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Real estate agents and loan officers play an important role in ensuring appraisers have the necessary data to deliver reliable valuations. I had the opportunity to discuss some common questions people have about the appraisal process with Massachusetts real estate agent Kevin Vitali.
It should be noted that not every state uses due diligence fees in real estate transactions, so it is important to consult with your real estate agent so they may educate you on the legal implications of a housing contract. Inspections are an expense that is paid by the buyer. Due Diligence: What Is it?
Home appraisers are trained to inspect and measure your property and perform comparisons that result in an accurate valuation for the current housing market. There are two main parts to a Home Appraisal: Inspection of the property. Type and age of plumbing and other systems (condition would be determined during a home inspection ).
Home inspection reports (current and previous). If you’re unsure about the difference between each, we have a helpful blog post on home inspections vs. home appraisals. Any easements or encroachments – any part of the property should be accounted for to get the most accurate estimate of the land value.
And if you are buying with cash, you'll want proof of income to show the seller's agent. Finding the Right Piece of Land A real estate agent can be an excellent resource for where to look, and if you find the right one they'll both help you throughout the process and protect your interests. How much money do you need down to buy land?
Here are some tips on how to communicate effectively with a real estate appraiser when obtaining an appraisal: Be clear about your intent: Whether you are the homeowner, buyer, seller, or agent, you should inform the appraiser of the purpose of the appraisal and the type of report you need.
” “I have a life long time in agriculture and worked at a title company, giving me a good understanding of legal descriptions and easements.” I use the iPad to do inspections. Also, I have appraised multiple airports and done various easement studies for research.”
Home sellers in Georgia must disclose known latent or hidden defects, things that might not be discovered during a reasonable inspection of the home. Latent Defects Must be Disclosed A latent defect is an issue with the property known to the seller but that might not be discovered during a reasonable inspection of the property.
Cosmetic repairs Examples MPR repairs Examples Conditions that require inspection Examples To read more, click here My comments: If you do FHA appraisals, read this blog post. I quit doing FHA appraisals in the mid-1980s because of the inspection requirements compared to conventional appraisals, that did not have the requirement.
This is when you, as the investor, will have the opportunity to inspect all aspects of the land and receive full disclosure of all details and conditions before completing the transaction with the land seller. Possible Title Issues (Easements, Foreclosure). What Should I Consider When Buying Land? Zoning Requirements. Title Deed.
If the owners are trying to sell by means of their own resources -- a sign or classified advertisement, say -- it is still wise to keep a buyer's agent on hand. On the other hand, if there is no evidence of intent to sell, the agent can help you contact and negotiate with the owner.
As it turns out, both the appraiser and the home inspector had each independently inspected the home 18 months prior and both mistakenly reported a few of the smoke alarms present at the home, as CO detectors. I request any reports, such as termite or home inspection, even old reports, but rarely get them. I never use the terms.
It’s worth noting that while FSBO sales can result in savings, they often sell for less than agent-assisted sales. Prepare for Home Inspections Home inspections can make or break a sale, so being prepared is essential for FSBO sellers. While you’re not required to have a pre-listing inspection, it can be beneficial.
In addition to doing a physical inspection, the appraisal company will also do a comparative financial analysis of other homes in the area and assess how much they sold for. If that happens, your real estate agent will have to negotiate with the seller to see if they will bring their sale price down to $350,000.
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