Cleveland Appraisal Blog

MARCH 30, 2021

Within the past couple of weeks, I have appraised several properties for purchases, where my opinion of the market value of these homes was significantly below the contract price. When an appraiser’s opinion of value is below the contract price, that’s when the carping begins.

Housing Market 367

Housing Market Marketing Reconsideration of Value Contracts 367

Cleveland Appraisal Blog

AUGUST 20, 2021

If you’re not an appraiser, if you are trying to figure out the value of a home, chances are good that you use a price per square foot metric. That way of measuring the market can lead to an opinion of value that is in the ballpark of a home’s market value. The seller will probably never know.

Appraisal 418

Appraisal Market Value Contracts Agents 418

Realtor

MAY 17, 2023

While it’s certainly true that you can let go of the anxiety of needing to show your home at any moment, you still need to cooperate with your buyer, the buyer’s agent, and the commitments made in the contract. As a seller, here’s what you need to know about the settlement process.

Sellers 142

Sellers Inspection Contracts Property Taxes 142

JMV Lending

APRIL 18, 2024

We had an appraisal come in $40,000 under contract a few weeks ago and both the buyers and sellers were furious solely because they did not understand appraisal guidelines. The post Appraised Value Can’t Exceed Highest Comps; Appraised Value Market Value; WHY WE NEED AGENTS!

Market Value 78

Market Value Appraisal Agents Marketing 78

Cleveland Appraisal Blog

OCTOBER 14, 2021

On many of my appraisals at that time, my opinion of value would not support the contract price. Perhaps they were drinking the Kool-Aid that some are drinking today, that market value is whatever the purchase price is. Don’t drink the Kool-Aid that any contract price is reflective of market value.

Inventory 243

Inventory Market Value Appraisal Contracts 243

McKissock

DECEMBER 14, 2021

The standard residential appraisal report form’s definition of Market Value states in part: “ Implicit in this definition is the consummation of a sale as of a specified date and passing of title from seller to buyer under conditions whereby: buyer and seller are typically motivated…”.

Market Value 80

Market Value Marketing Property Appraisal Appraisal 80

Realtor

OCTOBER 29, 2020

Appraisal contingency: With this contingency, a third party hired by your mortgage lender evaluates the fair market value of the home. You have a specified time period, as stated in the sales contract, during which you have to obtain a loan that will cover the mortgage. A copy of your contract with the seller.

Buyers 208

Buyers Inspection Contracts Real Estate Agent 208

Cleveland Appraisal Blog

AUGUST 20, 2021

If you’re not an appraiser, if you are trying to figure out the value of a home, chances are good that you use a price per square foot metric. That way of measuring the market can lead to an opinion of value that is in the ballpark of a home’s market value. The seller will probably never know.

Appraisal 262

Appraisal Market Value Contracts Agents 262

McKissock

AUGUST 13, 2021

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?

Contracts 64

Contracts Appraisal Market Value Real Estate 64

Listing Spark

DECEMBER 9, 2020

One of the most common questions we get from our home sellers at ListingSpark is “How do I determine what my closing costs are”? For this article, we are going to focus on the home seller closing costs we would typically see in Texas with a residential sale (commercial sales typically have a different set of fees).

Sellers 69

Sellers HOA Insurance Contracts 69

Cleveland Appraisal Blog

AUGUST 11, 2022

The type and range of information you have to provide in the seller’s property disclosure will, of course, depend on the legal regulations of the state where you have the property. Although you probably won’t be able to sell your home at its actual market value, you will also save a lot of time and money.

Renovations 221

Renovations Buyers Appraisal Investing 221

Cleveland Appraisal Blog

MARCH 18, 2021

The MLS reflected it as a pending sale with zero days on the market. So, it does not appear to have been exposed to the market. Perhaps the sellers had a pool of buyers looking for homes to buy in this area. Therefore, my opinion of value was in the mid-sixties, which was far below the contract price.

Appraisal 195

Appraisal Investors Market Value Contracts 195

Realtor

DECEMBER 4, 2019

If you’re buying commercial real estate, a property appraiser may conduct a business valuation to determine market value in much the same way. A home appraiser will report on the value of similar properties in your area, so you can determine whether your upcoming real estate transaction is a smart one.

