Real Estate Information |
|
Appraisal or Home Inspection?
People sometimes confuse a home inspection and an appraisal when they are in the process of buying a home. Most mortgage applications involve an appraisal, which can be a physical inspection of the property plus a written analysis of similar homes that have recently sold in the area. An appraisal can also be what is known as a "valuation" and can be the result of pulling data from a database that compares home sales in the area, tax records and other information that will give the lender a range of value. Since the true value of a home is what a willing buyer and a seller who is not in distress will agree on, the lender is typically just looking for verification that the sales prices can be supported by neighborhood data and the loan risk is minimized. A Home Inspection, however, can be done at any time, but is especially helpful at the time of purchase to discover defects. The mechanical systems of the home (heating, plumbing, electrical, roof, etc.) are reviewed to see if they merit further investigation. Each area of the home is checked against standard forms and guidelines to see what problems might need correction. Home Inspectors can be a trained professional, licensed to perform true, in-depth inspections, or they can be the assistant to someone who went to class and got "certified" and bought an ad in the phone book. Get several recommendations or work with a name brand service so you have somewhere to go with a complaint. There is the chance that your realtor or your lender will advise you not to bother. Why? Because when you see the 25+ page form filled with notes about a cracked sidewalk or a 10 year old heat exchanger or a broken window with some moisture nearby, you might kill the deal. First time homebuyers are especially nervous about everything and will use any excuseto act on their buyer's remorse. FHA, however, recommends a Home Inspection on every purchase and you have to sign a form stating that someone told you that. Their reasoning is that the Appraiser will never catch everything that's wrong with a house and they don't want the liability or hassle from you later. What should you do? Get the inspection. Have a trusted family friend or parent who understands your temperment and who has owned a home go over it with you. Let them tell you which items will cause you real grief and which things are just minor annoyances. The realtor and the lender both have commissions or fees riding on your deal. There may even be deals stacked around this one as the seller buys a house and that seller buys another house, etc. You need someone who knows you and is not easily frightened to look over the report and tell you the truth. Judi Moore authors Ask The Underwriter at 2rHouse.org and personally answers questions from readers about FHA mortgages and mortgage advice in general.
MORE RESOURCES: Gisele Bündchen's Houses: A Peek Inside the Supermodel's Real Estate Portfolio Architectural Digest Jon Stewart benefited by 829% 'overvalue' of his NYC home even as he labels Trump's civil case 'not victimless' New York Post Why S&P Cut Outlook for Five US Regional Banks With Heavy Commercial Real Estate Exposure Investopedia This new digital real estate platform wants to solve Denver’s unrealistic listing prices The Denver Post FBI is investigating Eastside real estate firm iCap, lawyers say The Seattle Times The Pipeline: Commercial real estate roundup for 3.29.24 RichmondBizSense Refined Real Estate: 1937 Colonial Broadmoor home lists for $2,595,000 seattlerefined.com San Antonio real estate: Tony Parker's Hill Country mansion San Antonio Express-News Welcome to Real Estate Friday! theberkshireedge.com Real estate terms and commissions are changing – Cache Valley Daily Cache Valley Daily Changes coming to real estate commissions. What does it mean? Wednesday Journal Search the latest Macon County real estate transfers Herald & Review Inked: Recent LI real estate deals Long Island Business News RI real estate transactions: What homes sold, for how much and to whom The Providence Journal TU launches first in state Center for Real Estate Studies 2 News Oklahoma KJRH Tulsa Wylie High School offers new real estate class KTAB - BigCountryHomepage.com Current Real Estate Roundup - March 28, 2024 Nantucket Current MAKING YOUR REAL ESTATE DREAMS A REALITY | Real Estate- Sale/Rent coastalbreezenews.com REAL ESTATE | What would you like to see at the old Kettle Moraine Bowl? washingtoncountyinsider.com Ethereum-Based Tokenized Real Estate Platform USP Launches On Republic Brave New Coin Insights VIDEO | REAL ESTATE | Sneak peek inside the new Auto Safety Center South in West Bend, Wi washingtoncountyinsider.com The future of real estate starts now CapeGazette.com Cincinnati real estate market: Realtors talk about spring season The Cincinnati Enquirer Cervera Real Estate opens Palm Beach, West Palm Beach offices South Florida Agent Magazine Kevin O'Leary Says a Coming Real Estate Collapse Will Lead to 'Chaos' — Here's