Tagged : CMA

Found 4 blog entries tagged as "CMA".

Automated Valuation Models (AVM’s) have become prominent on the internet over the past few years.  As an appraiser, I have been asked many times, “Why did the appraisal come in lower (or higher) than these AVM’s?”

To give an answer to this question you must consider where all this information is coming from.  For the most part, these “figures” are derived from tax records and/or Multiple Listing Services (MLS systems) and in some cases, the information used is gleaned from appraisers’ files.  When accessing these services, some AVM’s give options to help narrow down the fields utilized for the calculations.  Most AVM’s include your zip code, the number of bedrooms and the number of bathrooms you may have.  Other AVM’s (the better ones) give you more

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As we approach the year end of the year, many of us may be re-evaluating our portfolios, our financial interests including property insurance and life insurance, reducing and/or consolidating our debt, and preparing our estate plans for the next generations.

Although everyone knows it is necessary to appraise real estate to sell it, there are many other reasons people would contact a real estate appraiser. Here are some ways an appraisal of your real property may be useful next year:

  • Getting a Real Estate Loan: Establishing an Opinion of Value for a Real Estate Purchase or Refinance to lower interest or to provide collateral for other purchases of real and personal property.
  • Establish an Opinion of Value for Dissolutions and Buyouts as in
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With the regular flow of foreclosures into the market place prices continue to be impacted and appraisals are often times coming in lower that the contract price.  In previous articles, which can be accessed under the Appraisal category of our blog we have addressed how to approach these issues from the appraisal perspective.  We will now look at additional alternatives to resolving low appraisals.

Contracting Basics
Always include an Appraisal Contingency in your agreement.  This spells out the basic guidelines for resolving low appraisals.  Our state approved and most widely used GAR contracts provided an Appraisal Contingency Exhibit that when used will provide the following terms and conditions regarding low appraisals.

1.  Provided the buyer

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Because of the real estate slump of the past two years, the fair market value of most properties has decreased (dramatically in some cases).  However, the “assessed” value of most properties by the county tax assessor has not decreased.  Thus, homeowners are now paying property taxes on assessed values much higher than the fair market value of their property.  To remedy this situation, homeowners need to appeal the assessed value of their property with their county tax assessor.

To begin the appeal process, the property owner must file a Property Tax Return with their county tax assessor (you should check with your local tax assessor’s office to determine the deadline each year to file such return).    The Property Tax Return is typically a

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