Suppose you paid for an appraisal when you refinanced your property a couple of years ago. Now, your real estate taxes have taken a big jump. The question then becomes, can you use that previous appraisal to apply for a tax abatement? Or, perhaps, you work for a financial institution that is reviewing a property […]
It’s standard procedure for most commercial lenders to request all three approaches to value—sales comparison approach, income approach, and cost approach—be undertaken during an appraisal. Usually, there is a stipulation that an approach may be excluded from the valuation if such an approach is deemed dispensable. This omission can be a point of conflict between
The Market Analysis section in an appraisal report contains precious information that directly influences the value of a property and also provides priceless insight into a myriad of data relating to the financial feasibility of a property. It is common for many prospective users of an appraisal report to ignore various sections of the report
If you’re planning your next development, considering strategies for an upcoming renovation, or managing an existing build, how can you maximize the returns from the project and do something good for human health and the environment? There are an array of strategies and methods to reduce environmental impact, limit energy and water consumption, increase demand
Probate transactions carry with them a special responsibility to conduct thoughtfully and diligently. Both the families and professionals involved in the probate process deserve respect and genuine care. Here we’ll talk about some of the things to think about in handling probate cases for real estate professionals and others involved in the process. New rules
This is a central topic in the lending business. Everyone involved in the process, including clients and industry professionals alike, appreciate a fast closing. Nobody likes dealing with the stress and uncertainty that arises when the transaction goes sideways (rather than forward). Here’s a few thoughts to help keep things moving forward toward a successful
Got your home on the market (or thinking about it)? There’s a good chance that you’ll be opening escrow this fall. When that happens, you know you’ll be dealing with appraisals, home inspections, and of course, re-inspections as repairs are completed and the transaction moves toward a successful closing. We put together a few tips
If you live in Boston, or nearly any part of Massachusetts, you may qualify for Tax Abatements and Exemptions through the residential property tax exemption. The abatement program can save you up to $3,610.53 (the max exemption amount from last year) on your annual property tax assessment. With the increasing cost of living and rising
If you’re involved in the mortgage business, you may be feeling the recent industry concern regarding the fall in mortgage volume. While volume has made some small rebounds in September, the overall trend is toward a decline with a year-over-year drop in volume of 18%, and 39% for refinances. Interestingly, according to MortgageOrb, the refinance
The entire point of ordering an appraisal is to be more certain of the value of a property. It makes sense that if you’re going to order an appraisal, to look for reports that will reduce your risk. There are some simple things you can do to reduce the potential for claims due to faulty
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