Tag Archives: appraisal

I have a Real Estate Appraisal test and need help on Real Property Rights Conveyed Problems. Pls help me!!!?

Posted on September 10, 2010 by admin| 2 Comments

Appraisal of the fee simple interest in land improved with an office building:
A comparable property was fully leased at the time of sale, the leases were long-term (10 years remaining) net leases, and the credit ratings of the tenants were good.
Market rent for office space is $25/sf.
Contract rent for the comparable property was $24/sf.
The Comp property has 100,000 square feet
Market overall capitalization rate is 10%.
The market vacancy rate is 5%
A reasonable management expense is 4% of effective gross income
Market Evidence supports a discount rate of 15%

If the comparable property loses $91,200 for 10 years, what is the discounted present value of this loss?

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Doe realtors ever pay repair or other costs to close a deal?

Posted on August 30, 2010 by admin| 5 Comments

My house is close to settlement. The appraisal came through 2K short of the buyer mortage but 3K above the actual sale price. It was planned that I would return 5K to the buyers. Now I STRONGLY believe it to be fair to only return 3K to the buyer since the house appraised for more than the actual sale price. The buyers demanded that I split the difference and provide 4K to them. Since I lose 1K from the orginal deal I agreed only to do repairs that were required by the town I live in, leaving out some repairs that were requested from the home inspector. All repairs are minor including some minor electrical, roof(actually a shingle), gutter, and AC repair. The total would most likely be below 1K.

If the buyers do not agree to me not making all the repairs is it ok to then presure my agent who stands to me 4% off the deal to take care of some repairs.
Or simply put do realtors ever provide money or repairs to close deals?
Sleek my realtor is receving 4%(great deal for him) and the buyers agent(Foxtons) 2%.

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Appraisal and loan mortgage question?

Posted on August 25, 2010 by admin| 8 Comments

I am having a house built, and it almost finished the house just appraised for less than what home building company is asking for? I haven’t had a chance to talk to my sales rep. I don’t know what to do? I also don’t know what they are going to do. THe bank will not lend me more than what the house is worth. What do you think is going to happen a far as the seller, and what should I do?

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Is my property tax increase reasonable?

Posted on August 9, 2010 by admin| 3 Comments

We received our 2007 county property tax appraisal in the mail. We live in a 1960 brick veneer ranch style home (1,900 square feet) and have made no significant improvements since we bought the house last year. In fact, we had a hail storm that beat up our trees, metal shed and carport. The land is not ours, we lease it from the city. Only the house is ours. There has been virtually no new construction in our area and there are hundreds of properties for sale in our city (crappy job market). There are 3 vacant properties within walking distance of our home, one is falling down. The county has determined that our property value has increased by 20%. Is this reasonable? We are in north central Texas. Thanks for your thoughts.
Sorry, I should have mentioned I have already started the appeals process (haven’t heard anything yet). I just wanted to know if I was wrong in thinking that the increase was too high and if anyone thought 20% given the property I described was reasonable.
Just a follow up note… I contested the appraisal and they lowered the taxes without an argument. I guess they were testing me to see what they could get away with. How cruddy is that?

Thanks to all of you who responded. I appreciate your time.

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Can we keep buyer depost and sue appraiser?

Posted on July 21, 2010 by admin| 10 Comments

We sold our house about a month ago. The buyers were non-contingent. They have signed off on everything except the appraisal. Our house is 3133 square feet and county records show that. The appaiser says it is only 2864 square feet and did not measure the house. He is basing it off of comps in the neighborhood. We have an extra room that those homes don’t have. The house appraised for the purchase price, but the buyers might back out because they think the house is smaller than what was listed because of what the appraiser is saying. Are we entitled to the buyers deposit? Can we sue the appraiser for giving out wrong information which resulted us in the loss of a sale? The market has dropped since we sold and there is no way we can come close to getting another offer like this.
Thanks to everyone who responded. It turns on the appraiser was WRONG. He came back, not very willingly, and admitted that he missed an entire room and not the room we thought. We are still trying to figure out how you can walk past this particular room and assume that it is not part of the house. The thing that irritates me the most is he claimed, I don’t get paid to come back a second time. Well, if you do your job right the first time, you wouldn’t have to come back. I know mistakes happen, but he was so adamant that he wasn’t wrong, even when we were providing all the facts that he was. Sorry for the vent! This is a very stressful time.

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