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The Federal Housing Finance Agency released voluminous plans last week developed by Fannie Mae and Freddie Mac to make the housing market more equitable, in part through changes to the appraisalprocess. Appraisers have, in the past, fretted over liability and data reliability. Fair housing, are you kidding me?”.
Despite these radical changes, the business of America carries on, somehow, some way, including commercial real estate appraisal work. How has COVID-19 affected the appraisalprocess and the values of the various markets and submarkets of commercial real estate? Mitchell Simonson , Founder, Simonson Appraisals.
By providing an unbiased estimate of a property’s value, an appraisal ensures that you know the real value of your property. Beyond these most common scenarios, appraisals have numerous other use cases. Estate planning, propertytax appeals, divorces, and gifting, are some of the many others.
Despite these radical changes, the business of America carries on, somehow, some way, including commercial real estate appraisal work. How has COVID-19 affected the appraisalprocess and the values of the various markets and submarkets of commercial real estate? Mitchell Simonson , Founder, Simonson Appraisals.
In March, I had the pleasure to join Attorney Peter Olson to talk about family law, divorces and home appraisals. We share insights and learning from our careers on family law and home appraisals during divorces. I’m attorney Peter Olsen, Chicago Family Law Group. Maybe not as much as the average appraiser?
Falsifying information contravenes the principle of utmost good faith when disclosing facts relevant to the appraisal. . Misinterpreting the AppraisalProcess. Another mistake people make is misinterpreting the appraisalprocess. Some people assume that the valuation process takes several hours to complete.
These properties are typically owned by banks or government agencies, aiming to sell them quickly to recover losses. The unique circumstances surrounding REO properties require specialized handling during the appraisalprocess, considering factors like extensive repairs, market trends, and quick-sale pricing strategies.
This means checking your income verification (W-2s, pay stubs and/or tax returns), assets (checking and savings accounts) and outstanding debts (car and student loans). Lenders don’t want your total monthly mortgage payments—principal, interest, propertytaxes and homeowners insurance—to swallow up your monthly gross income.
The process can be daunting, especially if you’ve never engaged in an appraisal for commercial real estate before. After all, it is a detailed activity that can look different depending on the scope and nature of your property. Question 6: What is the overall commercial real estate appraisalprocess?
Some scientific factors that may come into play when it comes to an appraisal include: the square footage of the home or building. recent sale prices of nearby and similar properties (“comps”). recent propertytax valuations. individual room measurements. the amount of the requested financing.
Some scientific factors that may come into play when it comes to an appraisal include: the square footage of the home or building. recent sale prices of nearby and similar properties (“comps”). recent propertytax valuations. individual room measurements. the amount of the requested financing.
Some scientific factors that may come into play when it comes to an appraisal include: the square footage of the home or building. recent sale prices of nearby and similar properties (“comps”). recent propertytax valuations. individual room measurements. the amount of the requested financing.
After inheriting a smaller portion of land, he built “the Grudge” to devalue his brother’s property. The architect Sandra Rishani told Insider no new structure can be built in its place because of zoning laws. Appraising was so much easier when I worked for an assessor in the late 1970s. My comments : Wow!
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