Fair market value
From Wikipedia, the free encyclopedia
Fair market value (FMV) is an estimate of the market value of a property, based on what a knowledgeable, willing, and unpressured buyer would probably pay to a knowledgeable, willing, and unpressured seller in the market. An estimate of fair market value may be founded either on precedent or extrapolation. Fair market value differs from the intrinsic value that an individual may place on the same asset based on their own preferences and circumstances.
Since market transactions are often not observable for assets such as privately held businesses and most personal and real property, FMV must be estimated. An estimate of Fair Market Value is usually subjective due to the circumstances of place, time, the existence of comparable precedents, and the evaluation principles of each involved person. Opinions on value are always based upon subjective interpretation of available information at the time of assessment. This is in contrast to an imposed value, in which a legal authority (law, tax regulation, court, etc.) sets an absolute value upon a product or a service.
An eminent domain taking, in lieu of a property sale, would not be considered a fair market transaction since one of the parties (in this case, the seller) was under undue pressure to enter into the transaction. Other examples of sales that would not meet the test of fair market value include a liquidation sale, deed in lieu of foreclosure, distressed sale, and similar types of transactions.
The term fair market value is used throughout the Internal Revenue Code among other federal statutory laws in the USA including Bankruptcy, many state laws, and several regulatory bodies. In litigation in many jurisdictions in the United States, the fair market value is determined at a hearing. In certain jurisdictions, the courts are required to hold fair market hearings, even if the borrowers or the loans guarantors waived their rights to such a hearing in the loan documents.
Fair market value is not explicitly defined in the Income Tax Act. That said, Mr. Justice Cattanach in Henderson Estate, Bank of New York v. M.N.R., (1973) C.T.C. 636 at p. 644 articulates the concept as follows:
In concert with this decision, the Canada Revenue Agency (CRA) lists the following working definition in its on-line dictionary:
As the definition indicates, the Canadian and American concepts of fair market value are very similar. One obvious difference is that the Canadian working definition refers to “the highest price” whereas the American definition merely mentions “the price.” It is debatable whether or not the presence of the word “highest” distinguishes the Canadian from the American definition.
Real estate appraisal
Real estate appraisal, property valuation or land valuation is the process of developing an opinion of value for real property (usually market value). Real estate transactions often require appraisals because they occur infrequently and every property is unique (especially their location, a key factor in valuation), unlike corporate stocks, which are traded daily and are identical (thus a centralized Walrasian auction like a stock exchange is unrealistic). Appraisal reports form the basis for mortgage loans, settling estates and divorces, taxation, and so on. Sometimes an appraisal report is used to establish a sale price for a property.
Most, but not all, countries require appraisers to be Licensed or Certified. Appraisers are often known as “property valuers” or “land valuers”; in British English they are “valuation surveyors”. If the appraiser’s opinion is based on market value, then it must also be based on the highest and best use of the real property. In the United States, mortgage valuations of improved residential properties are generally reported on a standardized form like the Uniform Residential Appraisal Report. Appraisals of more commercial properties (e.g., income-producing, raw land) are often reported in narrative format and competed by a Certified General Appraiser.
- 1 Types of value
- 2 Three approaches to value
- 3 Further considerations
- 4 Mass appraisal and automated valuation models
- 5 Governing authorities and professional organizations
- 6 See also
- 7 Further reading
- 8 References
Types of value
There are several types and definitions of value sought by a real estate appraisal. Some of the most common are:
- Market value – The price at which an asset would trade in a competitive Walrasian auction setting. Market value is usually interchangeable with open market value or fair value. International Valuation Standards (IVS) define:
- Market value – the estimated amount for which an asset or liability should exchange on the valuation date between a willing buyer and a willing seller in an arm’s length transaction, after proper marketing and where the parties had each acted knowledgeably, prudently and without compulsion.
- Value-in-use, or use value – The net present value (NPV) of a cash flow that an asset generates for a specific owner under a specific use. Value-in-use is the value to one particular user, and may be above or below the market value of a property.
- Investment value – is the value to one particular investor, and may or may not be higher than the market value of a property. Differences between the investment value of an asset and its market value provide the motivation for buyers or sellers to enter the marketplace. International Valuation Standards (IVS) define:
- Investment value – the value of an asset to the owner or a prospective owner for individual investment or operational objectives.
- Insurable value – is the value of real property covered by an insurance policy. Generally it does not include the site value.
- Liquidation value – may be analyzed as either a forced liquidation or an orderly liquidation and is a commonly sought standard of value in bankruptcy proceedings. It assumes a seller who is compelled to sell after an exposure period which is less than the market-normal time-frame.
Price vs value
There can be differences between what the property is really worth (market value) and what it cost to buy it (price). A price paid might not represent that property’s market value. Sometimes, special considerations may have been present, such as a special relationship between the buyer and the seller where one party had control or significant influence over the other party. In other cases, the transaction may have been just one of several properties sold or traded between two parties. In such cases, the price paid for any particular piece is not its market “value” (with the idea usually being, though, that all the pieces and prices add up to market value of all the parts) but rather its market “price”.
At other times, a buyer may willingly pay a premium price, above the generally accepted market value, if his subjective valuation of the property (its investment value for him) was higher than the market value. One specific example of this is an owner of a neighboring property who, by combining his own property with the subject property, could obtain economies-of-scale. Similar situations sometimes happen in corporate finance. For example, this can occur when a merger or acquisition happens at a price which is higher than the value represented by the price of the underlying stock. The usual explanation for these types of mergers and acquisitions is that “the sum is greater than its parts”, since full ownership of a company provides full control of it. This is something that purchasers will sometimes pay a high price for. This situation can happen in real estate purchases too.
But the most common reason for value differing from price is that either the buyer or the seller is uninformed as to what a property’s market value is but nevertheless agrees on a contract at a certain price which is either too expensive or too cheap. This is unfortunate for one of the two parties. It is the obligation of a real property appraiser to estimate the true market value of a property and not its market price.
Market value definitions in the United States
In the United States, appraisals are for a certain type of value (e.g., foreclosure value, fair market value, distressed sale value, investment value). The most commonly used definition of value is Market Value. While Uniform Standards of Professional Appraisal Practice (USPAP) does not define Market Value, it provides general guidance for how Market Value should be defined:
A type of value, stated as an opinion, that presumes the transfer of a property (i.e., a right of ownership or a bundle of such rights), as of a certain date, under specific conditions set forth in the definition of the term identified by the appraiser as applicable in an appraisal.
Thus, the definition of value used in an appraisal or Current Market Analysis (CMA) analysis and report is a set of assumptions about the market in which the subject property may transact. It affects the choice of comparable data for use in the analysis. It can also affect the method used to value the property. For example, tree value can contribute up to 27% of property value.
Three approaches to value
There are three traditional groups of methodologies for determining value. These are usually referred to as the “three approaches to value” which are generally independent of each other:
- The sales comparison approach (comparing a property’s characteristics with those of comparable properties that have recently sold in similar transactions).
- The cost approach (the buyer will not pay more for a property than it would cost to build an equivalent).
- The income approach (similar to the methods used for financial valuation, securities analysis or bond pricing).
However, the recent trend of the business tends to be toward the use of a scientific methodology of appraisal which relies on the foundation of quantitative-data, risk, and geographical based approaches. Pagourtzi et al. have provided a review on the methods used in the industry by comparison between conventional approaches and advanced ones.
As mentioned before, an appraiser can generally choose from three approaches to determine value. One or two of these approaches will usually be most applicable, with the other approach or approaches usually being less useful. The appraiser has to think about the “scope of work”, the type of value, the property itself, and the quality and quantity of data available for each approach. No overarching statement can be made that one approach or another is always better than one of the other approaches.
The appraiser has to think about the way that most buyers usually buy a given type of property. What appraisal method do most buyers use for the type of property being valued? This generally guides the appraiser’s thinking on the best valuation method, in conjunction with the available data. For instance, appraisals of properties that are typically purchased by investors (e.g., skyscrapers, office buildings) may give greater weight to the Income Approach. Buyers interested in purchasing single family residential property would rather compare price, in this case the Sales Comparison Approach (market analysis approach) would be more applicable. The third and final approach to value is the Cost Approach to value. The Cost Approach to value is most useful in determining insurable value, and cost to construct a new structure or building.
For example, single apartment buildings of a given quality tend to sell at a particular price per apartment. In many of those cases, the sales comparison approach may be more applicable. On the other hand, a multiple-building apartment complex would usually be valued by the income approach, as that would follow how most buyers would value it. As another example, single-family houses are most commonly valued with greatest weighting to the sales comparison approach. However, if a single-family dwelling is in a neighborhood where all or most of the dwellings are rental units, then some variant of the income approach may be more useful. So the choice of valuation method can change depending upon the circumstances, even if the property being valued does not change much.
The sales comparison approach
The sales comparison approach is based primarily on the principle of substitution. This approach assumes a prudent (or rational) individual will pay no more for a property than it would cost to purchase a comparable substitute property. The approach recognizes that a typical buyer will compare asking prices and seek to purchase the property that meets his or her wants and needs for the lowest cost. In developing the sales comparison approach, the appraiser attempts to interpret and measure the actions of parties involved in the marketplace, including buyers, sellers, and investors.
Data collection methods and valuation process
Data is collected on recent sales of properties similar to the subject being valued, called “comparables”. Only SOLD properties may be used in an appraisal and determination of a property’s value, as they represent amounts actually paid or agreed upon for properties. Sources of comparable data include real estate publications, public records, buyers, sellers, real estate brokers and/or agents, appraisers, and so on. Important details of each comparable sale are described in the appraisal report. Since comparable sales are not identical to the subject property, adjustments may be made for date of sale, location, style, amenities, square footage, site size, etc. The main idea is to simulate the price that would have been paid if each comparable sale were identical to the subject property. If the comparable is superior to the subject in a factor or aspect, then a downward adjustment is needed for that factor.[clarification needed] Likewise, if the comparable is inferior to the subject in an aspect, then an upward adjustment for that aspect is needed.[clarification needed] The adjustment is somewhat subjective and relies on the appraiser’s training and experience. From the analysis of the group of adjusted sales prices of the comparable sales, the appraiser selects an indicator of value that is representative of the subject property. It is possible for various appraisers to choose different indicator of value which ultimately will provide different property value.
Steps in the sales comparison approach
- Research the market to obtain information pertaining to sales, and pending sales that are similar to the subject property
- Investigate the market data to determine whether they are factually correct and accurate
- Determine relevant units of comparison (e.g., sales price per square foot), and develop a comparative analysis for each
- Compare the subject and comparable sales according to the elements of comparison and adjust as appropriate
- Reconcile the multiple value indications that result from the adjustment (upward or downward) of the comparable sales into a single value indication
The cost approach
The cost approach was once called the summation approach. The theory is that the value of a property can be estimated by summing the land value and the depreciated value of any improvements. The value of the improvements is often referred to by the abbreviation RCNLD (for “reproduction/replacement cost new less depreciation”). Reproduction refers to reproducing an exact replica; replacement cost refers to the cost of building a house or other improvement which has the same utility, but using modern design, workmanship and materials. In practice, appraisers almost always use replacement cost and then deduct a factor for any functional dis-utility associated with the age of the subject property. An exception to the general rule of using the replacement cost, is for some insurance value appraisals. In those cases, reproduction of the exact asset after a destructive event like a fire is the goal.
In most instances when the cost approach is involved, the overall methodology is a hybrid of the cost and sales comparison approaches (representing both the suppliers’ costs and the prices that customers are seeking). For example, the replacement cost to construct a building can be determined by adding the labor, material, and other costs. On the other hand, land values and depreciation must be derived from an analysis of comparable sales data.
The cost approach is considered most reliable when used on newer structures, but the method tends to become less reliable for older properties. The cost approach is often the only reliable approach when dealing with special use properties (e.g., public assembly, marinas).
The income approach
The income capitalization Approach (often referred to simply as the “income approach”) is used to value commercial and investment properties. Because it is intended to directly reflect or model the expectations and behaviors of typical market participants, this approach is generally considered the most applicable valuation technique for income-producing properties, where sufficient market data exists.
In a commercial income-producing property this approach capitalizes an income stream into a value indication. This can be done using revenue multipliers or capitalization rates applied to a Net Operating Income (NOI). Usually, an NOI has been stabilized so as not to place too much weight on a very recent event. An example of this is an unleased building which, technically, has no NOI. A stabilized NOI would assume that the building is leased at a normal rate, and to usual occupancy levels. The Net Operating Income (NOI) is gross potential income (GPI), less vacancy and collection loss (= Effective Gross Income) less operating expenses (but excluding debt service, income taxes, and/or depreciation charges applied by accountants).