Appraisal 138

Appraisal Real Estate Inspection Property Appraisal 138

Raleigh Realty

FEBRUARY 19, 2022

Like making counter-offers and going through the home inspection process, the home appraisal can be a sticking point between buyer and seller. A home appraisal determines the fair market value of a home. The home appraisal is something you can negotiate prior to going under contract as well, or even while under contract.

Appraisal Process 139

Appraisal Process Appraisal Construction Sellers 139

McKissock

JULY 6, 2022

I would recommend including at least property access, financial outcomes, and potential roadblocks from contract to closing. Sellers and buyers need to have a clear understanding of who can and will have access to the property in question. Another major expectation that sellers and buyers share is potential financial outcomes.

Clients 87

Clients Real Estate Contracts Sellers 87

McKissock

JULY 27, 2021

Many survey respondents emphasized the importance of making sure your work is as detailed and well-supported as possible—by means of careful comparable selection and analysis, thorough documentation, and clear explanation of why the available comps do not support the contract price. ” “Market analysis and illustrations.”

Appraisal 109

Appraisal Contracts Clients Marketing 109

Appraisal Today

APRIL 2, 2023

What Do Appraisers Look For in a Sales Contract? 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.

Contracts 52

Contracts Appraisal HOA Architecture 52

Will Springer Realtor

OCTOBER 19, 2021

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!”

Contracts 41

Contracts Appraisal Sellers Real Estate Agent 41

Appraisal Buzz

DECEMBER 9, 2024

Market Condition Adjustments Illustration Fannie Mae guidelines emphasize that adjustments made to comparable sales are based on market changes between the contract date of the comparable sales and the effective date of the appraisal. Active listings also provide insight into current seller and buyer motivations.

Appraisal 358

Appraisal Marketing Valuation Tools 358

Birmingham Appraisal

JUNE 13, 2023

This can create challenges for both agents and appraisers, especially when it comes to determining the market value of the property. As an agent, you might think that multiple offers are a clear indication of market value and that the highest offer should be accepted as such.

Real Estate Agent 84

Real Estate Agent Real Estate Agents Reconsideration of Value 84

McKissock

OCTOBER 3, 2021

As a wholesaler, you need to find a property for sale, acquire a contract from the seller, identify a buyer, and assign the contract to him or her. The only costs you have to cover are those for finding a property for sale and for marketing the property to interested buyers.

Investing 87

Investing Real Estate Real Estate Agent Realtors 87

Town & Country Residential Appraisals

JULY 29, 2024

Recently, a class-action lawsuit was filed by several home sellers in Missouri against the National Association of Realtors (NAR) and prominent real estate brokerages, including Berkshire Hathaway, Keller Williams, and RE/MAX. Additionally, buyers will now need a signed buyer’s agency contract to have an agent show them a listed property.

Real Estate 49

Real Estate Sellers Contracts Market Value 49

Birmingham Appraisal

NOVEMBER 20, 2024

The bottom line is that while a Zillow Zestimate or any other AVM model may give you a 20,000-foot view of the general price range of a property, an appraisal performed by a live person provides a more focused and accurate estimate of the home’s value that can be used to make an informed loan or purchase decision.

Real Estate 87

Real Estate Appraisal Inspection Contracts 87

The Robert Weiler Company

APRIL 20, 2021

They are: (1) the asset-based approach; (2) the earning value approach; and (3) the market value approach. The key is to apply the optimal approach for each business, based on the business’s capital structure, management, prospective future earnings, and market value. The market value approach.

Valuation 147

Valuation Business Buyers Market Value 147

Eppraisal

OCTOBER 23, 2023

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.

Real Estate Agent 69

Real Estate Agent Sellers Inspection Real Estate 69

Eppraisal

FEBRUARY 7, 2023

How to Market Raw Land For those who see a profit in selling raw land to developers or other interested parties, getting the most money for the lot is attained through optimal marketing. First of all, sellers need to know who shops for vacant land, as noted above. A good lawyer will see them coming.

