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...
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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...
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By in Real Estate Property

Private mortgage insurance, also called PMI, is a type of mortgage insurance you might be required to pay for if you have a conventional loan. It is supplemental insurance that many lenders ask home buyers to purchase when the amount being loaned is more than 80% of the value of the home. Very often, this additional payment is folded into the monthly mortgage payment and is quickly forgotten. T...
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By in Reduce Your Taxes