Alternatively, multiple years of net operating income can be valued by a discounted cash flow analysis (DCF) model. The DCF model is widely used to value larger and more expensive income-producing properties, such as large office towers or major shopping centres. This technique applies market-supported yields (or discount rates) to projected future cash flows (such as annual income figures and typically a lump reversion from the eventual sale of the property) to arrive at a present value indication.
When homes are purchased for personal use the buyer can validate the asking price by using the income approach in the opposite direction. An expected rate of return can be estimated by comparing net expected costs to the asking price. This return can be compared to the home owner’s other investing opportunities.
UK valuation methods
1. Comparative method. Used for most types of property where there is good evidence of previous sales. This is analogous to the sales comparison approach outlined above.
2. Investment method. Used for most commercial (and residential) property that is producing future cash flows through the letting of the property. If the current estimated rental value (ERV) and the passing income are known, as well as the market-determined equivalent yield, then the property value can be determined by means of a simple model. Note that this method is really a comparison method, since the main variables are determined in the market. In standard U.S. practice, however, the closely related capitalizing of NOI is confounded with the DCF method under the general classification of the income capitalization approach (see above).
3. Residual method. Used for properties ripe for development or redevelopment or for bare land only.[clarification needed]
4. Profit method. Used for trading properties where evidence of rates is slight, such as hotels, restaurants and old-age homes. A three-year average of operating income (derived from the profit and loss or income statement) is capitalized using an appropriate yield. Note that since the variables used are inherent to the property and are not market-derived, therefore unless appropriate adjustments are made, the resulting value will be value-in-use or investment value, not market value.
5. Cost method. Used for land and buildings of special character for which profit figures cannot be obtained or land and buildings for which there is no market because of their public service or heritage characteristics. Both the residual method and the cost method would be grouped in the United States under the cost approach (see above).
Under the current RICS Valuation Standards, the following bases of value are recognized:
- Market value (see PS 3.2);
- Market rent (see PS 3.3);
- Worth (investment value) (see PS 3.4); and
- Fair value (see PS 3.5)
Scope of work
While the Uniform Standards of Professional Appraisal Practice (USPAP) has always required appraisers to identify the scope of work needed to produce credible results, it became clear in recent years[when?] that appraisers did not fully understand the process for developing this adequately. In formulating the scope of work for a credible appraisal, the concept of a limited versus complete appraisal and the use of the Departure Rule caused confusion to clients, appraisers, and appraisal reviewers. In order to deal with this, USPAP was updated in 2006 with what came to be known as the Scope of Work Project. Following this, USPAP eliminated both the Departure Rule and the concept of a limited appraisal, and a new Scope of Work rule was created. In this, appraisers were to identify six key parts of the appraisal problem at the beginning of each assignment:
- Client and other intended users
- Intended use of the appraisal and appraisal report
- Definition of value (e.g., market, foreclosure, investment)
- Any hypothetical conditions or extraordinary assumptions
- Effective date of the appraisal analysis
- Salient features of the subject property
Based on these factors, the appraiser must identify the scope of work needed, including the methodologies to be used, the extent of investigation, and the applicable approaches to value. Currently, minimum standards for scope of work are:
- Expectations of the client and other users
- The actions of the appraiser’s peers who carry out similar assignments
The scope of work is the first step in any appraisal process. Without a strictly defined scope of work, an appraisal’s conclusions may not be viable. By defining the scope of work, an appraiser can properly develop a value for a given property for the intended user, and for the intended use of the appraisal. The whole idea of “scope of work” is to provide clear expectations and guidelines for all parties as to what the appraisal report does, and does not, cover; and how much work has gone into it.
Types of ownership interest
The type of real estate “interest” that is being valued, must also be known and stated in the report. Usually, for most sales, or mortgage financings, the fee simple interest is being valued. The fee simple interest is the most complete bundle of rights available. However, in many situations, and in many societies which do not follow English Common Law or the Napoleonic Code, some other interest may be more common. While there are many different possible interests in real estate, the three most common are:
- Fee simple value (known in the UK as freehold) – The most complete ownership in real estate, subject in common law countries to the powers reserved to the state (taxation, escheat, eminent domain, and police power)
- Leased fee value – This is simply the fee simple interest encumbered by a lease. If the lease is at market rent, then the leased fee value and the fee simple value are equal. However, if the tenant pays more or less than market, the residual owned by the leased fee holder, plus the market value of the tenancy, may be more or less than the fee simple value.
- Leasehold value – The interest held by a tenant. If the tenant pays market rent, then the leasehold has no market value. However, if the tenant pays less than market, the difference between the present value of what is paid and the present value of market rents would be a positive leasehold value. For example, a major chain retailer may be able to negotiate a below-market lease to serve as the anchor tenant for a shopping center. This leasehold value may be transferable to another anchor tenant, and if so the retail tenant has a positive interest in the real estate.
If a home inspection is performed prior to the appraisal and that report is provided to the appraiser, a more useful appraisal can result. This is because the appraiser, who is not expert home inspector, will be told if there are substantial construction defects or major repairs required. This information can cause the appraiser to arrive at a different, probably lower, opinion of value. This information may be particularly helpful if one or both of the parties requesting the appraisal may end up in possession of the property. This is sometimes the case with property in a divorce settlement or a legal judgment.
Real estate appraisal and data entry
Appraisers provide all the data needed to input in appraisal reports. A data entry team does the rest; it searches, consolidates and types the data into reports, such as subject data and comparable grid prior sales history. Most data entry organizations work 24 hours a day, 7 days a week, 365 days a year. The appraiser sends empty reports, and the data entry team works all day and night, even while the appraiser is sleeping. This process increases the appraiser’s efficiency, and frees up his/her time.
Mass appraisal and automated valuation models
Automated valuation models (AVMs) are growing in acceptance. These rely on statistical models such as multiple regression analysis or geographic information systems (GIS). While AVMs can be quite accurate, particularly when used in a very homogeneous area, there is also evidence that AVMs are not accurate in other instances such as when they are used in rural areas, or when the appraised property does not conform well to the neighborhood.
The various U.S. appraisal groups and international professional appraisal organizations have started collaborating in recent years towards the development of International Valuation Standards. This will facilitate global real estate appraisal standards, a much-needed adjunct to real estate investment portfolios which cross national boundaries. Some appraisal groups are already international organizations and thus, to some extent, already incorporate some level of global standards.
The International Valuation Standards Council (IVSC) is a non-governmental organization (NGO) member of the United Nations with membership that encompasses all the major national valuation standard-setters and professional associations from 41 different countries (including the Appraisal Institute, the American Society of Appraisers, the RICS, the [Practising Valuers Association of India] and the Appraisal Institute of Canada). IVSC publishes the International Valuation Standards (IVS), now in its 8th edition.
In Germany, real estate appraisal is known as real estate valuation (Immobilienbewertung). Real estate appraisers (Immobilienbewerter or Gutachter) can qualify to become a Öffentlich bestellter und vereidigter Sachverständiger (officially appointed and sworn expert). However, this formerly very important title has lost a lot of its importance over the past years, but still is of some value in court procedures. The title is not generally required for appraisals.
Real estate appraisal in Germany is partly codified by law. The federal Baugesetzbuch (abbr. BauGB, “German statutory code on building and construction'”) contains guidelines on governing authorities, defines the term market value and refers to continuative rules (chapter 3, articles 192 ff.). Each municipality (city or administrative district) must form a Gutachterausschuss (appraisal committee), consisting of a chairman and honorary members. The committee gathers information on all real estate deals (it is mandatory to send a copy of each notarial purchase contract to the Gutachterausschuss) and includes it in the Kaufpreissammlung (purchase price database). Most committees publish an official real estate market report every two years, in which besides other information on comparables the land value is determined. The committees also perform appraisals on behalf of public authorities.
The BauGB defines the Verkehrswert or Marktwert (market value, both terms with identical meaning) as follows: “The market value is determined by the price that can be realized at the date of valuation, in an arm’s length transaction, with due regard to the legal situation and the effective characteristics, the nature and lay of the premises or any other subject of the valuation” (non-official translation). The intention, as in other countries, is to include all objective influences and to exclude all influences resulting from the subjective circumstances of the involved parties.
This federal law is supported by the Wertermittlungsverordnung (abbr. WertV, “regulation on the determination of value”). The WertV defines the codified valuation approaches and the general valuation technique. German codified valuation approaches (other approaches such as DCF or residual approach are also permitted, but not codified) are the:
- Vergleichswertverfahren (sales comparison approach) – used where good evidence of previous sales is available and for owner-occupied assets, especially condominiums and single-family houses;
- Ertragswertverfahren (German income approach) – standard procedure for property that produces future cash flows from the letting of the property;
- Sachwertverfahren (German cost approach) – used for specialised property where none of the above approaches applies, e. g. public buildings.
WertV’s general regulations are further supported by the Wertermittlungsrichtlinie (abbr. WertR, “directive on the determination of value”). The WertR provides templates for calculations, tables (e.g., economic depreciation) and guidelines for the consideration of different influences. WertV and WertR are not binding for appraisals for nonofficial use, nonetheless they should be regarded as best practice or Generally Accepted (German) Valuation Practice (GAVP).
Comments on German GAVP
In most regards Generally Accepted (German) Valuation Principles is consistent with international practice. The investment market weighs the income approach most heavily. However, there are some important differences:
- Land and improvements are treated separately. German GAVP assumes that the land can be used indefinitely, but the buildings have a limited lifespan; This coincides with the balancing of the assets. The value of the land is determined by the sales comparison approach in both the income and cost approaches, using the data accumulated by the Gutachterausschuss which is then added to the building value.
- In order to account for the usage of the land, the net operating income is reduced by the Liegenschaftszins (interest paid to the land-owner by the owner of the building, i.e., ground rent). The Liegenschaftszins is the product of the land value and the Liegenschaftszinssatz (interest rate for land use). The Liegenschaftszinssatz is the equivalent of the yield—with some important differences—and is also determined by the Gutachterausschuss.
- Unlike the All Risks Yield (ARY) in UK practice, the Liegenschaftszinssatz (abbr. LZ) does not include an allowance for default (not to be confused with structural vacancy), therefore this needs to be subtracted from gross operating income. As a result, the Liegenschaftszinssatz will usually be lower than the All Risks Yield.
- Based on the assumption that the economic life of the improvements is limited, the yield and remaining economic life determine the building value from the net operating income.
- Contracts in Germany generally prescribe that the landlord bears a higher portion of maintenance and operating costs than their counterparts in the United States and UK.
Mathematically the distinction between land and improvements in the income approach will have no impact on the overall value when the remaining economic life is more than thirty years. For this reason it has become quite common to use the Vereinfachtes Ertragswertverfahren (simplified income approach), omitting the land value and the Liegenschaftszins. However, the separate treatment of land and buildings leads to more precise results for older buildings, especially for commercial buildings, which typically have a shorter economic life than residential buildings.
An advantage of the comparatively high degree of standardization practiced by professional appraisers, is the greater ability to check an appraisal for inconsistency, accuracy and transparency.
The Federal German Organisation of Appointed and Sworn Experts (Bundesverband Deutscher Sachverständiger und Fachgutachter, abbr. BDSF) is the main professional organization encompassing the majority of licensed appraisers in Germany. In recent years, with the move towards a more global outlook in the valuation profession, the RICS has gained a foothold in Germany, somewhat at the expense of the BDSF. Another German Organisation of Appointed and Sworn Experts is the (Deutsche Sachverständigen Gesellschaft, abbr. DESAG) This organization also includes a large number of licensed appraisers in Germany.
With special focus on hypothetical value, in 1996, German banks with real estate financing activities formed the HypZert GmbH, an association for the certification of real estate valuers. A HypZert qualification is regarded as mandatory by many German banks.
In Israel, the real estate appraisal profession is regulated by the Council of Land Valuers, an organ of the Ministry of Justice; the largest professional organization, encompassing the majority of appraisers/land valuers is the Association of Land Valuers. Valuers must be registered with the Council, which is a statutory body set up by law, and which oversees the training and administers the national professional exams that are a prerequisite for attaining registration. In 2005 the Council set up a Valuation Standards Committee with the purpose of developing and promulgating standards that would reflect best practice; these have tended to follow a rules-based approach.
Historically, most valuations in Israel were statutory valuations (such as valuations performed for purposes of Betterment Tax, a tax administered on any gains accruing to the property by way of changes to the local planning) as well as valuations performed for purposes of bank lending. Since Israel implemented the International Financial Reporting Standards (IFRS) in 2008, the profession has been engaged in performing valuations for purposes of financial reporting.
