article thumbnail

Unwrapping what to expect in your home inspection, appraisal and closing

Housing Wire

A qualified appraiser will compare recent sales of similar local properties, market trends and conduct a visual inspection of the home’s interior and exterior to determine the property’s fair market value.

article thumbnail

FHFA’s RFI on appraisals is a critical inflection point

Housing Wire

But there’s growing evidence that non-appraisers can perform high-quality data collection that ultimately empowers the appraiser to focus on what they do best: analysis, research, and determining market value. Real estate agents in particular understand local properties extremely well.

Appraisal 370
Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

3 Reasons Why an Appraisal Comes in Low

Boston Appraisal

That accepted purchase price becomes the “market value” of the property. An appraisal measures that value range within the report. This lack of data can, unfortunately, slightly skew the true market value. In these cases, it is common for the new appraised value to differ slightly from a prior value.

Appraisal 148
article thumbnail

Supporting Market Conditions Adjustments: A Comprehensive Guide for Appraisers

Appraisal Buzz

Understanding these nuances is crucial for ensuring that time adjustments accurately reflect changing market conditions. To illustrate, Fannie Mae provides an example where the overall market value trend for a 12-month period increased by 7%.

Appraisal 358
article thumbnail

3 Reasons Why an Appraisal Comes in Low

Boston Appraisal

That accepted purchase price becomes the “market value” of the property. An appraisal measures that value range within the report. This lack of data can, unfortunately, slightly skew the true market value. In these cases, it is common for the new appraised value to differ slightly from a prior value.

article thumbnail

Consider These Factors When Choosing a Real Estate Appraiser

East Coast Appraisal

An accurate appraisal can help: A buyer to avoid overpaying for a property A seller to ensure they get a good price for their property A lender to avoid lending more than the property's fair market value Property buyers, sellers, and lenders enjoy these benefits if they work with the right appraiser.

article thumbnail

12 Types of Expert Witness Assignments for Appraisers

McKissock

Typically, this would be for local property tax appeals. This could be for estate or probate cases, and often involves determining a retrospective market value if a taxpayer neglected to obtain an appraisal when property was inherited. Learn more. Tax appeal. Income tax (IRS) issues.