area. Seattle experienced a 32% (1031) monthly increase in new listings but a 15% (558) decline in homes going under contract, as median prices fell 2.9% ($900,000) since August and remain 5.9% May I suggest this newly constructed 6-bed, 4.75-bath

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