In the UK, real estate appraisal is known as property valuation and a real estate appraiser is a land valuer or property valuer (usually a qualified chartered surveyor who specializes in property valuation). Property valuation in the UK is regulated by the Royal Institution of Chartered Surveyors (RICS), a professional body encompassing all of the building and property-related professions. The RICS professional guidelines for valuers are published in what is commonly known as the Red Book. The 2011 version was the RICS Valuation Standards 7th Edition (2 May 2011), superseding an edition published in 2007 with later amendments. The RICS Valuation Standards contains mandatory rules, best practice guidance and related commentary. Changes to the standards are approved by the RICS Valuation Professional Group Board, and the Red Book is updated accordingly on a regular basis. While based in the UK, RICS is a global organization and has become very active in the United States in recent years through its affiliation with the Counselors of Real Estate, a division of the National Association of Realtors.
Appraisal practice in the United States is regulated by state. The Appraisal Foundation (TAF) is the primary standards body; its Appraisal Standards Board (ASB) promulgates and updates best practices as codified in the Uniform Standards of Professional Appraisal Practice (USPAP), while its Appraisal Qualifications Board (AQB) promulgates minimum standards for appraiser certification and licensing.
The federal government regulates appraisers indirectly because if the Appraisal Subcommittee (ASC) of the Federal Financial Institutions Examination Council (FFIEC) finds that a particular state’s appraiser regulation and certification program is inadequate, then under federal regulations all appraisers in that state would no longer be eligible to conduct appraisals for federally chartered banks. The ASC oversees the TAF. Banks make widespread use of mortgage loans and mortgage-backed securities, and would be unable to do so without appraisals.
The Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA) demanded all the states to develop systems for licensing and certifying real estate appraisers. To accomplish this, the Appraisal Subcommittee (ASC) was formed within the Federal Financial Institutions Examination Council (FFIEC), with representatives from the various Federal mortgage regulatory agencies. Thus, currently all the real estate appraisers must be state-licensed and certified. But prior to the 1990s, there were no commonly accepted standards either for appraisal quality or for appraiser licensure. In the 1980s, an ad-hoc committee representing various appraisal professional organizations in the United States and Canada met to codify the best practices into what became known as the Uniform Standards of Professional Appraisal Practice (USPAP). The U.S. Savings and Loan Crisis resulted in increased federal regulation via the Financial Institutions Reform, Recovery and Enforcement Act of 1989, which required federal lending regulators to adopt appraisal standards. A nonprofit organization, The Appraisal Foundation (TAF), was formed by the same organizations that had developed USPAP, and the copyright for USPAP was signed over to TAF. Federal oversight of TAF is provided by the Appraisal Subcommittee, made up of representatives of various federal lending regulators. TAF carries out its work through two boards: the Appraisal Standards Board promulgates and updates USPAP; the Appraisal Qualifications Board (AQB) promulgates minimum recommended standards for appraiser certification and licensure. During the 1990s, all of the states adopted USPAP as the governing standards within their states and developed licensure standards which met or exceeded the recommendations of TAF. Also, the various state and federal courts have adopted USPAP for real estate litigation and all of the federally lending regulators adopt USPAP for mortgage finance appraisal.
In addition, there are professional appraisal organizations, organized as private nonprofit organizations that date to the Great Depression of the 1930s. One of the oldest in the United States is the American Society of Farm Managers and Rural Appraisers (ASFMRA), which was founded in 1929. Others were founded as needed and opportunity arose in specialized fields, such as the Appraisal Institute (AI) and the American Society of Appraisers (ASA) founded in the 1930s, the International Right of Way Association and the National Association of Realtors which were founded after World War II. These organizations all existed to establish and enforce standards, but their influence waned with increasing government regulation. In March 2007, three of these organizations (ASFMRA, ASA, and AI) announced an agreement in principle to merge. NAIFA (National Association of Independent Fee Appraisers), a charter member of The Appraisal Foundation, helped to write Title XI, the Real Estate Appraisal Reform Amendments. It was founded in 1961.
One of the most recognized professional organizations of real estate appraisers in America is the Appraisal Institute (AI). It was formed from the merger of the American Institute of Real Estate Appraisers and the Society of Real Estate Appraisers. Founded along with others in the 1930s, the two organizations merged in the 1990s to form the AI. This group awards two professional designations: SRA, to residential appraisers, and MAI, to commercial appraisers. The Institute has enacted rigorous regulations regarding the use and display of these designations. For example, contrary to popular belief, “MAI” does not stand for “Member, Appraisal Institute”. According to the institute, the letters “do not represent specific words”, and an MAI may not use the words “Member, Appraisal Institute” in lieu of the MAI mark. The primary motive for this rule is to prevent trademark dilution.
The National Association of Appraisers (NAA) is the fastest growing appraiser organization in the United States and was formed with a purpose of uniting ALL those engaged in the appraisal profession for the purpose of exerting a beneficial influence upon the profession and to advocate appraiser interests. The NAA has established an advisory group consisting of leadership at the state organizations and coalitions called the Board of Governors where those states can help guide the NAA in acting in the best interest of all appraisers. The NAA also has a designated membership, MNAA (Member of the National Association of Appraisers, who is an individual who holds an appraisal license, certification or similar appraisal credential issued by a governmental agency; and who accepts the membership requirements and objectives of the National Association of Appraisers.
Other leading appraisal organizations include the National Association of Independent Fee Appraisers and the National Association of Master Appraisers, which were also founding sponsor-members of the Appraisal Foundation. The Massachusetts Board of Real Estate Appraisers (MBREA), founded in 1934, is the only state appraisal association that has been named a sponsor of the Appraisal Foundation. In recent years, the Royal Institution of Chartered Surveyors (RICS) has become highly regarded in the United States, and has formed a collaboration with the Counselors of Real Estate, a division of the National Association of Realtors. RICS, which is headquartered in London, operates on a global scale and awards the designations MRICS and FRICS to Members and Fellows of RICS. The Real Estate Counseling Group of America is a small group of top U.S. appraisers and real estate analysts who have collectively authored a disproportionately large body of appraisal methodology and, the National Association of Real Estate Appraisers (NAREA), founded in 1966, with the goal to elevate the professionalism and success of the Appraisal Industry.
The leading appraisal organization for personal property valuation is the American Society of Appraisers which is a sponsor member of the Appraisal Foundation and awards the ASA (Accredited Senior Appraiser) designation to candidates who complete five years of documented appraisal experience, pass a comprehensive exam along with required commercial and/or residential appraisal coursework, and submit two appraisal reports for review.
In Russia, on par with many other former Soviet Union economies, the profession emerged in the first half of 1990, and represented a clean break with the former practice of industry-specific pricing specialists and with activities of statutory price-setting authorities in the Soviet Union. Currently, property valuation, as it is called, is a specialism within general-purpose “valuation profession”, which functions in a self-regulatory mode overseen by “self-regulated professional organizations” of valuers (SROs),i.e. public supervisory entities established under provisions of special legislation (which very loosely can be likened to trade unions). The principal among those is Russian Society of Appraisers, established in 1993 and presently exercising oversight over about half of the valuation profession membership. Among its 6000+ members a sizeable majority are real property valuers, rubbing shoulders with business and intangible assets appraisers. The latter categories of valuers are also allowed to value property, though valuation professionals tend to specialize. Valuers in Russia, including real property valuers, are individuals maintaining their SRO membership and bearing unlimited property liability for the result of their services, that is their professional status is modeled on the organization of public notaries. Regardless of the fact, over 80% of valuers tend to be employed by valuation or consulting companies, and thus do not enter practice as stand-alone individual entrepreneurs. High-end appraisal services are principally represented by valuation arms of the International “Big-four” consultancies in the country, but there also exist reputable national corporate valuation brands. Most of valuations in the country tend to be performed for statutory purposes envisaged by the Federal Valuation Law (latest amendment in 2013) and other related laws, such as the Joint Stock Companies Law. Such pieces of legislation provide for more than 20 so-called “mandatory cases of valuation”, including valuations for privatization purposes, lending purposes, bankruptcy and liquidation etc. Valuations for corporate accounts used to be much more prominent before 2000, when the national accounting regulator ceased to incentivize the accounting fair value option. At present, the mass appraisal of property for taxation purposes is also starting to be outsourced by the Government to the institution of professional valuers. Adjudication of valuer-certified estimates of value in case of the onset of disputes is conducted through the Experts Councils of valuers’ SROs. Official courts tend to concur with the resolutions of such Councils. In some rare instances the imprimatur of SRO’s Experts Councils is also required for a valuation done by a particular valuer to enter into effect. The technical details of practice of real estate valuers in Russia are aligned with the international pattern. Members of the Russian Society of Appraisers formerly were bound by the observance of the International Valuation Standards. There also exists a set of 11 general-purpose government-developed “Federal Valuation Standards” (FSOs 1,2,3 –are the general valuation standards fist adopted in 2007 (and revised 2015) and covering Terms of engagement and Valuation report content requirements, FSOs 7-11 are asset-specific standards adopted in 2015, while FSO 9 is currently the only purpose-specific standard in the set dealing with valuations of property for loan security purposes). In view of the international conformity drive in the latest round of FSO standards setting, general requirements im the new FSO standards are close to those in the International Valuation standards set, however they can be more specific on occasion and mandate compulsory disclosure of uncertainty in valuation reports using the interval/range format.
The Hong Kong Institute of Surveyors (HKIS) regulates property surveyors in Hong Kong. Established in 1984, Institute is the only professional organisation representing the surveying profession in Hong Kong. The HKIS was statutorily incorporated by virtue of the Hong Kong Institute of Surveyors Ordinance in January 1990 (Cap. 1148). In July 1991, the Surveyors Registration Ordinance (Cap. 417) was passed to set up a Registration Board to administer the registration of surveyors. In May 2006, the number of members had reached 6,723. A general practice surveyor advises on the best use of the land, assesses the feasibility and viability of the proposed development project as well as the valuation, marketing, sale, leasing and management of completed developments. It also has a website to provide real-time propertys’ value estimate across whole Hong Kong.
The Australian Property Institute (API) was formed in 1926 as the Commonwealth Institute of Valuers. The Institute has undergone several name changes over the last century as the array of services offered by its members expanded. It serves to regulate the profession of property valuers throughout Australia.
Today the API represents the interests of more than 8,600 property professionals throughout Australia. API members include residential, commercial and plant and machinery valuers, property advisers, property analysts, property fund and asset managers, property facility managers, property lawyers and property researchers and academics. The Institute’s primary role is to set and maintain the highest standards of professional practice, education, ethics and professional conduct for its members and the broader property profession.
Real estate valuation in New Zealand is regulated by the New Zealand Institute of Valuers (‘NZIV’) and the Valuers Registration Board of New Zealand (‘VRB’), both of which are statutory bodies established under the Valuers Act 1948 (NZ). The NZIV remains the statutory professional body for valuers in New Zealand, with perpetual succession under the Act (which is under review as at 2015). The NZIV can make Rules as lower level legislation and has a Code of Ethics. The NZIV Rules were last changed in 2012 and remain current. The VRB has jurisdiction in relation to serious matters affecting the registration of a valuer including discipline where a valuer has acted in such a way as to meet the threshold. The Valuers Act 1948 sets the threshold under s31 as matters where a valuer could be struck off the register of valuers. The NZIV has power for discipline for relatively more minor matters. The NZIV governs NZIV members and has power to discipline members and fine them up to $500, admonish members or terminate their membership. The designations “Registered Valuer” and “Public Valuer” are legally protected under the legislation, being reserved for Valuers Registered under the Act. The NZIV, under the Act, can admit non-valuer members (such as non-valuer land economists).
There are also voluntary professional bodies for real estate valuation such as the Royal Institute of Chartered Surveyors (‘RICS’) and the Property Institute of New Zealand (‘PINZ’). Both of these bodies have a wider membership, beyond real estate valuers. PINZ has over 2,500 members in New Zealand and overseas (such as ex-pats in the UK, Asia and Australia). PINZ has a service level agreement with the NZIV, whereby PINZ contracts to perform tasks for the statutory professional body, NZIV. PINZ was formed in 2000 to act as the voice of the property professions. There have been ‘political divisions’ within the valuation profession in New Zealand, expressed at AGMs and through ‘proxy wars’ over the last 20 years or so. Many valuers are supportive of amalgamation of the NZIV functions under the multi-disciplinary voluntary body PINZ, whilst many others wish to retain a separate statutory professional body for valuers (the NZIV). There are various reasons in the debate and the governing legislation is under review and amendments or repeal is being considered. At present, the Act remains in force and the NZIV is legally a distinct body with statutory functions, powers and duties.
