As a homeowner, understanding the value of your property is crucial when considering a sale, refinancing, or other transactions. A real estate appraiser plays a vital role in determining the value of your property, but did you know that you can provide additional information to help them get a more accurate assessment? In this blog, we’ll explore the impact of providing additional information to the real estate appraiser and offer tips on what you can share to ensure a more accurate appraisal. Why Providing Additional Information Matters: A real estate appraiser’s primary goal is to determine the value of your property based on its condition, location, and market trends. By providing additional information, you can help them make a more informed decision, which can lead to a more accurate appraisal. What Can I Provide? There are several types of information you can provide to the real estate appraiser, including: READ MORE: https://lnkd.in/embykJus
Philicia Lloyd, CCIM, MRICS’ Post
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In the often complex realm of real estate transactions, appraisals play a pivotal role in determining property value. Whether buying, selling, or refinancing, an appraisal provides a professional assessment that can influence financial decisions. However, you might wonder if a previous appraisal can be reused for a new loan or transaction. This blog explores this question, offering fresh perspectives and practical advice to help you navigate the intricacies of using an existing appraisal in a new context. 1. Understanding Appraisal Validity: Appraisals are snapshots of a property’s value at a specific point in time. Generally, their validity is limited, as market conditions, property improvements, or neighborhood changes can significantly influence value. Most lenders and financial institutions consider appraisals to be valid for a short period, typically between 60 to 90 days. Beyond this timeframe, the appraisal may not accurately reflect the current market value. READ MORE: https://lnkd.in/e5rSqKhS
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Closing costs are fees associated with finalizing a real estate transaction. They typically range from 2-5% of the purchase price and can include loan origination fees, title insurance, appraisal fees, and more. It's important to budget for these costs in addition to your down payment. 👉 Have questions about closing costs? Call us to get the answers you need!
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Assumptions are dangerous. Here are 6 questions every LP should ask before investing a single dollar: 1. What is the market cap rate? 2. What is the cap rate the property is being purchased at? Why? 3. What is the exit cap rate if the property were to be sold or refinanced? 4. What is your projected annual rent increase? 5. Is there any rehab budget? If so, is it reasonable? 6. What is the plan for revenue increase once closed? If your GP can’t answer these (or if they tell you you’re asking too many questions), that's a red flag. What else would you add to this list? -- P.S. If you're interested in more due diligence insights, you can download our free guide here: https://lnkd.in/ecaY9Zyc
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Here are 3 secrets to master real estate note deals you've never heard before: 🔑 Understand the borrower's situation 🔑 Structure deals for mutual benefit 🔑 Always have a plan B Wanna get savvy with your notes? 🏦💼 Stop worrying about collecting monthly payments each month! 🛑💸 #RealEstateNotes #NegotiationSkills #DealStructuring
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🔍 Appraisal Reviews: A Second Look at Property Value 🔍 Did you know an appraisal review can ensure accuracy and reliability in property valuation? Whether you’re a lender, buyer, or seller, an appraisal review provides a fresh perspective to confirm the original appraisal’s findings. It’s an extra step that can make a big difference in your real estate decisions! Discover more about the benefits of appraisal reviews: https://lnkd.in/gMXMDcXt #RealEstate #AppraisalReview #PropertyValue #ConsolidatedAppraisalServices #RealEstateInsights
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🌟 September Challenge 🌟 How well do you know your real estate terms? Let’s test your knowledge! What does 'escrow' mean? Is it A) A type of loan, B) A neutral third party that holds funds during a transaction, or C) The appraisal value of a property? Comment your answer below! 🏡💬 #RealEstateTrivia #SeptemberFun #LearnRealEstate #SearchRealty #Realtor #RealEstate #DreamHome
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🌟 September Challenge 🌟 How well do you know your real estate terms? Let’s test your knowledge! What does 'escrow' mean? Is it A) A type of loan, B) A neutral third party that holds funds during a transaction, or C) The appraisal value of a property? Comment your answer below! 🏡💬 #RealEstateTrivia #SeptemberFun #LearnRealEstate #SearchRealty #Realtor #RealEstate #DreamHome
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🌟 September Challenge 🌟 How well do you know your real estate terms? Let’s test your knowledge! What does 'escrow' mean? Is it A) A type of loan, B) A neutral third party that holds funds during a transaction, or C) The appraisal value of a property? Comment your answer below! 🏡💬 #RealEstateTrivia #SeptemberFun #LearnRealEstate #SearchRealty #Realtor #RealEstate #DreamHome
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Many commercial real estate investors will find the appraisal process to be like a black box—they don’t really understand what goes into the process, how long the process will take, or what the outcome of that process will be. Read more here ➡️https://bit.ly/3NtyV5b
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🌟 September Challenge 🌟 How well do you know your real estate terms? Let’s test your knowledge! What does 'escrow' mean? Is it A) A type of loan, B) A neutral third party that holds funds during a transaction, or C) The appraisal value of a property? Comment your answer below! 🏡💬 #RealEstateTrivia #SeptemberFun #LearnRealEstate #SearchRealty #Realtor #RealEstate #DreamHome
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