What is the value a buyer and a seller agree upon?
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What is the value a buyer and a seller agree upon?
Property value refers to the worth of a piece of real estate based on the price that a buyer and seller agree upon.
Who draws up contract seller or buyer?
Typically the seller’s agent is the person who is held responsible for this task. However, in an FSBO situation, the seller can employ a real estate attorney or lawyer. Some states require these agreements to be put together by state-licensed lawyers anyway.
Who determines market value of home?
local assessor
Is house appraisal same as market value?
Differences in Determination. The market value of a property is the amount a buyer is willing to pay, not the value placed on the property by the seller. Appraised value is the value the interested buyer’s bank or mortgage company places on the property.
Do lenders and appraisers work together?
Appraisers must be a neutral party. According to regulations established by the Federal Housing Administration, Fannie Mae, and Freddie Mac, lenders also cannot be affiliated with appraisers.
How do you influence an appraiser?
Here are eight ways you can bolster your appraisal:
- MAKE SURE APPRAISER KNOWS YOUR NEIGHBORHOOD.
- PROVIDE YOUR OWN COMPARABLES.
- KNOW WHAT ADDS THE MOST VALUE.
- DOCUMENT YOUR FIX-UPS.
- TALK UP YOUR TOWN.
- DISTINGUISH BETWEEN UPSTAIRS AND DOWNSTAIRS.
- CLEAN UP.
- GIVE THE APPRAISER SOME SPACE.
What is a loan officers ethical obligations pertaining to appraisers?
An appraiser’s fiduciary duty is limited to those third parties who the appraiser knows, based on the scope of work or other written parameters of the assignment. There are ethical rules that have nothing to do with clients and others. Appraisers must keep their work files for a minimum of five years.
What are 2 practices that are not prohibited with regard to appraisers?
1. A person with an interest in a real estate transaction involving an appraisal shall not improperly influence or attempt to improperly influence, through coercion, extortion or bribery, the development, reporting, result or review of the appraisal.