PINZ incorporated much of the membership of the NZIV, the Institute of Plant & Machinery Valuers (IPMV) and the Property & Land Economy Institute of New Zealand (PLEINZ). PINZ now represents the interests of valuers, property and facilities managers, property advisors and plant and machinery valuers. PINZ has developed into one of the largest professional bodies for standards, qualifications and ethics across all facets of the property profession within New Zealand. It works with government, industry and other professional associations, education stakeholders and the media to promote its standards and views.
In New Zealand, the terms “valuation” and “valuer” usually relates to one who undertakes that professional role in terms of the Valuer Act 1948 requirements or the unregulated or voluntarily self-regulated (if members of PINZ) plant and machinery, marine or art valuers. Whereas, the term “appraisal” is usually related to an estimate by a real estate sales person or licensed agent under the Real Estate Agents Act 2008. The Real Estate Institute of New Zealand includes many valuer members, but the governing legislation for sales and agency (disposal of interests of land on behalf of others) does not extend to include provision for that role by valuers regardless of membership of NZIV, RICS or PINZ.
There is a key distinction between the role of a real estate agent and a valuer, as an agent may advocate for its principal’s interests, whereas a valuer must impartially and independently provide opinion as to value. Lawyers, Conveyancers and Real Estate Agents are permitted to act in the sale of real estate under quite different legislation from that which governs valuers. The provision for the role in relation to Lawyers and Conveyancers is the Lawyers and Conveyancers 2006.
In 2011 to 2015, the number of Registered Valuers in New Zealand has generally between only around 900 to 950 each year. This is an ageing ‘top heavy’ professional with difficulty retaining new and young members due to pay, work stress and the recent advent of ‘clearing houses’ for banks to order valuations for mortgage purposes. The clearing houses have largely ended the long-standing local practice of members of the public seeking advice directly from a valuer. The use of electronic estimates based on Rating Values (Local Government mass appraisal for levies) is also leading to a reduction in standard valuation work and is significantly affecting the viability of small valuation businesses. The profession is in the process of a wider corporate re-structuring of the valuation market due to these factors with various perceptions within profession as to the merits of the events of the last five years.
- Auditing Standards Board
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- Antipov, Evgeny A.; Pokryshevskaya, Elena B. (2012). “Mass appraisal of residential apartments: An application of Random forest for valuation and a CART-based approach for model diagnostics”. Expert Systems with Applications. 39 (2): 1772–1778. doi:10.1016/j.eswa.2011.08.077.
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Appraisal may refer to:
|Look up appraisal, appraisals, appraise, or appraisement in Wiktionary, the free dictionary.|
- Appraisal (decision analysis), a decision method
- Project appraisal, comparing options to deliver an objective
- Economic appraisal, an appraisal based on comparison of monetary equivalents
- Real estate appraisal, the practice of determining the value of real property
- Business valuation, the process of determining the value of businesses
- Art valuation, the process of determining the value of works of art
- Domain appraisal, the act of evaluating the worth of a specific domain name
- Archival appraisal the appraisal of archival collections in libraries
- Appraisal (discourse analysis), the ways that writers or speakers express approval or disapproval for things or ideas
- Appraisal theory, a psychological theory of emotion and cognition
- Appraisal Institute, an international association of professional real estate appraisers
- Appraisal value, the value of a company based on a projection of future cash flow
- Archival appraisal, process for determining which records need to be kept, and for how long
- Performance appraisal, a method to evaluate an employee
|This disambiguation page lists articles associated with the title Appraisal.
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Florida’s west coast features some of the most beautiful, pristine beaches in the country. The Tampa Bay area is home to several beaches that have achieved world-renowned fame, including Fort DeSoto, which offers a rare look at Florida’s unadulterated natural scenery and wildlife. It’s the perfect place for nature lovers to explore as they vacation.
Fort DeSoto Park is made up of five small islands, or keys: Madelaine Key, St. Jean Key, St. Christopher Key, Bonne Fortune Key, and Mullet Key, which is the mainland. It can only be accessed via of boat or Highway 679, which moves through St. Petersburg and Tierra Verde, near Pass-A-Grille and St. Pete Beach.
With hotels, resorts, and condos spanning nearly every inch of coastline, it’s extremely rare to find a place in Florida that has not succumbed to development. These 3 miles of coast line and 7 miles of waterfront do just that. Fort DeSoto Park is made up of five small islands, or keys: Madelaine Key, St. Jean Key, St. Christopher Key, Bonne Fortune Key, and Mullet Key, which is the mainland.
Here you can witness all types of wildlife, including rare species of birds, dolphins, fish, manatees, shrubs, sea grass, and mangroves. Visitors can kayak and canoe or snorkel, exploring every inch of the area’s waterways.
You can also enjoy the Barrier-Free Nature Trail that puts you within inches of trees that have populated the area since the Tocobaga Indians inhabited it from 1,000 A.D. to 1,500 A.D. Small pieces of pottery, animal bones, and shell tools have been found on the grounds, which offering camping to visitors.
Those who enjoy lots of activity will appreciate paved trails for running and cycling. In fact, roads that go through Fort DeSoto Park are frequently shut down to accommodate dozens of 5k races, triathlons, and cycling races.
There are ferry services that offer some great sightseeing on the water and a scenic path to your destination. You have the choice of jumping on a ferry boat from Fort DeSoto and visiting nearby Egmont Key, which can only be accessed by boat.
You’ll love Egmont Key’s historic lighthouse, which was built between 1857 and 1858 and used by the military. If you’re a snorkeler or scuba diver, you’ll love exploring the U.S.S. Narcissus, which sank just off the coast of Egmont Key January 4, 1866 with no loss of life. It has been declared an Underwater Archeology Site.
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Tampa Bay’s beaches are home to some of the most beautiful year-round weather in the world. Nowhere else can you enjoy the outdoors virtually 365 days-a-year, with sunny skies and plenty of fresh, clean air to fill your lungs. It’s why people who live here year-round enjoy a highly-active lifestyle, especially when it comes to water recreation. Luckily for visitors, you too can enjoy some fun-in-the-sun on the water too!
Kayaking is a great way to explore the natural scenery in places like Fort DeSoto. You can also do some exploring on the intracoastal of Boca Ciega Bay, which encompasses St. Pete Beach, South Pasadena, Treasure Island, Madeira Beach, Redington Beach, Indian Rocks, and Belleair Beach before feeding into Clearwater Harbour. While this article isn’t intended for marathon kayakers, there certainly is no shortage of waterways to explore!
You can rent single and tandem kayaks for anywhere from $ 40 to $ 60, depending on whether you want a single kayak, tandem, half-day or full-day rental. As with all activities on the water…safety is important. Be sure you understand how to maneuver your kayak and wear a life jacket, which is typically included in your rental. Be sure to bring water with you as well, and know the route you’re taking, including places to stop, so you don’t encounter any surprises or get lost.
Stand-Up Paddle Boarding
Stand-Up Paddle Boarding has been around in the U.S. since the 1960s but it wasn’t until the early 2000s that it became popular among surfers and eventually made its way into the mainstream world. Surfers used it as a way to enjoy surfing when there was no surf. It offers a scenic view of the area and provides a great core workout. It’s far easier to pick up and less demanding on the body than surfing, and it’s low-impact, so older adults can enjoy it too.
You can think of it as a combination of surfing and kayaking. There are several companies offering stand-up paddle board lessons and rentals. Usually you can choose from a half-day rental to a full-day rental. Rentals are typically around $ 40 for a half-day and 2 hours of instruction plus play-time costs around $ 60. If you’re experienced, you can enjoy up to 8 hours on the water for $ 60.
Talk about a rush! Riding a waverunner is one of the most invigorating recreational activities on the water. It requires some skill and likely a tutorial before use, and you have to know what you’re doing, but once you have that down, you will love it. You can go by yourself, or use a two or three-seater! You’ll just have to determine who drives (or take turns!)
Waverunners are more expensive to rent than paddle boards or kayaks. You can expect to pay around $ 45 for a half hour, but you can also score a pretty good deal for $ 115 and ride for 2 hours. Be sure to wear a life jacket and follow the instructions you’re given, including following the speed limit and paying attention to signs designating shallow wakes. Waverunner accidents do happen and can be very dangerous, even fatal when there’s carelessness.
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When you look at relocation destinations in Florida, you tend to be longing for one amongst two things: either you wish a place that may be marvellous to measure in, otherwise you need a location that has all of the thrills and excitement you would like in an exceedingly resorts area. Indian Rocks Beach, FL satisfies both.
This lovely community is little enough to grasp your neighbours, and shut enough to the key attractions of the realm to stay you excited. Take a brief trip outside of city and end up at Busch Gardens, filmmaker World, Universal Studios, or ocean World or maybe forget the journeys to amusement parks and keep home on the beach. Get pleasure from yourself surfboarding, sailing, skin diving, or simply lying within the sun on one amongst the numerous, several beaches.
Indian Rocks Beach is truly a island on the geographic region of Florida, which means that each home or condo is walking distance from the water and everybody will get pleasure from the special advantages of living close to the Gulf of Mexico. Feast on fresh fish from native fishermen or maybe leave and catch your own!
When finding out property on Indian Rocks Beach it is best to begin with a worth point mind. Greenhorn condos, like Bella Capri start at upwards of $ 1,000,000 and provide luxurious residences with exclusive ground read. These Italian impressed condos have unaltered Mediterranean design, spacious floor plans, and also the upmarket life you’d expect during this worth vary. But, do not dismay you’ll be able to still get a more modern dwelling simply steps to the beach for beneath $ 500,000. Look into Beach Paradise and you’ll be able to have the simplest of Indian Rocks Beach living and one amongst the simplest buys on the beach. Beach Paradise options massive floor plans, outsized garages, and beautiful kitchens with granite countertops. There are several different choices in addition for single family homes here in Indian Rocks Beach.
In addition to the gorgeous homes and condos that are out there everywhere the realm, there are rental cottages for the vacationers and also the restaurants and gift retailers that are distinguished in any vacation space. simply forty five minutes from port of entry International, this wonderful very little community (less than one sq. mile!) is each simple to access and in an exceedingly world of its own. You will see on your 1st visit that Indian Rocks Beach may be a place to remain.
Website – Website – http://www.floridagulfbeachrealestate.com
Put away your thick trench coat and boots and trade them in for a pair swim trunks (or a bikini if you’re a girl), and flip flops! You don’t have to stay up north and endure another snowstorm – it’s already beach weather on Florida’s west coast, giving you a great excuse to get away and enjoy one of the most beautiful year-round climates in the U.S.
An early spring is one of St. Pete Beach’s best-kept secrets. Locals start going to the beach as early as February, enjoying crowdless beaches with plenty of room to wiggle their toes in the sand. The water is still fairly, cold, but resorts offer heated pools, should you wish to cool off, and you can enjoy plenty of activities in the sand and nearby outdoor areas.
You’ll always find a game of pick-up beach volleyball, and plenty of people who will play with you, whether it’s at a resort or one of the area’s beachfront bars. Locals enjoy an active lifestyle and are friendly with vacationers. Ask to join in on the fun!
The St. Pete Beach area is filled with avid runners and cyclists. There are running groups that run nearly every morning on the beach, and you can find a 5k race or road race nearly every weekend. Plenty of these races offer fun runs and fun rides too, so you and the family can get together and get some great exercise in while on vacation.
Markets are always popular in St. Pete Beach. Historic Corey Avenue always has a great Sunday Market. It also has arts and crafts festivals and art shows that feature the work of local artisans, with some exquisite jewelry, paintings, clothing, pottery, free music, spices, and more.
This is a great time of year for boating. You can usually score some off-season deals on boat rentals, including cruisers, wave runners, Jetskii rentals, stand-up paddleboards, kayaks, and more. You can also go on sightseeing and fishing excursions, enjoying a rare glimpse of Florida’s spectacular west coast.
Visit Fort DeSoto and Shell Key, enjoying Florida’s majestic wildlife in its purest form. You’ll be mesmerized by a colorful array of birds, sea turtles, manatees, dolphins, and even alligators in the fresh waters.
Snorkeling is always a great way to explore shallow waters – just not in the fresh water where the alligators are. If you do visit Fort DeSoto, be sure to watch for signs where there is no swimming allowed. Sharp currents can be dangerous.
No matter how you choose to explore Florida’s outdoors, there is never a shortage of things to do or fresh air to invigorate your lungs. It’s just the type of retreat you need!
