Appraisal
An appraisal is the opinion of an appraiser, who estimates the value of a home at a specific point in time for the purpose of financing or refinancing a home. Typically, the bank assigns an approved appraiser to do the appraisal. To make sure the appraiser has all the information, you (or your agent) can provide the appraiser with relevant market data that demonstrates the value of the property. Learn more about the appraisal process on this page.
Posted on April 12th, 2013 by
Ilyce Glink and Samuel Tamkin
When determining value of a commercial property, know the different methods available of how to value commercial property properly. Q: Our bank came in with an appraised value that is about one-third of what we originally borrowed from the bank …
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Posted on October 15th, 2010 by
Ilyce R. Glink
A low appraisalAn Appraisal is the opinion of an appraiser, who estimates the value of a home at a specific pointA Point is one percent of a loan amount. in time for the purpose of financing or refinancing a home. can limit options for a homeowners trying to get a mortgageA Mortgage is a document granting a lien on a home in exchange for financing granted by a lender. The mortgage is the means by which the lender secures the loan and has the ability to foreclose on the home. refinance. A low appraisal will prevent a homeowner from getting a mortgage. A low appraisal can reflect the loss of equityYour share of ownership in a company. Stockholders are often referred to as equity investors, because they invest in the equity of a company.
in the house and remove options available to refinance the home. Recent decline in housing values and the resulting low appraisals are contributing to the problems of strategic default and loanA Loan is an amount of money that is lent to a borrower, who agrees to repay it plus interestInterest is money charged for the use of borrowed funds. Usually expressed as an interest rate, it is the percentage of the total loan charged annually for the use of the funds.. modifications.
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Posted on May 13th, 2010 by
Ilyce R. Glink
A reader commented that buyers of real estateReal Estate is land and anything permanently attached to it, such as buildings and improvements. should obtain an independent appraisalAn Appraisal is the opinion of an appraiser, who estimates the value of a home at a specific pointA Point is one percent of a loan amount. in time for the purpose of financing or refinancing a home. of any real estate that wish to purchase. However, the cost of an appraisal may outweigh any benefit you may get out of the appraisal. There are other tools out there available to purchasers of real estate to determine whether home prices are declining or increasing. Good real estate brokers and agents have tools available at their disposal to determine where prices are in a certain neighborhood. If nothing has sold recently or if there is a rash of foreclosures, a good real estate agentAn Agent is an individual who acts on behalf of a consumer. A real estate agent represents a buyer or a seller in the purchase or sale of a home. Licensed by the state, a real estate agent must work for a broker or a brokerage firm. An insurance agent helps a consumer purchase an insurance policy. Insurance agents are also licensed by the state.A Real Estate Agent is an individual licensed by the state, who acts on behalf of the seller or buyer. For his or her services, the agent receives a commission, which is usually expressed as a percentage of the sales price of a home and is split with his or her real estate firm. A real estate agent must either be a real estate broker or work for one. that works a particular area may have a better feel for where prices are than an appraiser. The key is to find a good real estate agent that will look out for your interests.
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Posted on November 5th, 2009 by
Ilyce R. Glink
If you apply to refinance your loanA Loan is an amount of money that is lent to a borrower, who agrees to repay it plus interestInterest is money charged for the use of borrowed funds. Usually expressed as an interest rate, it is the percentage of the total loan charged annually for the use of the funds.. and get quoted terms, can you force the lenderA Lender is a person, company, corporation, or entity that lends money for the purchase of real estate. to abide by those terms? What if your property received a low appraisalAn Appraisal is the opinion of an appraiser, who estimates the value of a home at a specific pointA Point is one percent of a loan amount. in time for the purpose of financing or refinancing a home.? What if declining home values caused your home value to drop below what you owe on your current mortgageA Mortgage is a document granting a lien on a home in exchange for financing granted by a lender. The mortgage is the means by which the lender secures the loan and has the ability to foreclose on the home.? And what if you decide not to go forward with the loan refinance, can you get your applicationYour Application is a series of documents you must fill out when you apply for a home loan, or insurance policies. money back?
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Posted on September 17th, 2009 by
Ilyce R. Glink
Losing Earnest Money When An AppraisalAn Appraisal is the opinion of an appraiser, who estimates the value of a home at a specific pointA Point is one percent of a loan amount. in time for the purpose of financing or refinancing a home. Comes In Too Low
If you sign a contract to buy a home and the appraisal comes in too low, what should you do? Are you at risk of losing your earnest money or down payment on the home? How do you prevent getting yourself in a situation where your earnest money is at risk in a volatile real estateReal Estate is land and anything permanently attached to it, such as buildings and improvements. market? First, you should make sure you understand the homebuying process, read the purchase and sale agreement, and get help when you don’t understand something.
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Posted on June 22nd, 2009 by
Ilyce R. Glink
How can you know when the housing market is recovering? The housing market crisis has to do with supply and demand being out of whack. At the moment (in 2009), there are too many sellers and not enough buyers. Fixing supply and demand is key, but there are many factors that go into supply and demand. The AppraisalAn Appraisal is the opinion of an appraiser, who estimates the value of a home at a specific pointA Point is one percent of a loan amount. in time for the purpose of financing or refinancing a home. Institute recently put out some factors that affect supply and demand and residential real estateReal Estate is land and anything permanently attached to it, such as buildings and improvements.. Recognizing these trends will help you understand when the housing market is recovering.
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Posted on January 19th, 2009 by
Ilyce R. Glink and Samuel J. Tamkin
If you don’t receive mortgageA Mortgage is a document granting a lien on a home in exchange for financing granted by a lender. The mortgage is the means by which the lender secures the loan and has the ability to foreclose on the home. financing under the current terms of a contract, what can you do? Should you renegotiate or back out of the contract? The terms of your real estateReal Estate is land and anything permanently attached to it, such as buildings and improvements. contract may include provisions that will allow you different options.
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Posted on June 12th, 2008 by
Ilyce R. Glink
MortgageA Mortgage is a document granting a lien on a home in exchange for financing granted by a lender. The mortgage is the means by which the lender secures the loan and has the ability to foreclose on the home. lenders require appraisals before issuing home loans. What happens if the home you want to buy appraises lower than what the seller wants? It depends on the contract. The buyer may lose his earnest money if the home does not appraise out and the seller is unwilling to lower the price. It’s up to the buyer to cancel the home buying contract if the contract permits him to do that.
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Posted on May 22nd, 2008 by
Ilyce R. Glink
A seller asks about selling his home for a lower home value than its appraisalAn Appraisal is the opinion of an appraiser, who estimates the value of a home at a specific pointA Point is one percent of a loan amount. in time for the purpose of financing or refinancing a home. value. He wonders if selling for a lower home value could be illegal. A wrong home value could lead to mortgageA Mortgage is a document granting a lien on a home in exchange for financing granted by a lender. The mortgage is the means by which the lender secures the loan and has the ability to foreclose on the home. fraud or call the appraisal into question.
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Posted on June 1st, 2007 by
Ilyce R. Glink
A home seller accepted an offer on her home when the buyer’s mortgageA Mortgage is a document granting a lien on a home in exchange for financing granted by a lender. The mortgage is the means by which the lender secures the loan and has the ability to foreclose on the home. company appraised the property at a lower value. The rising level of foreclosures and defaults is forcing mortgage lenders to be more careful about appraisals and making sure homes are really worth what buyers want to pay. It might be beneficial to have another appraiser look at the house.
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