Development 69

Development Sellers Legal Home Value 69

Empire Appraisal Group

AUGUST 8, 2024

Overpricing can scare off buyers and cause your home to be on the market longer. If you actually get it under contract, the appraisal could come in low, causing the lender to be unwilling to loan on the home. But sales prices are based on what a buyer is willing to pay, which may not correlate to the figure the sellers have in mind.

Real Estate 78

Real Estate Sellers Buyers Market Value 78

Realtor

OCTOBER 29, 2020

Appraisal contingency: With this contingency, a third party hired by your mortgage lender evaluates the fair market value of the home. You have a specified time period, as stated in the sales contract, during which you have to obtain a loan that will cover the mortgage. A copy of your contract with the seller.

Buyers 78

Buyers Inspection Contracts Real Estate Agent 78

Realtor

OCTOBER 31, 2017

Kenishirotie/iStock It’s disheartening when a house appraisal comes back lower than the purchase price you and the seller agreed on. Your loan will cover only the appraised value of the home, so having to cover tens of thousands of dollars more than you anticipated could throw a serious wrench in the plan. Get another opinion.

Appraisal 78

Appraisal Sellers Real Estate Finance 78

Realtor

OCTOBER 31, 2017

Kenishirotie/iStock It’s disheartening when a house appraisal comes back lower than the purchase price you and the seller agreed on. Your loan will cover only the appraised value of the home, so having to cover tens of thousands of dollars more than you anticipated could throw a serious wrench in the plan. Get another opinion.

Appraisal 78

Appraisal Sellers Real Estate Finance 78

Realtor

DECEMBER 15, 2016

AndreyPopov/iStock Buying real estate often requires some serious haggling between home buyer and seller, to arrive at a price that they’re both willing to accept. Low appraisals tend to occur in hot housing markets, where home buyers are often forced to pay above market value for a home. Appeal the appraisal.

Appraisal 78

Appraisal Real Estate Agent Real Estate Mortgage 78

Realtor

DECEMBER 15, 2016

AndreyPopov/iStock Buying real estate often requires some serious haggling between home buyer and seller, to arrive at a price that they’re both willing to accept. Low appraisals tend to occur in hot housing markets, where home buyers are often forced to pay above market value for a home. Appeal the appraisal.

Appraisal 78

Appraisal Real Estate Agent Real Estate Mortgage 78

McKissock

JUNE 8, 2021

So, what if a client provides a sales contract to the appraiser after the report is completed, and the appraised value estimate is five percent above the contract price? Conversely, what if the contract price was five percent higher than the appraised value estimate? Is the client going to fuss? Not likely.

Appraisal 73

Appraisal Contracts Clients Law 73

McKissock

JANUARY 31, 2023

.” “The definition of market value.” ” “How value is derived.” ” “Why the price per square foot is not an indicator of value.” ” “That cost does not equal value on homes, and picking comparable sales just to hit contract prices is unethical.

Real Estate Agent 97

Real Estate Agent Real Estate Agents Appraisal 97

Listing Spark

JULY 6, 2021

They then either flip them for a profit, keep them as a rental property, or wholesales the contract to another investor. When taking an objective looks at how “We Buy Ugly Houses” works, its apparent there are some well-defined upsides for home-sellers, as well as some significant downsides. As part of the HomeVestors Inc.

Sellers 36

Sellers Contracts Investors Real Estate 36

Portland Appraisal Blog

APRIL 14, 2019

All the work getting the property ready for listing, the extensive marketing, the numerous showings, the sometimes tedious offer evaluations has paid off. There has been a meeting of the minds, the contract has been signed and everyone is anticipating a smooth closing. What just happened? That’s not the case here. Read the report!

Appraisal 78

Appraisal Reconsideration of Value Agents Market Value 78

Lamacchia Realty

OCTOBER 13, 2022

Sellers and their agents use comps to help determine a proper list price for a property. Closed comparable sales, also known as ‘comps,’ are used to approximate market value for residential properties. Comps in the Post-COVID Market. The market dynamics are changing quickly and drastically in this post-COVID world.

Marketing 65

Marketing Sellers Buyers Market Value 65