With its stunning homes, quality schools, low crime rate and idyllic tree-lined streets, the City of South Pasadena consistently boasts a scorching hot real estate market.
Nestled between Pasadena and Downtown Los Angeles, the City of South Pasadena is located in the furthest West region of the San Gabriel Valley. So picturesque is South Pasadena that it has been, and remains, a favorite location for shooting motion pictures and television shows. Homes for sale in South Pasadena are very much in demand and the city itself has become one of the San Gabriel Valley’s most desirable locations to live.
South Pasadena, once a part of Pasadena, is a small city, taking up only three and one half square miles and has a population of only 26,000. It seceded from Pasadena and became incorporated in 1888. Nicknamed “the City of Trees”, it is a quaint and beautiful community. But charming and old-fashioned doesn’t mean that homes in South Pasadena aren’t extremely pricey and sought after. In 2015, the median home value is just over $ 864,000 and there’s good reason for it.
South Pasadena has a lot going for it. It is known for it’s outstanding public schools that are consistently ranked among California’s best. Its tree-lined streets are populated with historic homes designed by noted architects as well as a unique mix of custom-built homes dating back to the turn of the century. Its business district features unique small businesses, coffee houses, bookstores and artisan shops. It has more than 100 acres of parks and playgrounds. All of these features together make South Pasadena extremely “family friendly”.
Situated only ten miles from Downtown Los Angeles, the small city is convenient to both the 110 Pasadena Freeway (the historic Arroyo Seco Parkway) and the California 10 Freeway. The Los Angeles Metro Gold Line travels through South Pasadena.
South Pasadena is steeped in rich history. The city has cultivated its unique “small town” character as a result of tireless and dedicated efforts by residents to preserve its historic quality.
When choosing a South Pasadena real estate agent … experience matters
Because demand for homes in South Pasadena are typically high and inventory is typically low, real estate in South Pasadena has become a seller’s market. Both buyers and sellers, then, are advised to work only with a South Pasadena real estate agent who is experienced and intimately familiar with South Pasadena’s real estate market to represent them in the transaction.
A little history: According to legend, it is thought that Pass-a-Grille derives its name from the French Passe aux Grilleurs, which means “the passageway of the grillers” in honor of the fisherman who used to grill their catch of the day on the shore when the island was still a post for pirates. Pass-a-Grille Beach, the Southernmost of Pinellas County’s barrier beaches, was the first beach community on the Gulf of Mexico to develop as a weekend residential spot for successful Tampa and St. Pete Beach, Pass-a-Grille Beach has long been considered the jewel in the crown of west coast beaches. Situated on the southern tip of Pinellas County, Pass-a-Grille is home to the famous “Hurricane” restaurant which overlooks the sparkling waters of the Gulf of Mexico.
St Pete Beach, on the central gulf coast of Florida, has a small town atmosphere with plenty of vacation amenities within walking distance. St Pete Beach vacation rentals are just a few miles from St Petersburg, FL, and about 35 miles from Tampa, FL. St Pete Beach is just minutes away, and the area is renowned for spectacular rivers, nature preserves, state forests, world-class fishing and championship golf. St Pete Beach ranks as one of the best beaches in Florida, especially on the West Coast of Florida
The Gulf beaches are known for warm, white sands, pristine waters, palm trees, and dolphins.day and night activities. St Pete Beach Hotels and St Pete Beach Resorts offer accommodations on some of the best beaches directly on the Gulf of Mexico. St Pete Beach is not as populated with tourists as Clearwater Beach but still offers beautiful sunsets, popular nightlife, great restaurants & plenty of St Pete Beach Wave runners offer a riding experience unlike any in the Tampa Bay Area.
The Tadewinds Hotel/Resort is a tropical haven where guests can find peace and relaxation in style and comfort with superior service reflecting the spirit of American Samoa. Tradewinds Hotel offers a range of business and recreational facilities including a restaurant, bar, internet caf, conference facilities, gymnasium. St Pete Beach Florida has a great assortment of hotels and resorts. Don Cesar Is the hotel resort known as Florida’s Legendary Pink Palace since 1928, the luxury resort is revered internationally for its sprawling, sugar-white beach, unparalleled dining, rejuvenating Beach Club & Spa, fabulous fishing, children’s program, nearby tennis and golf. The Don Cesar has a long list of famous guests and has hosted every president since Gerald Ford (excluding Ronald Reagan) and also Franklin D. St Pete Beach is also know for hotels and resorts like the Tradewinds Hotel/Resort.
Another Place that is a great party hot spot restaurant on St Pete Beach is Jimmy B’s. Jimmy B’s Beach Bar caters to the upscale crowd so you better make sure you’re ready to roll. If you are looking for good food and good times on the water n St Pete beach you may consider the Sloppy Pelican. The Sloppy Pelican is one of St. Pete Beach’s newest waterfront bar & grill. A favorite for locals and visitors alike, our menu offers a wide variety that everyone is going to enjoy; from fresh seafood and pasta prepared from scratch, to the biggest burgers and tastiest nachos on the beach. Out of all the restaurants in St Pete Beach the Hurricane restaurant is one of the most popular. The Hurricane Restaurant: a landmark multi-storied restaurant/bar/entertainment complex is situated across the street from the beach right in the middle of Pass a Grille and keeps the hungry and thirsty beachgoers happy late into the evening.
Treasure Island Resort and Casino offers an outstanding Las Vegas experience for anyone. Whether you are single or are vacationing with your family, Treasure Island Resort and Casino has everything you need for the vacation of your dreams. Even if you live in Las Vegas, a getaway to Treasure Island Resort and Casino will make you feel as if you are in another world!
Treasure Island Resort and Casino offers the Ultimate Overnight Experience
Whether you want a standard room, a sophisticated suite, a marvelous marina stay or a place to park your RV, Treasure Island has just what you need. You will feel as if you are in four different worlds. Discover the phenomenal perks for each area!
Upgrade from a standard room to a luxurious suite. Experience the life of luxury in your suite that includes a sofa sleeper, two TV’s and a guest and master bath. Relax in your room or venture down to the waterfall and pool.
Treasure Island Tickets for Popular Las Vegas Shows
Treasure Island Resort and Casino is well known for its Las Vegas shows, particularly Mystere, which is found exclusively at Treasure Island Resort and Casino. Mystere is an experience of a lifetime. It is full of energetic acrobatics and breathtaking mid-air acts that will leave you feeling uplifted and astonished! Make sure to purchase your Mystere tickets today.
Another Las Vegas show is the Sirens of TI, located in Sirens Cove at the front of Treasure Island Resort and Casino. This show has it all-music, dancing, temptation, excitement, seduction, sensuality and excessive energy. Get your Las Vegas show tickets for free today! Hotel guest have VIP viewing.
More Fun in Treasure Island Resort and Casino
Not only does Treasure Island offer Las Vegas show tickets, it also offers a variety of casino style games, as well as bowling and golfing, for entertainment. The gaming floors are not crowded together, and you can sit down on a plush stool. There are non-smoking areas and the range runs from a penny to $ 25. Treasure Island literally gave out over 450 jackpots between $ 1,200 and $ 20,000 in one week’s time.
If Blackjack is your game of choice, Treasure Island Resort & Casino has betting circles of $ 1, $ 5, $ 25, $ 100 and $ 500 chips. Maybe Poker is more your style. Try your hand at Texas Hold’em, Omaha Hi-Low and Seven Card Stud. Limits range from $ 2-$ 4 to $ 30-$ 60. Be sure to call ahead to reserve your table, as they tend to fill up fast!
If the casino life is not up your alley, you can bowl at Xtreme Bowl, which also includes an arcade, lounge and deli snack bar. Your kids will have a blast bowling at Xtreme Bowl. Mount Frontenac is an 18-hole golf course that offers a stunning view of Lake Pepin and the Hiawatha Valley. Enjoy the beautiful scenery during your golfing game at Mount Frontenac.
Get your Treasure Island tickets and enjoy the many different options available for your Las Vegas getaway.
Johnson City, NY 13790 Nov 23, 2012 As we discussed last month, the drop in housing starts post-crisis has made housing inventory scarce. The following chart takes a closer look at what’s happening in Nashville:
Using the HP12C Financial Calculator (GE-3) 15 hours Isaac Peck is the Associate Editor of Working RE Magazine and Marketing Coordinator at OREP.org, a leading provider of E&O Insurance for appraisers, inspectors, and other real estate professionals in 49 states. He received his Bachelors in Business Management at San Diego State University. He can be contacted at Isaac@orep.org or (888) 347-5273.
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Two critical elements of appraising manufactured homes, the HUD data plate and HUD label will be reviewed and explained. Now that we have gained a general understanding of manufactured homes, it is time to review the specific requirements for appraising them according to Fannie Mae, FHA, USDA and VA.
The Sales Comparison Approach Last week, I presented Part One in a series of articles to help expand your knowledge and understanding of HUD REO (Real Estate Owned) Sales for purposes of FHA lending. This week, in part two of the series, you’ll find further explanation of the appraiser’s responsibilities in regards to the HUD REO appraisal requirements.
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Resources (547) The lack of willingness to engage in a transaction by any particular party should not enter into a determination of the fair market value of the subject interest, else the behavioral requirements of the definition are not met. Finding that a seller would not sell because the price is “too low” or that a buyer would not buy because the price is “too high” implies analysis of the motivation of specific sellers or buyers, ignores the need to consider hypothetical sellers and hypothetical buyers, and introduces elements of speculation and subjectivity not contemplated by the definition of fair market value.
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Awnings The FHA permits only one FHA mortgage at a time for a borrower except for four (4) exceptions. Best Value Teams Assessors – Many of the employees of the ad valorem tax assessor’s office have real estate appraisal training. The techniques are different (mass appraisal) than the fee appraiser but the concepts are the same.
See full technical specs » G Austin, Texas 78750 Thanks TRo for the comment. The auction homes tend to sell really low. I hear agents talk about Freddie Mac really dumping their properties too. I tend to watch closely to see if there is any distinction between Freddie & Fannie. That’s a pretty big difference you noted. Was the first appraisal actually a full inspection and everything? $168 to $219 is quite the gap… Yikes. Sorry to hear about that situation.
Universal Life Insurance See your other thread where you asked the same question. It appears you are well on your way to doing your last REO assignment.
District of Columbia Meta Personal Injury lawyers in Marietta Georgia Mortgage lender reviews During the inspection, the appraiser will take pictures and measurements and ask you about major improvements since you purchased the home. An appraiser’s job is to determine if certain aspects of your home (like the condition, yard, amenities, or other features) make the house worth more or less than other houses in the neighborhood. Within a few weeks, the appraiser will complete a report with a detailed valuation of your property.
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How to Tell When It’s Time to Reduce the Price of Your Home Renew a License Wage-earner income can be complicated when trying to determine the correct income calculation method. There are so many terms we hear in conjunction with income calculation such as: bi-weekly, semi-monthly, wage earner, base salary, and hourly wage. But what do these terms really mean and how do we apply them when calculating income?
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6.1K Ratings Budget & Finance 24h Vol: Academy & Events Gerard (Gerry) Glavey is Senior Vice President / Chief Credit Officer for LoanLogics. Gerry has decades of experience working in residential mortgage credit and compliance and brings insights that few in the industry can match. In his role, he develops new services and provides support for all post close quality control and quality assurance, pre-close quality control, due diligence services, and document processing services. He spent 37 years with the US Department of Housing and Urban Development, where most recently he was the Director, Processing and Underwriting Division for the Home Ownership Center (HOC) in Philadelphia. In this capacity, Mr. Glavey was responsible for the administration of all HUD/FHA Single Family Loan Origination activities, including underwriting, appraisal and endorsement for the 16 state jurisdiction of this HOC.
Best of If the loan is insured, the insured (debtor) may qualify for an interest-free loan in order to bring the loan current. “Home Value” is open source software. The following people have contributed to this plugin.
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BBB Accreditation Midway through its 120-page annual Report to Congress, the Federal Housing Finance Agency dedicated one page to making three legislative recommendations. One of those recommendations drew a strong objection from the Mortgage Bankers Association (MBA).
Apple won the race to $1 trillion, edging out rivals such as Amazon (whose market cap was $877 billion as of Wednesday’s close, according to S&P Dow Jones Indices), Google parent Alphabet ($858 billion) and Microsoft ($817 billion), the other main contenders racing to reach the milestone.
Consumer Electronics McCormick, QUICK LINKS 69 ETP 4.46 Average Customer Rating During a divorce, you and your spouse will need to divide your assets, which may include a family home. Learn how a real estate appraiser can help you decide what to do with real property in a divorce.
