Houston Real Estate Blogosphere
Houston Real Estate Blogosphere brings together all the blog posts of REALTORS from the Houston area in one place
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Home Appraisals
The most recently published posts in the Home Appraisals category
Housing affordability differs among races and ethnic groups, finds the National Association of Home Builders, which analyzed home affordability by race. While NAHB found that 72.8 percent of all homes sold in the U.S. in 2010 were affordable to families earning the national median income of $64,400, researchers discovered homes aren’t always that affordable when broken down by race. Affo...
Read Post [Posted on 12/05/2012 By John Askins]
Low-ball appraisals are hurting home sales, real estate agents and home sellers complain. In recent months, low housing inventories in many markets have sparked bidding wars on some homes. The bidding wars have helped push up home prices higher than recent comparable sales, agents say. But a low appraisal then threatens to derail the deal, they add.Appraisers have faced criticism over their proper...
Read Post [Posted on 11/29/2012 By John Askins]
Who gets to select the appraiser in a real estate transaction? No one is allowed to select a specific appraiser if you are financing a home. Lenders may not accept appraisal reports completed by an appraiser selected, retained or compensated in any manner by mortgage brokers or real estate agents. The appraisal is ordered through the lender, typically using an Appraisal Mana...
Read Post [Posted on 08/26/2012 By Nadine Cius]
The Consumer Financial Protection Bureau is proposing a rule that would require borrowers receive earlier access to appraisal reports and information on how the home’s value was determined.Under the proposal, creditors would have three days after applicants apply for a loan to inform borrowers that they have a right to receive a free copy of all appraisal reports and home value estimates. The appr...
Read Post [Posted on 08/21/2012 By John Askins]
Six federal regulatory agencies have proposed new appraisal standards for high-risk mortgages that aim to give borrowers more information about their loans. The Federal Reserve, along with five other federal agencies, have recommended adopting rules that would require lenders to use certified or licensed appraisers who prepare written reports that must be based on a physical inspection of the home...
Read Post [Posted on 08/20/2012 By John Askins]
Closing costs have dropped by 7 percent over the last year, according to an annual survey on closing costs conducted by Bankrate.com. Closing costs average $3,754 nationwide. Title insurance and other third-party fees also saw a drop in the last year, falling 12 percent, and origination fees fell 1 percent, according to Bankrate.com’s survey. “This is the second year in which lenders are required ...
Read Post [Posted on 08/15/2012 By John Askins]
Low appraisals have been blamed on delaying—or even canceling—many real estate transactions over the last few years. While real estate professionals are limited in how much involvement they can have in the appraisal process, they can do a few important things to help ensure their sellers receive a fair valuation. Be there. Appraisers and other real estate agents say that being present at the home’...
Read Post [Posted on 08/01/2012 By John Askins]
Transferring the title of a home from one person to another may seem simple
but it could have a significant tax implication.
When a person inherits property, the basis is "stepped-up" to fair
market value at the time of the decedent's death. On the other hand, a gift has
a carry-over basis which means that the recipient receives the unrealized gain
also.
As an example, let's sa...
Read Post [Posted on 07/30/2012 By Valery Smith-Blank]
What is an investment anyway? I think an investment is defined as something that provides a return on, and a return of, the capital used to acquire the investment. For example, if you were to buy stock in a company, you would hope that your stock would increase in value--and you would also expect to be able to eventually sell that stock and recoup your original investment dollars as we...
Read Post [Posted on 07/29/2012 By Anthony Breaux]
Turned Down for a Refinance? Don’t Take No for an Answer
By: Dona DeZube
When a lender says you don’t qualify for a mortgage refinance, you may be able to fix what’s wrong or find another lender willing to step up.
The five things that most often stop a refinance from going through:
Your home is worth less than your current mortgage (also known as being underwater).
Your credit s...
Read Post [Posted on 07/19/2012 By Tatum MacNaughton]
Houzz.com give excellent advice to make the value of your home stand out during your appraisal.Click HereSource: Houzz.com ...
Read Post [Posted on 07/17/2012 By Marilyn Maxwell]
There Are Many Things to Consider Before Refinancing. Some of the Top Items on the Checklist Are:
1. When You Refinance You Reset Your Loan - Refinancing After 5 Years May Mean Paying More in the Long Run Regardless of a Lower Rate.
2. Closing Costs Could Outweigh The Savings - Find the Break Even Point of Your Annual Savings Versus Your Costs to Refinance...If You Plan to Move Sooner, Rec...
Read Post [Posted on 06/12/2012 By Stephanie Suttle]
In my last blog, I was expressing my frustration at the current appraisal situation, and some challenges which our current market presents. Our home values in the Houston Metroplex are on the rise, but appraisers have not quite got the message yet and are continuing to undervalue homes. Well....today I closed the sale of the house that I was previously so frustrated over. Just si...
Read Post [Posted on 06/01/2012 By Renee Buckhoff]
When considering buying a bank or other lender-owned REO (real estate owned) property, assesing its' true market value is a tough call. Just as important, being able to understand any anomalies in the comps, or comparative anaysis, when compiled in a BPO (broker price opinion) is critical, panelist's at HousingWire’s recent REO Expo said. "In BPOs, the...
Read Post [Posted on 05/26/2012 By John Askins]
"Anyone may arrange his affairs so that his taxes shall be as
low as possible...for nobody owes any public duty to pay more than the law
demands."
Judge Learned Hand
This opinion refers to federal income tax but the logic and spirit can
easily be applied to any tax including property tax. Most property tax is based
on a valuation called an assessment p...
Read Post [Posted on 05/10/2012 By Valery Smith-Blank]
