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As a minimum basis, a realproperty appraisal report written for the government sponsored entities (GSEs) and agencies are what USPAP (Uniform Standards of Professional Appraisal Practice) refers to as Appraisal Reports. The word that is meaningful to the premise of this blog is summary. Summary, What Does it Mean? adjective.
Are you familiar with a land contract in Ohio, as well as the state-specific requirements? What is a land contract in Ohio, really? Essentially, a land contract is an alternative financing option if you’re investing in: Farmland or raw land. So, what is a land contract agreement, and how does it work? A home or condo.
DEPRECIATION Appraisers will measure the amount that the improvements have depreciated when appraising most types of properties. That’s one reason I started blogging years ago. If you need to sell your property, by all means, hire an experienced real estate agent. Hopefully, I shared some for thought here.
An appraisal is an objective, impartial, and unbiased opinion about the value of realproperty prepared by a State Licensed or Certified professional appraiser. When a property has longer-term leases in place, even at market rates and terms, the interest appraised is typically leased fee. Defining the Appraisal Scope of Work.
What Do Appraisers Look For in a Sales Contract? Why must an appraiser be given a copy of the sales contract? That’s the real reason why—because USPAP says so. To read more of this long blog post with many topics, click Read More Below!! The average contract interest rate for 15-year fixed-rate mortgages decreased to 5.84
NOTE: Please scroll down to read the other topics in this long blog post on Easement Liability, college degree requirement AQB, Fannie June Update, ADUs, unusual homes, mortgage origination stats, etc == = Renovated Modernist Mansion in Salt Lake City for $3.699M Excerpts: 4 bedrooms, 4 baths, 4,660 sq.ft., percent from 7.03 percent from 7.11
Because of the financial capabilities, motivations, or special interests of a given buyer or seller, the price paid for a property may or may not have any relation to the value that might be ascribed to the property by others.” Read on blog www.appraisaltoday.com/blog Posted by noon Friday. with over 5,000 members.
NOTE: Please scroll down to read the other topics in this long blog post on HOA Horror Stories, Zillow and Redfin lawsuits Videos and Privacy, Residential to commercial transition, real estate market, unusual homes, mortgage origination stats, etc $139M Bel-Air CA Megamansion Excerpts: 12 bedrooms, 17 baths, 2.08 percent from 6.93
Understanding Market Value Market value is the most frequently sought value in realproperty appraisals and can have various definitions. Most often, it is defined as the most probable price a property should sell for under typical conditions. Read on blog www.appraisaltoday.com/blog Posted by noon Friday.
In a July 9, 2015, Concept Paper – Alternate Track to the Experience Requirements in the RealProperty Appraiser Qualification Criteria, the AQB asked: “Are there practical alternatives for some (or all) of the appraisal experience requirements to include non-appraisal experience?”. 4 ways to get only the FREE email newsletters.
Failure to disclose significant realproperty appraisal assistance is another common violation. Believe it or not, sometimes trainees/applicants will send in the appraisal reports, and the trainee is not mentioned in the reports as having providing significant realproperty appraisal assistance. Written by Dan Bradley.
Changing the appraised value simply for the purpose of meeting the contract sales price is not a good reason. Such an act might appear to make everybody happy, e.g., the lender/client gets to make a loan, the real estate agent gets a commission, the buyers get the house, etc. It has been updated slightly. Written by Dan Bradley.
Another mistake – perhaps one of the more obvious (and, consequently, most detrimental) mistakes – is contracting the commercial property for sale in your personal name. Failing to confirm the commercial property’s compliance with building codes and regulations. retirement accounts) can be included as fair game in a lawsuit.
SELLER’S DISCLOSURE OF PROPERTY CONDITION. (a) In the Contract. Usually, the listing agent uploads the seller’s disclosure to the MLS with the property listing so that it is immediately available to the buyer’s agent to send to the buyer. Texas Seller’s Disclosure Law. The Fort Hood Inspection.
Leased Fee Interest – Defined as the ownership interest held by the landlord, which includes the right to receive the contract rent specified in the lease plus the reversionary right when the lease expires. When a property has longer term leases in place, even at market rates and terms, the interest appraised is typically leased fee.
When I started in this business long ago, there was no such thing as a licensed appraiser or a certified realproperty appraiser. The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($726,200 or less) increased to 7.31 The average contract interest rate for 5/1 ARMs decreased to 6.42
Many thanks to Ryan Lundquist’s 2020 blog post for the very appropriate image above! To read more of this long blog post with many topics, click Read More Below!! Failure to analyze the sales history of the subject property. Failure to disclose significant realproperty appraisal assistance.
Consider this: Central Ohio homes under contract in June 2021 proved to be the best for the month and a record high for any month, ever! Offer a Land Contract: What is a land contract? A land contract is a legal agreement used to purchase real estate through owner financing. Don’t believe it’s time to sell?
NOTE: Please scroll down to read the other topics in this long blog post on MLS hacked, Wells Fargo discrimination, unusual homes, mortgage origination = $274K Bedford, Pennsylvania Mansion Comes With Its Own Jail Excerpts: 5 bedroom, 1.5+ The average contract interest rate for 15-year fixed-rate mortgages remained unchanged at 6.72
Editor’s note: This blog post was originally posted on November 6, 2018. He has been a practicing realproperty appraiser since 1987, and has been instructing and authoring appraisal courses since 1992. He has also has served as a contracted expert witness appraisal reviewer for the Pennsylvania Department of State.
With many water fronting properties, the topics of “riparian and/or littoral rights” (and the “prior appropriation doctrine” in the western states) come into play, along with several other issues. Those topics are fodder for other lengthy blog posts all by themselves. The average contract interest rate for 5/1 ARMs increased to 4.78
Lets revisit the basics: In an H&BU analysis, real estate appraisers determine the most probable use of a property by applying four tests: whether the use is legally permissible, physically possible, financially feasible, and maximally productive. Read on blog www.appraisaltoday.com/blog Posted by noon Friday.
To read more of this long blog post with many topics, click Read More Below!! NOTE: Please scroll down to read the other topics in this long blog post on Value Reconciliation, non-lender appraisals, liabililty, USPAP, unusual homes, mortgage origination stats, etc. =. No ads in the blog post. and NOT the ad-only emails.
This satisfies the affordable housing element,” Al Salguero, realproperty division manager at the Orange County Assessor’s Office, told the publication. The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($726,200 or less) increased to 7.90 percent from 7.70 percent from 7.56
This blog post is written for newer real estate agents, but a good reminder of what many other people think. For example, when I say I am a real estate appraiser, many people ask if I have any listings. Read on blog www.appraisaltoday.com/blog Posted by noon Friday. I have heard them. percent from 6.90
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