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Gain a deeper understanding of the definition of fraud, and how it applies in mortgage lending and appraising With minor investment in repairs – to offload the home quickly, seemingly to someone inclined to finish the job themselves
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With minor investment in repairs, to sell the property quickly e-mail. Produce a more credible indication of value by gaining a thorough working knowledge of the cost approach. 28 DCR
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Should You Offer Group Disability Insurance to Your Employees? When you file for bankruptcy the court will require proof of the value of your home. There are various ways to estimate your home’s market value but they do not all provide the same accuracy.
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Apple hit a market cap of $1 trillion on Thursday — and hung onto the record valuation at market close — as the iPhone maker became the first publicly traded U.S. company to reach $1 trillion.
First, you need to take 75 hours of approved qualifying education. Mayer Home Appraisal Inspection Order Now An advantage of the comparatively high degree of standardization practiced by professional appraisers is the greater ability to check an appraisal for inconsistency, accuracy and transparency.
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Immediate Sale. Real Estate may be placed immediately on the market for sale with the parties dividing the net proceeds realized from the sale. “Net proceeds” are generally defined as the amount remaining after the following costs have been subtracted from the sale price or appraised value of the homestead:
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market withdrawal Mission and Leadership This is where the trustee offers a “buy back”. A “buy back” is an offer from the trustee to the debtor where the trustee gives the debtor the opportunity to purchase their unexempt property from the estate, typically over a one year period. The debtor often accepts this offer because of the strong emotional attachment one gets to their personal property. If this happens, the appraiser doesn’t get to sell the goods, but was still paid for the appraisal itself and because an unethical trustee got an inflated paycheck, they’ll be more likely to hire that appraiser again.
On March 29, 2016 Fannie Mae issued an updated regarding DU 10.0 and Multiple Financed Properties. Previously, we lenders had to manually calculate the reserve requirements because DU did not provide that information. Well, that will all change the weekend of June 25, 2016. DU will now calculate the number of financed properties the borrower has and calculate the reserves for both the subject property and the “Other financed properties.” But before we get into the calculations for the total number of financed properties and reserves, let’s talk about the multiple finance property rule and when it applies.
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I’ve written about remodeling and home products for 17 years. When I’m not covering the subjects for work, I’m putting the knowledge to use on the renovation of a Brooklyn brownstone, where I live with my wife and kids. You can also find me most weeks on the soccer field.
Radio Podcast Entity Name Availability Check Shorts live in neverland where time and space are suspended. The motivations of buyers and the willingness of lenders to agree to release make the final price suspect in my experience.
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8/1/2018 AT 4:08 P.M. REV – TAX AUDITOR I – 73006742 It may take years, but enough people will someday realize just social media has done more harm than good to global societies as a whole. Unfortunately, like religion, which has done the same thing, it probably won’t go away complete.
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21 Elective Hours A divorce appraisal is not the same as your typical appraisal used for lending purposes. Some of the differences are: Alternatives to Franchising
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A mid-range window replacement running about $5,000 typically delivers the best value, since the priciest options tend to be more about aesthetics than insulation, according to Zillow Talk: Rewriting the Rules of Real Estate. A full window replacement isn’t always necessary. Look for rotting frames or condensation between window panes as surefire signs it’s time to replace your windows, says HomeAdvisor’s DiClerico.
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Download the Ting mobile app to manage and track your usage on the go. State-certified general real estate appraiser Whether for a new mortgage, refinance, or relocation valuation, we recognize the need for fully reliable, prompt appraisal services, delivered by experienced customer service professionals, who understand the complexities and regulatory requirements of today’s appraisal environment.
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Receive Our Basement & Foundation Enhanced Earnings Capacity The estimated market value should be the most probable sale price of a property in terms of money in a competitive and open market. The estimate is based on key assumptions: that a buyer and seller act prudently and knowledgeably, allow sufficient time for the sale, and are not affected by undue pressures. The Assessor’s Office works throughout the year to establish market values of each property as of January 2 of each year for taxes payable the following year.
In May 2017, the median annual wages for appraisers and assessors of real estate in the top industries in which they worked were as follows: 27. Florida Diamond Appraisers
Basically, four appraisals, two of which don’t really fit the definition of market value. Scottsdale Juvenile lawyer Joseph C Ramiro-Shanahan in 85251
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AppraiserUSA While few appraisers perform only bankruptcy appraisals only, there are typically some highly experienced, well-respected appraisers, with a proven history of creating high-quality bankruptcy appraisals, in any area. Choosing an appraiser who specializes in performing bankruptcy appraisals is a wise option. Veteran bankruptcy judges tend to be more comfortable receiving appraisal reports from appraisers that understand the process and the significance of preparing a fully supported real estate appraisal for bankruptcy proceedings.
St. Petersburg, situated on a peninsula between Tampa Bay and the Gulf of Mexico, has earned the nickname of “The Sunshine City” due to logging the most consecutive days of sunshine in the Guiness Book of World Records. The city is often referred to as “St. Pete” by locals.
Shop books covering real estate investing and personal finance. I might add that one of the scary things is that the client wants to use your analysis to decide if putting money into the property will result in a return.
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License Search and Verify To understand Zillow Home Value Forecasts, you first need to understand the Zillow Home Value Index because that is what is being forecasted. The Zillow Home Value Index is the median value of a home for an area. For example, take a look at the Zillow Home Value Index in your area. The Zillow Home Value Index is available for many different geographic regions, including states, cities, counties, neighborhoods and ZIP codes.
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Real Estate Appraisal Blog There are many forms of valuation including automated valuation models (AVM’s), Desktop Appraisal or Drive-by Appraisal, a BPO (broker price opinion), a CMA (comparative market analysis) or a free online value service such as Zillow. You can spend little to no money getting results, however, none of these will be worth their weight in a court of law!
mark says: Below I am going to summarize what you should know about real estate appraisals. Use this as your guide to understand the appraisal process.
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Ecommerce IN.gov Settings 157 Kings Highway REAL ESTATE Staff Profiles | Contact Us | Bookstore | Home Residential appraisers focus on appraising property in which people live, such as single family homes and condominiums, and appraise only those properties that house one to four families.
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Investing Step 6 – Court Decree The Bureau of Labor Statistics expects appraisal and assessment positions to increase by five percent nationwide in the ten-year period ending in 2018. As long as property taxes are collected and people continue to buy, sell, and own houses, there will always be a need for professionals who work as appraisers and assessors. Moreover, the real estate market is cyclical. When the market eventually enters its next upward swing, demand for appraisers and assessors will rise as well.
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The subject property is in poor condition. But, for the purpose of the sales comparison approach I’m going to assume the property is in average condition. Meaning I won’t adjust comparables in average condition (down) and in fact I may adjust inferior comps (up). I intend to value the property subject to completion in the sales comparison and reconciliation sections. Is this the correct approach in dealing with REO’s in the 1004 form? (FYI, the home is owner occupied)
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CERTIFICANT DIRECTORY Find answers to the top questions that arise when appraising owner-occupied commercial properties How Far Overpriced Is Too Far?
Indoor / Outdoor – An appraiser has the opportunity to spend time out of the office during the beautiful sun filled days and work in the office when the weather is less appealing.
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(727) 517-3400 | 12651 Walsingham Rd, Largo, FL 33774-3627 Choosing an appraiser is not always easy. Simply choosing a name from a bank or accepting the recommendation of someone can be dangerous. Even if the appraiser is good as a valuer, there are other important considerations, such as the availability of litigation support from the appraisal firm, the understanding of value concepts, having an adequate staff, and the ability of the chosen firm to perform a good audit with good descriptions of the assets.
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Hello to everybody and sorry for the mix-up of last week’s blog, I missed the deadline because my mind was still on a holiday mode. Well this will be the final blog for this series on Mortgage Fraud and Red Flags.
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Top South Carolina Lawyers The sales comparison approach (comparing a property’s characteristics with those of comparable properties that have recently sold in similar transactions).
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× Hello All – Last week I covered the basic guidelines for the HECMs (Home Equity Conversion Mortgage). As outlined the guidelines are very basic since there is no credit qualifying; and could make an excellent source of additional income for seniors on fixed income. However, there are many questions that seniors as well as their heirs need answered before deciding to commit to the HECM.
landscape-tablet-and-medium-wide-browser pinterest Journal Article: Under the current RICS Valuation Standards, the following bases of value are recognized:
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The whole point of having an appraisal done is to provide an equitable distribution or settlement-one that is fair, impartial, and unbiased. Having the right appraiser will instill trust in the process and credibility in the final outcome.
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Valuation Services Inc RELATED FAQS For example, single apartment buildings of a given quality tend to sell at a particular price per apartment. In many of those cases, the sales comparison approach may be more applicable. On the other hand, a multiple-building apartment complex would usually be valued by the income approach, as that would follow how most buyers would value it. As another example, single-family houses are most commonly valued with the greatest weighting to the sales comparison approach. However, if a single-family dwelling is in a neighborhood where all or most of the dwellings are rental units, then some variant of the income approach may be more useful. So the choice of valuation method can change depending upon the circumstances, even if the property being valued does not change much.
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This free mortgage training video discusses definition of IRA & 401(k) Income, required documentation, additional requirement, effective income calculation and more. Ideal for loan processors, officers and underwriters.
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Check Your Phone 5.1 International Other than child custody, one of the most hotly contested issues in a divorce is often disposition of the marital home. In addition to your emotional investment in the property, you and your spouse have probably spent years paying for it. You must make a choice between selling it, or deciding that one of you will keep it. A fluctuating real estate market can make the decision even more difficult.
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Realtor Tips + 100.0% City GuidesMore Cities » Learn About HomeValue Marketing New York NY 10001 (767) For home buyers and home sellers, knowing current market value helps you make smart decisions about how much to offer on a house you want, or how to price a home you’re selling.
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2.1.1 Liquidation value Before you do anything, we encourage you not to throw anything away. Estate sales are our arena. We can find and sell that rusty old coffee tin in the garage for $1,000.
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Market-Based Instrument On the appraisal the sales type of each comp is listed. The appraiser listed an REO sale as an arms length transaction. She is required to list it as an REO sale even if it was an arms length transaction. The house sold for about $30,000 less than the 6 homes in the same development that were arms length transactions. Even if she refused to make an adjustment since foreclosures sell at a lower price than non foreclosures, she still has to list that it was a REO sale.
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Personal Injury attorney in Des Moines Again, we understand your timeline and the specific situation of an REO house, as well as the special data you’ll need – competing listings, market trends, and the like. You can rely on Widener Appraisal Inc. to take on the appraisal of your REO professionally and efficiently. Contact us today.
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Don’t try to low-ball an appraisal if you are filing for bankruptcy. An appraisal that is not professional, or appears to be slanted in favor of the debtor, is unlikely to find favor with the court. It’s illegal to file a dishonest appraisal with the court, and some debtors have been prosecuted for doing so. That’s another reason to have an appraisal done by a reputable company. The Read & Kelley appraisal firm in Florida advises a debtor to obtain an appraisal report that is printed and signed, with a complete description of the appraised property, and a description of the methodology used to determine the valuations.
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When a case is filed, a debtor must list all of the property they claim is exempt. The trustee then has thirty days to object to the debtor’s claim of exemptions, otherwise the trustee’s right is waived and the exemptions stand. If the trustee files the objection to the claim of exemptions, the objection must be justified by some kind of measurable facts. Typically, the trustee states that they disagree with the value assigned to the debtor’s property. For instance, if the debtor lists his car’s value at $1,000, which he’s allowed to keep but the trustee feels it’s worth an amount closer to $2,000. This would be a valid ground for the trustee’s objection. The debtor would then have to either amend their list of exempt property or attend a hearing in front of the judge and argue the evidence with the trustee.
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The various U.S. appraisal groups and international professional appraisal organizations have started collaborating in recent years towards the development of International Valuation Standards. This will facilitate global real estate appraisal standards, a much-needed adjunct to real estate investment portfolios which cross national boundaries. Some appraisal groups are already international organizations and thus, to some extent, already incorporate some level of global standards.
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Pre-Listing 2019 Kia Sportage Google Marketing Strategy: Sometimes a property does not generate interest as a short sale, but that does not mean it is not worth the listing price or more. Short sales tend to have a stigma among buyers, so they often need to be priced more aggressively to generate interest. Moreover, it is very common to see short sales generate very little interest at a certain price, but the same property will sell quickly as an REO at that same price. The listing agent and/or home owner need to understand the market in order to set the right price for the property, whether a short sale, REO or traditional sale.
