tom horn: Why pay high property taxes? Get your home reassessed!
- 01/18/10 05:15 AM
It’s an unfortunate but true fact: property values are declining. With the number of foreclosure properties and short sales entering the market, property values have declined in most areas. In the past a foreclosure sale, or other similar sale where the price is lower than normal, would not have been given much consideration because it was not typical in the market. However, because of the sheer number of these types of transactions, as well as the number of properties being offered for sale (i.e.-competitive listings), they must be considered. Prior to the decline, property values increased a great deal because of … (2 comments)
tom horn: Weatherly Property Values Holding Steady
- 06/22/09 01:12 AM
As everyone knows, the national real estate market has been crazy over the past 12-18 months. Because of the collapse of various national financial institutions and its effect on the economy and the real estate market, property values have taken a nose dive. An increase in foreclosure and short sale activity has also taken its toll on the value of most people’s greatest asset: their home. The Alabama real estate market, like all other areas of the country, has also been affected, with some areas being harder hit than others. I’m happy to say that our neighborhood of Weatherly is holding … (3 comments)
tom horn: Remodelers Beware-Asbestos Alternatives To Keep You Safe
- 04/16/09 02:23 AM
I'm no expert on the proper technique for handling asbestos when making home renovations and improvements, however I do know of the harm it can cause to your health when it is done improperly and it enters into your body. The presence of asbestos in homes and the associated cost for its containment and/or removal can have a significant impact on the properties market value. I was recently contacted by Jesse Herman of the Mesothelioma Cancer Center about providing information to the real estate industry regarding this problem that does not appear to have gotten alot of recent press despite its … (1 comments)
tom horn: New York Times Question: Are AMC appraisers doing a worse job because of low fees?
- 03/31/09 04:42 AM
Here is a very interesting article I ran across on the New York Times website. http://www.nytimes.com/2009/03/22/realestate/22Mort.html?_r=1&ref=business It asks the question, "Are appraisals done through an AMC less reliable than ones that are ordered directly from an appraiser". The bottom line is the fee associated with the assignment. It reminds us of the old saying: You get what you pay for. Are there any others that agree with this. … (12 comments)
tom horn: Foreclosures and Declining Property Values-Making It Work For You
- 02/06/09 04:51 AM
It’s an unfortunate but true fact: property values are declining. With the number of foreclosure properties and short sales entering the market, property values have declined in most areas. In the past a foreclosure sale, or other similar sale where the price is lower than normal, would not have been given much consideration because it was not typical in the market. However, because of the sheer number of these types of transactions, as well as the number of properties being offered for sale (i.e.-competitive listings), they must be considered. Prior to the decline, property values increased a great deal because of … (3 comments)
tom horn: Top 5 Things A Real Estate Agent Can Do To Help Prepare A Listing For An FHA Appraisal
- 09/15/08 06:19 PM
In recent months FHA financing has been on the increase. With the decline of the sub prime lending market, and related creative financing programs, many lenders have been offering FHA loans to many homeowners for refinancing and home purchases. Current FHA requirements are not as stringent as they once were. If you are interested in the exact requirements you can log on to the HUD website here. The purpose of this article is to provide some helpful tips to realtors when their listings sell with FHA financing. By making sure that the home is ready for the appraisal inspection the entire … (44 comments)
tom horn: PMI Removal-Another Way To Reduce Your Mortgage Payment
- 08/13/08 07:16 AM
Most people would like their mortgage payment to be as low as possible. One way to do this is by cancelling your private mortgage insurance on your home loan, if you have it. Private mortgage insurance makes it possible for home buyers to get into a home with very little money down, as little as 3% of the homes value. This can make a big difference for a lot of buyers that are tight on funds. The private mortgage insurance (PMI) does not have to be kept for the life of the loan. In fact, it is only required until you … (2 comments)
tom horn: Things To Consider When Choosing an Appraiser
- 06/27/08 05:17 PM
Are you a homeowner in need of an appraisal? Are you a lender needing to choose an appraiser to do work for your company? If you are, I hope what I have to say can help you in your decision making. All appraisers are not alike. Appraiser experience varies based on several factors, including but not limited to the following: years of experience, amount of education, geographic competence, and familiarity with type of property being appraised. Experience can start with a trainee and extend to the seasoned professional. Appraisers generally start at the trainee level where they work for a licensed … (6 comments)
tom horn: What Does Quality Mean To You?
- 06/14/08 02:01 PM
To be specific, what does a quality appraisal mean to you? I read something one time that pointed out that quality means different things to different people. I am a real estate appraiser by profession and take great pride in my work, which would consist of the appraisal report being clear, concise, accurate, and complete. I’ve seen some reports where people do as little as possible, maybe by hitting the F3 key (an inside appraiser joke referring to canned comments assigned to one of the function keys on your computer keyboard), give as little explanation as possible, slap a value on … (12 comments)
Author Bio: Tom Horn lives in the Birmingham, Alabama area with his wife and two children. He has been appraising residential real estate for over 20 years and holds the SRA designation from the Appraisal Institute. He concentrates in the area of single family, vacant land, 2-4 family, and condominium appraisals.
This blog discusses Birmingham Alabama real estate appraiser topics in real estate appraisal. This includes but not limited to topics including explanations of the real estate appraisal process, articles on fsbo marketing appraisals, current topics in the appraisal profession, the real estate market in the Birmingham, Alabama area, appraisal humor, and the general real estate market.
It’s an unfortunate but true fact: property values are declining. With the number of foreclosure properties and short sales entering the market, property values have declined in most areas.
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