What You Need To Know Yahoo Finance What you need to know about the NAR real estate commission lawsuit? Sarasota Herald-Tribune How New Rules for Real Estate Commissions Could Affect First-Time Buyers The New York Times Round home offers 360-degree mountain views for $1.29M | Real Estate | postandcourier.com The Post and Courier See How Commercial Real Estate Deals Are Being Cut As Debts Mount Business Insider Many homebuyers are looking for homes with two primary bedrooms. NJ realtors tell us why NorthJersey.com Longtime Minneapolis real estate company to bring industrial buildings to Colorado Springs' east side Colorado Springs Gazette Christie's International Real Estate The Laurel Magazine of Highlands NC and Cashiers NC Heiwa Real Estate REIT : Notice Concerning Change in Name of Asset under Management Marketscreener.com Stopping Boston's 'doom loop' means it must face its tax woes The Boston Globe Claremont Hotel bought by Ohana Real Estate from Fairmont Hotel and Richard Blum - San Francisco Business Times San Francisco Business Times Amid a changing Greenville, North Main neighborhood endures | Real Estate | postandcourier.com The Post and Courier Opinion | The Nature of the Real-Estate Business The Wall Street Journal Pummeled Blackstone Real Estate Unit Seems Poised for a Revival | Chief Investment Officer Chief Investment Officer Real Estate Select Sector SPDR Fund Sees Unusually Large Options Volume (NYSEARCA:XLRE) Defense World The Office Market Is in Turmoil. So Why Are Rents More Expensive? The Wall Street Journal Top-selling residential real estate team opens Petaluma office North Bay Business Journal The longtime Hamptons home of a late billionaire real estate developer now comes $25M cheaper New York Post Real Estate Report: Economists no longer predict significant reduction in mortgage rates Hawaii News Now Real estate giant Compass to pay $57.5M to settle clams it overcharged US home sellers New York Post Brooklyn real estate fraudster sentenced to prison after swindling victims out of nearly $1M • Brooklyn Paper Brooklyn Paper Wheeler Real Estate Investment Trust, Inc. (NASDAQ:WHLRD) Short Interest Up 352.0% in March Defense World SBI, Sumitomo Real Estate trial blockchain solution for property transactions - Ledger Insights Ledger Insights Cape Girardeau voters to decide real estate, property tax levy for police, firefighter salaries KBSI Fox 23 Cape Girardeau News | Paducah News Ministers Smotrich and Regev Booed Off-stage at Eilat Real Estate Conference - Israel News - Haaretz Neuberger Berman Real Estate Securities Income Fund (NYSEAMERICAN:NRO) Share Price Crosses Above 50 Day ... Defense World REAL ESTATE | The Lofts at Cedar Lake include access to a 245-acre wooded campus washingtoncountyinsider.com Marin, Solano, Sonoma, Mendocino, Lake commercial real estate transactions: March 28 report North Bay Business Journal Vanguard Global ex-U.S. Real Estate ETF (NASDAQ:VNQI) Sees Large Increase in Short Interest Defense World Pending Home Sales Rose 1.6% in February National Association of REALTORS® Squatters 'claim everything to be theirs,' real estate agent says WPTV News Channel 5 West Palm Crombie Real Estate Investment Trust (TSE:CRR.UN) Given a C$16.00 Price Target at Raymond James Defense World Critical Review: InterRent Real Estate Investment Trust (OTCMKTS:IIPZF) vs. Centerspace (NYSE:CSR) Defense World Law Firm Real Estate Report Law360 Jon Stewart, the Tribeca Trickster of Real Estate, by Tim Graham Creators Syndicate |
RELATED ARTICLES
Appraisal or Home Inspection? People sometimes confuse a home inspection and an appraisal when they are in the process of buying a home.Most mortgage applications involve an appraisal, which can be a physical inspection of the property plus a written analysis of similar homes that have recently sold in the area. Do You Want To Sell Your Rehabs Fast? That's an obvious question - we all do! So what is the trick? So much time and money is spent on systems updates, roofs, and structural issues, that many times there's nothing left for what really makes the sale: what your potential buyers see. And more importantly, what they fall in love with. New or Old House? A lot of buyers think that a new house is the way to go but it's important to have some knowledge of quality and of the builder. New paint, carpet, doors, windows and cabinets are a quick and easy sell. California Home Seller Disclosure Duties Property Condition - Seller's What to Expect During the Inspection ProcessThe Transfer Disclosure Statement (T.D. Rapid City Real Estate Agents Take me Back to the Black HillsLocated in Western South Dakota, Rapid City is a thriving community with many amenities to offers its residents. This city is nestled among the beautiful Black Hills, offering endless recreational activities for the outdoor enthusiast in the Black Hills National Forest. Boston Real Estate - Interest Rates and Inventory Must be Analyzed when Selling Your Boston Home When selling your Boston home, it's good practice to be aware of