It's an objective opinion of value, but it's not an exact science so appraisals may differ.
For buying and selling purposes, appraisals are usually based on market value-what the property could probably be sold for. Other types of value include insurance value, replacement value, and assessed value for property tax purposes.
Appraised value is not a constant number. Changes in market conditions can dramatically alter appraised value.
Appraised value doesn't consider special considerations, like the need to sell rapidly.
Lenders usually use either the appraised value or the sale price, whichever is less, to determine the amount of the mortgage they … (2 comments)
What are your qualifications? Are you a member of the American Association of Home Inspectors?Do you have a current license? Inspectors are not required to be licensed in every state.How many inspections of properties such as this do you do each year?Do you have a list of past clients I can contact?Do you carry professional errors and omission insurance? May I have a copy of the policy?Do you provide any guarantees of your work?What specifically will the inspection cover?What type of report will I receive after the inspection?How long will the inspection take and how … (2 comments)
No home is flawless, but certain physical problems can be expensive. Watch for:
Water leaks. Look for stains on ceilings and near the baseboards, especially in basements or attics.Shifting foundations. Look for large cracks along the home's foundation.Drainage. Look for standing water, either around the foundation of the home of in the yard.Termites. Look for weakened or grooved wood, especially near ground level.Worn roofs. Look for broken or missing copings and buckled shingles as well as water spots on ceilings.Inadequate wiring. Look for antiquated fuse boxes, extension cords (indicating insufficient outlets), and outlets without a place to … (0 comments)
10 Things to Take the Trauma Out of Homebuying Find a real estate professional who's simpatico. Homebuying is not only a big financial commitment, but also an emotional one. It's critical that the practitioner you choose is both skilled and a good fit with your personality. Remember, there's no "right" time to buy, any more than there's a right time to sell. If you find a home now, don't try to second-guess the interest rates or the housing market by waiting. Changes don't usually occur fast enough to make that much difference in price, and a good home won't stay on the … (0 comments)
Be picky, but don't be unrealistic. There is no perfect home. Do your homework before you start looking. Decide specifically what features you want in a home and which are most important to you. Get your finances in order. Review your credit report and be sure you have enough money to cover your downpayment and your closing costs. Don't wait to get a loan. Talk to a lender and get prequalified for a mortgage before you start looking. Don't ask too many people for opinions. It will drive you crazy. Select one or two people to turn to if you feel … (0 comments)
They don't ask enough questions of their lender and miss out on the best deal. They don't act quickly enough to make a decision and someone else buys the house. They don't find the right real estate professional who is willing to help you through the homebuying process. They don't do enough to make their offer look good to a seller. They don't think about resale before they buy. The average first-time buyer only stays in a home for four years. Reprinted with permission from Real Estate Checklists and Systems (http://activerain.com/action/blogs_admin/www.realestatechecklists.com)HAVE A REAL ESTATE NEED? CONTACT ME: EDITH WHARTON 804-741-9930 WANNASELL4YOU@AOL.COM ALL-TERRAIN RICHMOND REALTY 8901-A PATTERSON … (0 comments)
Tax breaks. The U.S. Tax Code lets you deduct the interest you pay on your mortgage, property taxes you pay, and some of the costs involved in buying your home. Gains. Between 1998 and 2002, national home prices increased at an average of 5.4 percent annually. And while there's no guarantee of appreciation, a 2001 study by the NATIONAL ASSOCIATION OF REALTORSÒ found that a typical homeowner has approximately $50,000 of unrealized gain in a home. Equity. Money paid for rent is money that you'll never see again, but mortgage payments let you build equity ownership interest … (0 comments)
1. Decide how much home you can afford. Generally, you can afford a home equal in value to between two and three times your gross income.
2. Develop a wish list of what you'd like your home to have. Then prioritize the features on your list.
3. Select three or four neighborhoods you'd like to live in. Consider items such as schools, recreational facilities, area expansion plans, and safety.
4. Determine if you have enough saved to cover your downpayment and closing costs. Closing costs, including taxes, attorney's fee, and transfer fees average between 2 percent and 7 … (0 comments)
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