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TODAY’S HOME BUYERS ARE LIKE THE CARP. This fish phenomenon reminds me of the housing market today. As soon as homes hit the market, they often sell in days, with numerous offers that usually bid the list price up. This year, it appears that buyer panic is even worse than last year. That is a lot of bread!
This can create challenges for both agents and appraisers, especially when it comes to determining the marketvalue of the property. As an agent, you might think that multiple offers are a clear indication of marketvalue and that the highest offer should be accepted as such.
You, the seller, the buyer, the lender—heck, even the mailman, are all shocked the deal has fallen apart. We’ll have to cut price or find another buyer. It’s important to note that we’re in this situation in the first place because we didn’t get a cash buyer. What is a Reconsideration of Value? What just happened?
Banks are typically absolved from discrepancies between the amount they lend and the true marketvalue of the home meaning that they will not be held responsible to the buyer. Appraisers develop an opinion of value for the subject property for various reasons including mortgage underwriting. Appraisal vs Home Inspection.
MarketValue and Appraised Value: Exploring Various Appraisal Values By Jo Traut Excerpts: You’ve probably been asked about the difference between “marketvalue and appraised value” by clients seeking a mortgage. We don’t provide an appraised value of a property. 31, 2024.
Understanding the Role of the Real Estate Appraiser When a home buyer finds a home they would like to purchase and have the need to obtain financing they will work with a lender. The appraiser must make sure that they are providing an impartial valuation so that the marketvalue shown in the appraisal is as accurate as possible.
Excerpts: Suggested protocols for responding to Reconsideration of Value requests. Click here to listen to Tim Andersen, MAI’s podcast, “Reconsiderations of Value: Satan’s Own Seed, Right?” ®’s data team has scoured the country to pinpoint where buyers can find the best deals on oversized abodes.
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