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.

Getting a Bad Home Appraisal Before Selling

Getting a bad home appraisal before selling is common. You can ask the bank for a new appraiser. The appraiser should know the local market. By: Ilyce Glink and Samuel Tamkin Q: I am in the middle of selling my …

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Problems with Home Appraisals Today

Many people have problems with home appraisals today. There has been a reduced emphasis on local market knowledge by lenders. By: Ilyce Glink and Samuel Tamkin The housing crisis has left buyers, sellers and homeowners facing some difficult moments wondering whether …

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How to Challenge a Low Home Appraisal

When wondering how to challenge a low home appraisal, know that the market may be hard to judge if there have been no sales in certain areas. By: Ilyce Glink and Samuel Tamkin Q: You’ve had a bunch of letters …

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Getting a Home Appraisal Before Making an Offer

Getting a home appraisal before making an offer will help determine how a bank would look at the fair market value of the property. By: Ilyce Glink and Samuel Tamkin Q: We are trying to buy a new home and would …

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Determining Value of Commercial Property | How to Value Commercial Property

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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Low Appraisal Limits Mortgage Refinance Options

A low appraisal can limit options for a homeowners trying to get a mortgage refinance. A low appraisal will prevent a homeowner from getting a mortgage. A low appraisal can reflect the loss of equity 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 loan modifications.

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Making An Offer To Purchase Real Estate Does Not Require a Home Appraisal

A reader commented that buyers of real estate should obtain an independent appraisal 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 agent 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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Low Appraisal Caused By Declining Home Values Results In Change To Loan Refinance Terms

If you apply to refinance your loan and get quoted terms, can you force the lender to abide by those terms? What if your property received a low appraisal? What if declining home values caused your home value to drop below what you owe on your current mortgage? And what if you decide not to go forward with the loan refinance, can you get your application money back?

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Losing Earnest Money When An Appraisal Comes In Too Low

Losing Earnest Money When An Appraisal 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 estate 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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Appraisal Report: How to Know When the Housing Market is Recovering

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 Appraisal Institute recently put out some factors that affect supply and demand and residential real estate. Recognizing these trends will help you understand when the housing market is recovering.

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