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Financing in 13820 : Real Estate Advice

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  • Home Buying6
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Activity 5
Wed Aug 27, 2014
Tim Moore answered:
What was wrong with the appraisal? You neglected to tell us anything about the appraisal.
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Wed Jun 5, 2013
Maria Graham answered:
There are three approaches to determination of property value: the cost approach, the market sales comparison approach, , and the income approach. These approaches are based on three aspects of value:

The value indicated by recent sales of comparable properties in the market, with adjustments for age, condition, and other characteristics

The cost of reproducing or replacing a property minus accrued depreciation

The investment value represented by the net earning power of a property based on the capitalization of the income stream.

Generally accepted procedure is to utilize as many of the three industry accepted approaches as possible in an appraisal. Choose the most appropriate as the principle method for the specific appraisal situation, and apply the other valuation approaches to support the final value estimate.

There are situations where only one or two approaches may be used. For instance, an owner-occupied residential property is not likely to produce rental income that could be capitalized into an estimate of value through use of the income approach. So, the sales comparison or cost approaches might be more appropriate. Vacant land has no cost of improvements, so the cost approach would not be an appropriate method for that situation.

Specialized properties do not typically change hands enough to generate comparative sales, so the cost or the income approach might be more appropriate in your case.
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Fri Dec 14, 2012
Roland Vinyard answered:
It is not uncommon for an appraiser to miss things or to count incorrectly though usually the things missed as much smaller than this. You can ask for an amended appraisal, pointing out what you feel are its inaccuracies. In my experience only a few of these requests are honored with a re-appraisal. But they will surely speak to the appraiser to get his take on it. ... more
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Wed Jul 20, 2011
Ron Thomas answered:
e-mail an aquaintance of mine,
I recommend him very highly;

shane Milne
shane@thebesthomeloans.com

good luck and may God bless
0 votes 1 answer Share Flag
Wed May 4, 2011
Judi Monday, CRS answered:
Hi Aimee,

My goodness-- usually the tax assessment is much lower than market value so you have good reason to be concerned. I have appealed two recent appraisals and WON both appeals. At the very least your agent needs to correct the inaccuracies and find comps that meet lenders standards--i.e. square footage much be within an acceptable range to the subject property and must within a certain proximity.

Best of Luck,
Judi
... more
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