15-year fixed rates DIY The amount of people working as a real estate appraiser has declined significantly. For example, 78,500 real estate appraisers were working in the U.S. in 2015, but this is down 20 percent from 2007. A big part of this change can be attributed to an aging population of appraisers. In fact, 62 percent of all appraisers are 51 or older while only 13 percent are 35 or younger. That may mean that there will soon be a need for more qualified appraisers.
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When you’re ready for a professional home-value assessment, a Redfin real estate agent can evaluate your home in person and give you pricing recommendations based on its unique characteristics. Talk to a Redfin Agent who specializes in your area for a free consultation.
Home Equity Loan vs. Cash-Out Refinance How AFSCME sabotaged the Illinois economy The income approach is an approach through which an appraiser derives a value estimate for income-producing property by converting anticipated benefits – for example, cash flows and reversions – into current property value. This conversion can be accomplished in two ways: 1) one year’s income expectancy or an annual average of several years’ income expectancies may be capitalized at a market derived capitalization rate, or at an overall rate that reflects a specified income pattern, return on investment, and change in the value of the investment; or 2) the annual cash flows may be discounted for the holding period and the reversion of the sale price, several years later, at a specified yield rate.
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What is my home worth? –2015 Mortgage Insurance Update– Appraisers may have strong feelings about Appraisal Management Companies, but with about 80% of the mortgage appraisal volume engaged through AMCs, working with an AMC is almost a necessity as an appraiser today. Join appraisal instructor Tony Pistilli as he explores the best practices for working with AMCs and growing your business. Learn techniques to help you maximize the benefits of your AMC partnerships, including the best questions to ask when interviewing potential AMC clients and how to improve your appraiser score with AMCs.
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United States United Kingdom To: 1-800-865-8550 In citing caselaw, Judge Grossman pointed out that valuing assets is not an exact science and that the Court must look to the accuracy, credibility and methodology employed by the appraisers. Courts are not bound by appraisals submitted by the parties and may form their own opinions as to the value.
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Slate Gray Sharing Assets After Divorce By Mediation Advantage on February 8, 2017 Supervision: Skills Development & Training Call 1-877-845-2368 open Chapter 11 — Also known as “reorganization” bankruptcy, a Chapter 11 filing allows for a business, which desires to continue operations, to do so while concurrently repaying creditors through a court-approved plan of reorganization. While costly and time-consuming, Chapter 11 filings allow for insolvent companies to survive. The debtor typically must demonstrate (through the proper bankruptcy valuations and appraisals) that the reorganized value of the business is much greater than the liquidation value of the business, such that creditors will support the reorganization plan.
HR Technology and Data Chris Hogan Our Ohio licensed residential appraisers understand your situation and take a more realistic approach – taking into account deferred maintenance, areas in need of repair, and look at other distressed properties that sold in the area. Rather than focusing on the highest end of sales, which is where a Realtor®, and other websites designed to sell your home tends to lean (read our post: Bankruptcy Appraisals: Certified Home Appraisal vs. Realtor Valuation or Zillow). More realistically, when a home owner looks at the possibility of selling their home to pay off creditors, they aren’t in a financial situation where they can invest the money to be enhancing the curb appeal, replacing counter tops, painting walls and refinishing floors in order to compete with the other homes for sale. It’s because of this situational data that a distressed property or short-sale may be considered a more accurate reflection of their property’s market value than the new construction neighborhood around the corner.
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Increase your understanding of the responsibilities and obligations of both the Trainee Appraiser and the Supervisory Appraiser within the context of the Trainee – Supervisor relationship
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Wills, Trusts & Probate 59 Verified Reviews Bankruptcy is about getting a fresh start and regaining control of your financial future, and one of the steps along the way may be to establish the value of your automobiles for the bankruptcy courts. But it can be incredibly difficult to find the right bankruptcy appraiser. Will the appraiser take the time necessary to analyze the market and accurately apply them to the most current and similar vehicles? Will they consider all of the comparable vehicles options, modifications and overall condition? And will the appraisal report provide enough information and detail so that the bankruptcy court will understand and accept the appraisal report?
This course is intended to provide the participant with enhanced skills as it relates to the application of direct capitalization and yield capitalization. Also covered in this course are the development of reliable effective gross income estimates, vacancy and collection loss, analysis of operating expenses, and calculating net operating income.
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Building Credit About Extra Space Storage Below is an alphabetical list of schools that have submitted their course work to this office and received approval to offer the Real Estate Appraiser qualifying courses to license/certify candidates. The address listed for a school is their business address and may not always be the location where the school offers their courses. You may contact the school to obtain the address where the course is presented.
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In most regards Generally Accepted (German) Valuation Principles is consistent with international practice. The investment market weighs the income approach most heavily. However, there are some important differences:
With effect from the 1st of August 2017, new amendements to the Federal Valuation Law came to impose the compulsory certification of valuers by a state-affiliated testing centre. Consequently, this 2 hour written-exam certification measure, aimed to counter a perception of wide-spread malpractice among the members of the national valuation profession, provides for 3 valuer-specializations: real estate valuers, plant and machinery valuers, and business and intanglble asset valuers, with the exam content requirements varying substantially for each specialization. Valuers would lose a right to practice, unless they comply with the requirement to take this compulsory certification exam at or before March 31, 2018. A general assessment of this measure is that the numbers of certified valuers in Russia are set to dwindle down to some 2000-3000 valuers nationwide (across all the specialisms mentioned), i.e. decimating some 80% of the current Valuer SRO’s membership, due to the complexity of the certification exams.
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Home Value Settings Screen How it Works Under the current RICS Valuation Standards, the following bases of value are recognized: 218 fraudulent;
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HR’s Role During Transition This federal law is supported by the Wertermittlungsverordnung (abbr. WertV, “regulation on the determination of value”). The WertV defines the codified valuation approaches and the general valuation technique. German codified valuation approaches (other approaches such as DCF or residual approach are also permitted, but not codified) are the:
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Refinancing can remove mortgage insurance in two ways. First, you can refinance from an FHA loan (these loans always carry mortgage insurance) to a conventional loan without paying PMI if you have built up over 20% equity on your existing loan. Second, you can refinance from a conventional loan with PMI to another without it if your current home value and mortgage balance puts you over the 20% equity mark.
Jump Starter Ratings S 6 XLM Internships How Much Is My RV Worth? While there are many places that offer the standard appraisal courses required for getting your trainee license, Brightwood has been educating for more than 70 years and offers some of the best in the industry.
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Innovation and Market Value 9 Guest_9311297 70 Service Center Contract Escalation If you are considering a home equity line of credit, you would add the amount you want to borrow or the credit limit you want to establish to your current mortgage balance. This would give you your combined loan balance and your combined loan-to-value formula would look like this:
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Valrico, FL 33594 Top Real Estate Executive 1800 66th Street North Sure. Let’s take Seattle. The February 2017 Zillow Home Value Index for single-family, condo and co-op homes in the city of Seattle is $624,700. The Zillow Home Value Forecast for February 2018 is $648,000, an increase of 3.8 percent. In other words, Zillow forecasts that the median home value in Seattle will increase by 3.8 percent over the next year.
Are You Thinking of Buying a Franchise? About & Contact As a guide to learn more about the appraisal requirements in your state, be sure to click here to find your state and learn more.
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Business Bankruptcies. Should appraisals be needed of business personal property for business bankruptcy purposes, it is normally the machinery and equipment appraiser who is called upon (often in association with a business valuator) to assist with developing opinions of value.
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Ebooks 94 NXT Transfer a Balance In order to become a Licensed Residential Appraiser, and earn the right to do appraisals on your own, most states require you to become a Trainee Appraiser and obtain experience. Many states have different titles for the Trainee Appraiser license level, such as Apprentice Appraiser or Registered Appraiser. Some states do not have a formal Trainee Appraiser license level. You can learn more about your state’s requirements by going to their regulatory website. Click here to find your state.
The Home Value Suite is the result of: Insights About Yelp Previous 1/ Next Realtor.com® Rentals A bankruptcy home appraisal report establishes an opinion of your Los Angeles area home’s fair market value, much like the home appraisal required for getting a mortgage loan. By comparing your property to real estate sales in your neighborhood the home appraiser uses factual data to support the value certified in the appraisal report.
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On September 14, 2015 the Single Family Handbook (SFH) 4000.1 becomes effective. 10 Washington The course then provides information about the two options for written appraisal reports in USPAP. The course begins with a brief analysis of why a lender would request and use a limited scope appraisal report so that the appraiser may better understand the needs of the intended user and properly define the scope of work required to fulfill the intended use.
790 Ratings Cash-out refinance: Mortgages your house for more than you owe. You can generally turn 80% to 90% of your home’s equity into cash, and in some cases, get a lower interest rate than your previous mortgage.
There are many nuances and caveats to how this works, but generally, an appraisal is only necessary where value is likely to be in real dispute. This is when you or your attorney needs to hire the services of an experienced professional real estate appraiser to estimate the fair market value, of the home.
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Market-based economy Price a new car Types of Research: Primary vs Secondary Somewhere in between, with minimal investment in repairs – to get rid of the property quickly, most likely to someone who’d rather finish the job themselves
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Before starting any project, always do research! Knowing what you’re allowed to do, the values of the homes around you, and what’s available for your budget will be the best way for you to truly maximize the ROI of your outdoor living space and improve your home’s value for years to come!
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Adequate information and market exposure. The seller must have adequate time to search for potential purchasers and the buyer must have sufficient time to research and compare alternatives.
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RICO Consumer Resource Center (767) Studies Market Weighted Average Price First off, thank you for being here. Now let’s get into the fine print. The material and information contained on this website is the copyrighted property of Ryan Lundquist and Lundquist Appraisal Company. Content on this website may not be reproduced or republished without prior written permission from Ryan Lundquist.
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If you and your spouse are not in agreement on the value of the residence, an appraiser is a reliable witness whom you can call to testify at a final hearing.
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Cars for Sale in Detroit, MI The majority of home valuations we deliver at Cleveland Home Appraisals for the divorce process are completed quickly and without the need for a court appearance. However, when a court appearance is necessary, our certified appraisers also deliver expert divorce appraisal testimony where we support our reports at a hearing and/or with additional supporting market valuation data.
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If you decide to go this route, make sure the appraiser has done joint appraisals before or is familiar with the process. It’s important that the appraiser understands the nuances of objectively working for both parties so the appraisal isn’t contested or thrown out.
Real Estate Appraisers 12 Jul 2018 International Overview 15231 GULF BLVD Staff Appraisers Conference on Research in Income and Wealth (CRIW) What was once the picture of the American dream may now be out of reach for many Americans. Here’s why. USA TODAY
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Dart Appraisal Announces New Director of Client Services Traffic tickets advice The appraisal QuickBooks Services Last week we covered the different types of financing available for solar panels such as a Solar Lease, Power Purchase Agreement (PPA), a Solar Loan and the Property Assessed Clean Energy (PACE) program. With a Solar Lease or Solar Loan, the lease/loan payments are included in the DTI (a solar loan payment is added to the PITI as subordinate financing),while payments for a PPA are excluded from the DTI since the homeowner only pays for the energy that was produced.
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Algonquin (761) Investors Joseph Lunsky What is The Brandenburg Formula in Property Division? Neutral color scheme. Whites and off-whites remain the top-selling interior colors and will appeal to most homebuyers, allowing them to envision the space as their own. Neutrals appeal to all generations of buyers, according to Jule Eller, trend and style director at Lowe’s.
What do you want to find? Auto Rates If a hypothetical seller does not sell, he or she has become, in effect, a buyer who acquires (by retaining) a subject interest. So every hypothetical seller is evaluating the same economic and financial factors under consideration by the relevant group of hypothetical buyers. So the hypothetical willing seller, like the hypothetical willing buyer, is a rational investor. A discussion containing many of the same concepts is found in a recent article in the Business Valuation Review.
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A mid-range window replacement running about $5,000 typically delivers the best value, since the priciest options tend to be more about aesthetics than insulation, according to Zillow Talk: Rewriting the Rules of Real Estate. A full window replacement isn’t always necessary. Look for rotting frames or condensation between window panes as surefire signs it’s time to replace your windows, says HomeAdvisor’s DiClerico.
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Dentinho Faster Appraisals (Swifter Turn Times) Germany Real Estate Appraiser At other times, a buyer may willingly pay a premium price, above the generally accepted market value, if his subjective valuation of the property (its investment value for him) was higher than the market value. One specific example of this is an owner of a neighboring property who, by combining his own property with the subject property, could obtain economies-of-scale. Similar situations sometimes happen in corporate finance. For example, this can occur when a merger or acquisition happens at a price which is higher than the value represented by the price of the underlying stock. The usual explanation for these types of mergers and acquisitions is that “the sum is greater than its parts”, since full ownership of a company provides full control of it. This is something that purchasers will sometimes pay a high price for. This situation can happen in real estate purchases too.
