A quick thought today. We received a double payment from a borrower in a purchase deal. I quickly realized the error and the rationale, so I voided the check and notified my client. Normally, I wouldn't mention this since, naturally, it comes off as self serving. Yet, in this day and age integrity seems in less supply than in recent memory. I salute those who have the internal fortitude to act hon...
More >>
By in Uncategorized
Single-Family Home Appraisals

When it comes to real estate, single-family home appraisals account for the vast majority of all properties.  Both buyers and sellers are in a holding pattern until the appraiser arrives at the property, looks it over, and comes back with a figure for what he/she thinks the property is worth. The appraiser's valuation is his or her opinion of what the property is worth.  It doesn't matter what th...
More >>
By in Residential

Appraising a multi-family property is usually more complicated than appraising a single-family home.  Two-, three-, or four-unit buildings are sometimes subject to confusion when it comes to arranging a loan for purchase or refinancing.  Generally, appraisers use the 'market value' approach when appraising these properties, but also must consider the 'income' approach. The purpose of an apprais...
More >>
By in Residential

An appraisal is a formal process that establishes the estimated fair market value of a condominium property. This is what your investment is objectively worth at that point in time. Appraisals are usually required by banks before they approve a mortgage. This is to make sure the loan amount isn’t beyond what the lender can expect to recoup if the buyer defaults on the mortgage. Sale isn’t the o...
More >>
By in Residential

Appraising cooperatives requires a unique skill set different from appraising single-family houses. You probably think of the market value of your co-op as the price you could sell it for on the open market. However, State law requires us to value residential cooperative apartment buildings as if they were rental apartment buildings. This means that we look at the income and expense statements of ...
More >>
By in Residential

Home inspections and appraisals play key, but separate, roles in the home-buying and -selling process. A home inspection is primarily intended to protect the prospective buyer from purchasing a home with structural defects and other major problems. The home appraisal is meant to protect the lender from paying more than the house is worth. What Is a Home Appraisal? The bank requires that a proper...
More >>
By in Real Estate Property

If you plan on purchasing a new home with a mortgage or refinancing your current loan (or even getting a reverse mortgage), you will most likely need to order a mortgage appraisal. It might also be required for a home equity loan. This is a comprehensive report that determines the value of your property based on a number of factors, ranging from gross living space, to the view and the year a prope...
More >>
By in Real Estate Property

If you buy a home with an FHA loan, you will need to acquire an FHA appraisal. The FHA appraisal is different from a standard appraisal in several ways. It comes with stricter requirements, because FHA home loans are backed by the government, and the government wants to make sure that you get a safe place to live, and that it (and taxpayers) back safe, livable homes. Definition of FHA Appraisal ...
More >>
By in Real Estate Property

The process of estimating the value of your home can be done by a real estate appraisal or a marketing analysis. They both have similarities, but also important differences, especially in their application. The heart of a market analysis is the appraisal market approach. At Hudson View, our Expert appraisers will research similar homes in your neighborhood that have recently sold and similar homes...
More >>
By in Real Estate Property

Local governments will periodically assess all the real estate they tax in order to figure out their Property Tax rate for a specific city, town, or community. When your new assessment comes in the mail, it will list information about your property, such as lot size and a legal description, as well as the assessed value of your house and land. Your property tax bill will usually be calculated by ...
More >>
By in Reduce Your Taxes