Tagged : Market Analysis

Found 3 blog entries tagged as "Market Analysis".

Sellers and buyers will both benefit from having a better understanding of where a home fits into the overall pricing structure of a community. As a buyer by following these simple guidelines you can increase the likelihood that the offer you make will represent a good value to you, and if a seller you won't be inclined to turn down an offer that you should accept.

First- Have your agent provide you a list of all of the homes like the one you are considering, that is either under contract, or that have sold within the last 3-4 months. 

Second- Upon review, you will begin to notice that they can be arranged into three categories.  Let’s call these categories A, B, and C. Now separate each of the properties into one of the three categories. 

 

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For homeowners, a real estate appraisal is the essential element to buying or selling their home. It allows the property transactions to occur among the buyer, seller, real estate agent and mortgage lender.

Before an Appraiser arrives, there are a few things you should know. By law, an appraiser must be state licensed to perform appraisals prepared for federally related transactions. Also by law, you are entitled to receive a copy of the completed appraisal report from your lender. Your appraiser can not provide a copy of the report to you if the order came from a lender without written permission.

To facilitate the appraisal process, it's beneficial to have these documents ready for the appraiser:

  • A plot plan or survey of the house and land
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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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