Remove Contracts Remove Market Value Remove Presentation Remove Sellers
article thumbnail

Do Appraisal Gap Clauses Impact Appraisals?

Cleveland Appraisal Blog

I recently gave a presentation and was asked if appraisal gap clauses impact the way appraisers are developing their opinion of value? An appraisal gap clause can be written into a contract. In this hot market, it’s not surprising that this type of clause is being written into some contracts. But not always.

Appraisal 397
article thumbnail

9 tips for homebuyers in non-disclosure states

Housing Wire

For many, buying a home is a complex process, and navigating the real estate market’s rules and regulations can be tricky, especially in states where property sale prices remain a secret. Without sales figures, it’s difficult to access comparable sales, and home buyers may find it challenging to gauge the fair market value of a property.

Insiders

Sign Up for our Newsletter

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

article thumbnail

Unanswered Questions – Part 1

Appraisal Buzz

Fannie Mae defines market value in part as “the most probable price that a property should bring…” Thus, probability is the very foundation of the most common definition of market value. In other words, why are appraiser estimating market value below the contract price so often?

article thumbnail

What’s in a Sales Contract? Insights from a Seasoned Appraiser

McKissock

Why must an appraiser be given a copy of the sales contract? Secondly, the appraiser is likely familiar with the local real estate contract forms, customary terms, and conditions of real estate transactions in the area, and might be able to identify irregularities and comment on them. When should we analyze the contract?

article thumbnail

Unwrapping what to expect in your home inspection, appraisal and closing

Housing Wire

You can potentially ask the seller to pay for the improvements, or you can ask for a lower sales price to offset the cost of the repairs. A qualified appraiser will compare recent sales of similar local properties, market trends and conduct a visual inspection of the home’s interior and exterior to determine the property’s fair market value.

article thumbnail

Tips for Homeowners Concerned About Appraisals Below Contract Price

Will Springer Realtor

The home is under contact, seller and buyer have agreed to terms. Buyer is financing the purchase through a mortgage lender and the underwriter wishes to confirm the value of the home before issuing the loan. (No No lender will approve a mortgage on a home that is valued less than the agreed sales price.). Yes, “crap!”

article thumbnail

Just Put in an Offer on a Home? Here's What to Expect

Eppraisal

The seller can reject your bid, make a counteroffer or accept your original proposal. Your response depends on how the seller replies. If the Seller Rejects Your Offer The seller may deny your home purchase offer for various reasons. You can say no to the counteroffer, accept it or propose new changes to the contract.