what similar homes in your neighborhood have recently sold for. Recent comparable sales are not only what a good Boston real estate agent should use for guidance when pricing your home, but also what a bank appraiser will use if and when your buyer applies for a mortgage to buy your home. Real Estate Value: Knowing yours is Key to Mortgage Success The value of the real estate you own, whether it is your personal residence or an investment property, is critical to your mortgage and financial success. If the balance on your mortgage is close to or higher than the value of your property, your real estate is not the financial machine it should be. Reprint Rights and How To Use Them To Generate A Steady Income I can't emphasize enough how important it is to have a step by step guide for sellers and tenant buyers. However, many of you are missing out on other income streams that these step by step guides can generate. Make Money As A Slumlord Be a slumlord? Okay, I got your attention, now the truth. I really don't recommend that anyone endanger their renters with unsafe housing. Real Estate Development Feasibility Study (Income) - $1.2 Billion Developer Tells You How To Do One There are two sides to a feasibility study and in an earlier article I discussed the cost side of the format and:Now Let's Discuss The Income SideWithout the Sales Income, All You've Done Is Spend Money, And Anyone Can Do That.So that we are clear in what I am going to define for you, let me say that there are two forms of Income. Before Selling Your Home Here are some important steps you should take before you put your house on the market:1. Home Loan Approval for your next HomeYou don't want to be signing a contract to sell your house before knowing if you are qualified to buy another. Virtual Agent? Online Real Estate When preparing to sell a house, you should always consider the options of selling a home privately or listing with a real estate agent. Of course, the most cost effective option would be to sell your home privately, but what about the number of Home Buyers in the market who are not willing to consider a private sale listing?I am a firm believer that people should be able to sell a home privately but, like a lot of people, was not the kind of person who would be comfortable buying from a Private Home Seller. Real Estate Investment - Why it is Big Business? When examining the different asset classes, real estate is generally far less volatile than shares and real estate tends to be the haven that investors flock to when other asset classes are suffering.It is true to say that investment properties can have many benefits in terms of building long-term wealth, but we must never forget that this wealth is not guaranteed!Following the global real estate boom of the late 1980's many investors learnt this hard lesson when they found their properties were worth far less than they had actually paid for them and the bottom seemingly fell out of the over-inflated market. Real Estate Appraisal - Rental Properties Real estate appraisal for rental properties isn't the same as for single family homes. If you were looking at a 24-unit building, it would be difficult to find similar ones nearby that have recently sold. Buying Houses: Types of Bargains to Find To make a good profit in real estate, you must buy right. Check out all property types available to find the best transaction for your specific situation. The Most Sensible Investment Decision Youll Ever Make So much advice is bandied about on the internet and even on the street about what makes a sensible investment, what makes a good investment and what makes a secure investment.Well - when you consider that for most of us our own home is actually our number one asset and that it is a strong capital appreciating asset, surely the most sensible investment decisions we can make will be locked into that real estate. Take The Guess Work Out Of Your Wholesale Property Purchases We have become very concerned by the number of readers writing to us asking how to determine which are the wholesalers(*) that can be trusted. Why are we concerned? Because when we dig a little deeper, we realize that they are buying properties based solely on the recommendation of the wholesaler. How to Build Your Free House What if you could "place an order" for the construction your Dream House (made either for your family, or for monthly rental income) and have it built for you in only a few months, or maybe weeks?!What if you could get other people to do all the work.. 7 Different Ways Anyone Can Become a Real Estate Investor Being a real estate investor is not really that hard, Sometimes you do not need any money down. Other times you do not need any of your own money down. The 5 Biggest Mistakes Made When Getting A Business Appraised Most business owners will, at some point, want or need to know how much their business is worth. They will be faced with the task of finding someone to perform a business appraisal or valuation. |
home | site map |
© 2006 TIGER MEDIA |