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What distinguishes market value from evaluated value? The appraised value of a home is a licensed appraiser's assessment of the property's value at a specific moment. As part of the loan application process, lenders request assessments; costs can...
Should I build an addition or buy a larger house? Before choosing between expanding an existing home or upgrading to a larger house, think about the following issues: * How much cash is on hand, either through cash reserves or a...
Who is responsible for disclosing important information about a property? In the majority of states, the seller is responsible, however other states have different disclosure requirements. You and your agent, if you have one, are compelled by the tightest requirements to divulge all information...
Is there a trick to successful negotiating? To negotiate well, there are a number of guiding principles. One is to do your research and find out as much as you can about the seller or the buyer. Keeping your cards close to your vest is another...
What distinguishes list prices from sales prices? The list price, which is what a home is offered for, is typically only an estimate of how much the seller hopes to obtain for it. A property's sales price is the sum...
Where can I find more information on tax appeals for real estate? To find out the steps to take to challenge your property tax assessment, get in touch with your local tax assessor's office. Your assessment may be subject to an informal appeal. But most likely, you'll have to go...
How does seller financing work? When a seller participates in the financing of a real estate transaction, either by accepting back a second note or, if the seller owns the property outright, by financing the entire transaction, seller financing is used. When a buyer comes along, sellers typically do this...
Can a homeowner sell their property for less than the mortgage is due? Yes, there are situations where you can sell your house for less than the amount of the mortgage that is still owed, but this is tricky and depends on the lender. This condition is referred to as...
How soon may a foreclosure start? When customers fall behind on their mortgage payments, usually after three missed payments, lenders will start foreclosure proceedings. The borrower will then receive a notification from the lender that they are in default. The lender may ask for the trustee's opinion...
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