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First Name* Financial Planning & Trust Appraisals Florida Chapter 7 Trustee’s Aggressive Collection Practices Time-management skills. Appraisers and assessors of real estate often work under time constraints, sometimes appraising many properties in a single day. As a result, managing time and meeting deadlines are important.
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A property may fall into and out of default multiple times before finally going into foreclosure and being sold at auction. Real Estate Appraiser Important Announcements Enter your comment here…
Stain-prone stone countertops, grime-collecting ornate cabinets, and dust-catching wall-to-wall carpet used to be symbols of luxury, but today’s homebuyers are more likely to equate them with extra work. “We call it stress-free living,” says Miguel Berger, president of Better Homes and Gardens Real Estate Tech Valley in Albany, N.Y. “The younger generation in particular would much rather spend their time entertaining at home than fussing over it.” It’s safe to assume boomers feel the same.
Incentives Most appraisers that do REO appraisals shoot themselves in the foot because they try to apply mortgage lending guidelines (and their stupid tricks to avoid underwriting issues) to their REO appraisals. If the property is in poor or fair condition, you better put “poor” and “fair” on your report and grid. You should do this on any appraisal assignment, but appraisers try to cheat by using average – or average –. Tell the truth in any assignment. If it is below average, what is that? Fair or poor?
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Sample Two Mar 18, 2016 Most appraisers that do REO appraisals shoot themselves in the foot because they try to apply mortgage lending guidelines (and their stupid tricks to avoid underwriting issues) to their REO appraisals. If the property is in poor or fair condition, you better put “poor” and “fair” on your report and grid. You should do this on any appraisal assignment, but appraisers try to cheat by using average – or average –. Tell the truth in any assignment. If it is below average, what is that? Fair or poor?
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DO NOT order an appraisal on the same property from more than one appraiser. When estimating a property’s value, appraisers note unique characteristics of the property and surrounding area, such as a noisy highway or airport nearby. They also consider the condition of a building’s foundation and roof or any renovations that may have been done. In addition to photographing the outside of the building to document its condition, appraisers might also photograph a certain room or feature. After visiting the property, the appraiser estimates the value of the property by considering comparable home sales, lease records, location, view, previous appraisals, and income potential. During the entire process, appraisers record their research, observations, and methods used in calculating the property’s value.
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Market value is also distinct from fair value in that fair value depends on the parties involved, while market value does not. For example, IVS currently notes fair value “requires the assessment of the price that is fair between two specific parties taking into account the respective advantages or disadvantages that each will gain from the transaction. Although market value may meet these criteria, this is not necessarily always the case. Fair value is frequently used when undertaking due diligence in corporate transactions, where particular synergies between the two parties may mean that the price that is fair between them is higher than the price that might be obtainable in the wider market. In other words “special value” may be generated. Market value requires this element of “special value” to be disregarded, but it forms part of the assessment of fair value.
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Mail a completed Real Estate Appraiser Certification Application and the following attachments to the address shown on the application:
CAREERS Funds Stay in Colorado Home Health Care Site Directory Find your true home value. Toolbox Network administrators can use the Network Settings > 8b Home Value screen to configure the plugin. Single installations have the settings available under the “8b Home Value” menu item.
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McCormick, Seaman & Terrana Oct 2, 2017 You can make changes to the estimate of this home’s value by entering data for the attributes of the home.
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FHA Foreclosures To make matters worse, we’re selling a lot of houses but we’re not expanding appraiser ranks. In many areas there’s an appraiser shortage, so to resolve the problem, several of the nation’s leading financial regulators ruled in May that temporary practice permits and waivers could be used to bulk up appraiser ranks, especially in rural areas where the lack of appraisers is seen as most acute.
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Practice Area It can be tempting to consider a real estate appraisal as guesswork, but that would be inaccurate. There are rigid standards for appraisals that every licensed appraiser must adhere to. There is a lot that goes into the appraisal process that people don’t see.
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WHAT IS AN APPRAISAL? Tech and Engineering – Questions & Answers Students Love Study.com In the end I believe the appraiser was wanting the deal to go through, just as all the parties were, and was willing to stand behind the rest of the structure as being sufficient.
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Example: You currently have a loan balance of $140,000 (you can find your loan balance on your monthly loan statement or online account). Your home currently appraises for $200,000. So your loan-to-value equation would look like this:
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(only 1 post per week) Search SEARCH Jacksonville, FL 32217 ServiceMagic is now HomeAdvisor The Chinese Internet giant has tumbled 25 percent from its January peak, erasing about $143 billion of market value. That’s the biggest wipeout of shareholder wealth worldwide, as measured from the date of each stock’s 52-week high. Facebook Inc., the F in the FANG block of mega-cap U.S. tech shares, is the second-biggest loser with a $136 billion slump over the past three trading sessions.
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Local attorneys report that most trustees overseeing chapter 7 and 13 bankruptcies will accept a simple broker’s opinion of value (BPO) or even a Zestimate.This means chances are you will not be required to get an actual real estate appraisal which helps keep your overall costs down and expedite the process; however, you should understand when it may be appropriate to obtain an appraisal.
Your message to Francois K. Gregoire: characters used Determining fair market value of real property by appraisal is singularly subjective, and never more so than in the present economy. The fair market value of your residence in a Chapter 13 may be important for exercising your exemption rights or to strip a second mortgage. It could well be possible that your attorney is doing a good job of protecting your rights. Have you considered asking him to explain the importance of the appraised value of your home in connection with the confirmation of your plan?
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2. Value of Improvements Made During Marriage: Determining the value of improvements made during the time of the marriage will involve gathering details of all home improvements made and the impact they would have on the value of the property. The value of home improvements are typically more difficult for parties to agree on and can seem more subjective, however when our certified home appraisers provide supportive, detailed valuations and adjustments, the data can be compelling.
Petersburg, FL is searching for a Property Manager. This dynamic team member will be responsible for an array of tasks pertaining to leasing, marketing, and general business operations of an …
“MyPVL” and Renewal FAQ’s The thing with having a smart home is, you have to work with a listing agent that can convey those benefits because if you don’t, it might as well not even be there — it just doesn’t matter. If a buyer’s agent is walking through the house with their buyer and they don’t know that specific product, they’re not going to talk about it. So when you are listing a property, you have to call out these features. When we list smart homes, by the Nest thermostat I’ll have a little laminated placard that says, “This is a Nest thermostat, and you can get more information here.”
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Appraisers and assessors of real estate typically have an interest in the Building, Persuading and Organizing interest areas, according to the Holland Code framework. The Building interest area indicates a focus on working with tools and machines, and making or fixing practical things. The Persuading interest area indicates a focus on influencing, motivating, and selling to other people. The Organizing interest area indicates a focus on working with information and processes to keep things arranged in orderly systems.
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Normal Price: $577.96 2575 Ulmerton Rd How much does a Appraiser (Residential Real Estate) make in Saint Petersburg, FL? The median annual Appraiser (Residential Real Estate) salary in Saint Petersburg, FL is $49,911, as of July 31, 2018, with a range usually between $41,135–$57,666, however this can vary widely depending on a variety of factors. How much should you make?
Email Password Forgot Password? This business has no complaints filed 6 hours ago Illinois Rentals | YP – The Real Yellow PagesSM – helps you find the right local businesses to meet your specific needs. Search results are sorted by a combination of factors to give you a set of choices in response to your search criteria. These factors are similar to those you might use to determine which business to select from a local Yellow Pages directory, including proximity to where you are searching, expertise in the specific services or products you need, and comprehensive business information to help evaluate a business’s suitability for you. “Preferred” listings, or those with featured website buttons, indicate YP advertisers who directly provide information about their businesses to help consumers make more informed buying decisions. YP advertisers receive higher placement in the default ordering of search results and may appear in sponsored listings on the top, side, or bottom of the search results page.
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Do I Need a Real Estate Appraisal? JOIN SELECTBack to top The whole point of having an appraisal done is to provide an equitable distribution or settlement-one that is fair, impartial, and unbiased. Having the right appraiser will instill trust in the process and credibility in the final outcome.
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60 HT (727) 738-6090 | 1454 Main St, Dunedin, FL 34698-6254 For Buyers You may call us toll-free at 1-888-611-5916, 8:30 AM – 4:00 PM EST, Monday-Friday. Utah mortgage rates
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Before we do, I have a few questions for the appraisers out there. We currently owe $179,zzz on our first mortgage. A few years ago it was great, because our home value was estimated (by an appraisal) at $199,000. We used a 2nd mortgage to do repairs, updates, etc. Then the market crashed and I believe our house is now worth closer to $163,000 – $175,000. (based on similar housing prices in our area on Realtor.com)
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p After you’ve passed your exam What links here Knowing what the fair market value for a product is will help you to know what your first offer should be.
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Next 100 → Job Search Backfill REPLY This course is iPad compatible. The need for appraisal reviews has increased in recent years for a variety of reasons: more pressur…
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Learn about methods for valuing your home in bankruptcy. Dart Appraisal Names First Director of Compliance to Executive Team; Adds Chief Appraiser Position
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3/ Maximum Value Mechanical Projects: HVAC Griliches Patent Statistics as Economic Indicators: A Survey The course then provides information about the two options for written appraisal reports in USPAP. The course begins with a brief analysis of why a lender would request and use a limited scope appraisal report so that the appraiser may better understand the needs of the intended user and properly define the scope of work required to fulfill the intended use.
Last updated: February 09, 2016 Today’s Special Offers… Summit County Property Appraisal: Rising… → And now mortgage financers such as Freddie Mac are starting to get comfortable with transactions that don’t involve a human appraiser.
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OFFICE: 713 686-0095 My Favorites Stain-prone stone countertops, grime-collecting ornate cabinets, and dust-catching wall-to-wall carpet used to be symbols of luxury, but today’s homebuyers are more likely to equate them with extra work. “We call it stress-free living,” says Miguel Berger, president of Better Homes and Gardens Real Estate Tech Valley in Albany, N.Y. “The younger generation in particular would much rather spend their time entertaining at home than fussing over it.” It’s safe to assume boomers feel the same.
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Mobile Deposits By Practice Area Renting Property assessors use their figures as a measuring stick for municipalities to collect a certain amount of money to cover expenditures to run a city or town. The assessed value and market value are two very different things. The appraised value is something different from the assessed value as well.
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Follow Spotrac Buying or selling a new or used vehicle, obtain financing, insurance claims / disputes, purchasing insurance, loan inspections, partnership disputes, liquidation sales, estate settlement disputes, leases, bankruptcies, floor plan inspections, inventory audits / valuations, tax deductible donations, diminished value, total loss, pre-purchase inspections and for official documentation purposes.
Health[+] June 6, 2012 at 10:44 AM North Carolina Rentals | Tweet Read or Share this story: https://usat.ly/2LT4FDU Supplemental REO Appraisal Addendum – 2008 = allows for adjustments but only has 2 values
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Get a Quote (813) 368-0360 […] The appraiser could botch the value if simply using model match short sales as “comps” while ignoring traditional sales at the top. At the same time, there could be money left on the table if the property is marketed against the lowest sales in the neighborhood. Also, the home owner could use all the wrong comps in a tax appeal too, right? This brings up the importance of working with local professionals and sifting through bank-owned, short sales and traditional sales to establish market value. […]
© 2018 CORELOGIC. ALL RIGHTS RESERVED. Organizational skills. To successfully accomplish all the tasks related to appraising and assessing a property, appraisers and assessors of real estate need good organizational skills.
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Property assessors use their figures as a measuring stick for municipalities to collect a certain amount of money to cover expenditures to run a city or town. The assessed value and market value are two very different things. The appraised value is something different from the assessed value as well.
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Living and working in the New York Metropolitan area we often come in contact numerous religions, numerous ethnic groups and numerous traditions. In the New York area we have many orthodox Jewish people who do not believe in paying or receive interest from another. This group has GMACH which is one of the largest interest free bank staffed by volunteers.
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Looking Forward Arkansas mortgage rates Buried in the new HUD – Single Family Handbook (SFH) – 4000.1 is the requirement for cases on or after September 14, 2015 to contain in each FHA case binder a “Pre – endorsement Review of Uniform Case Binder Stacking Order.”The review cannot be performed by the mortgage loan originator (MLO), the mortgage loan processor and by the Direct Endorsed Underwriter.
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