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What should you tell an appraiser?

What should you tell an appraiser?

Just keep your communication to the appraiser about the facts of the home and neighborhood, how you priced the house, and any other relevant information you think the appraiser should know. And remember, don’t discuss value. Don’t pressure the appraiser to ‘hit the value’ and you’ll be fine.

Why are appraisers required to report the scope of work in an appraisal or appraisal review report?

Scope of Work and USPAP Each appraisal and appraisal review assignment requires that the appraiser (1) identify the problem to be solved; (2) determine and perform the Scope of Work necessary to develop credible assignment results; and (3) disclose the Scope of Work in the report.

When appraising personal property the appraiser must analyze prior sales of the subject over what time period?

Requires the analysis of prior sales that occurred within a reasonable and applicable time period, if relevant given the intended use of the appraisal and property type. (different from Standards Rule 1-5 which requires a minimum history of three years prior to the effective date of the appraisal.)

What standards guide the work of an appraiser?

The Uniform Standards of Professional Appraisal Practice (USPAP) is the generally recognized ethical and performance standards for the appraisal profession in the United States.

What is an appraiser responsible for?

An appraiser’s job is to determine the current value of a property for the potential buyer. If you’re buying commercial real estate, a property appraiser may conduct a business valuation to determine market value in much the same way.

What are the four criteria for highest and best use?

The four criteria the highest and best use must meet are legal permissibility, physical possibility, financial feasibility, and maximum productivity.

Which type of appraisal report is the most formal?

narrative appraisal report

Why is highest and best use important?

Why is the highest and best use so important in the appraisal process? It is because the highest and best use determines the most profitable use of the site, whether the subject is vacant land or an improved property on the site.

What is highest and best use of land?

The definition of highest and best use is as follows: The reasonable, probable and legal use of vacant land or an improved property, which is physically possible, appropriately supported, financially feasible, and that results in the highest value.

How do you determine the highest and best use of a property?

In this article, we discussed the 4 tests for highest and best use. These 4 tests ask if the proposed use is 1) physically possible, 2) legally permitted, 3) financially feasible, and 4) maximally productive.

What are the three most common types of legal descriptions?

Three types of land descriptions are used in the United States: (1) government rectangular survey description, (2) platted descriptions, and (3) metes and bounds descriptions. 5.

What does highest and best mean?

So What Does “Highest and Best” Mean? When a seller requests “highest and best” they are asking a buyer to submit their highest and best offer. This is extremely common in a hot market when a seller receives multiple offers.

Can selling agents lie about other offers?

As everyone else has said, yes they can lie about other offers but if you have an escalation clause that is being used, they need to present the other offer if requested.

How do you win a maximum and best offer?

Push the buyer to make a better offer. Asking for a highest and best offer might push the buyer closer to your target sales price, because it shows there’s real interest in the property. In negotiations, buyers won’t typically start with their highest offer with the goal of leaving a little wiggle room.

How do you win a bidding war?

How To Win The Bidding War On Your Next House

  1. After months of searching, you’ve finally found your dream home.
  2. Have Your Preapproval Letter In Hand.
  3. Make The Highest Offer.
  4. Add An Escalation Clause.
  5. Write A Personal Letter.
  6. Offer An All-Cash Deal.
  7. Drop The Contingencies.
  8. Skip The Inspection.

How do sellers pick an offer?

11 Ways To Get Your Offer Accepted In A Seller’s Market

  1. You’re finally ready to take the plunge and put in an offer on your dream house.
  2. Make Your Offer As Clean As Possible.
  3. Avoid Asking For Personal Property.
  4. Write A Personal Letter To The Seller.
  5. Offer Above-Asking.
  6. Put Down A Stronger Earnest Money Deposit (EMD)
  7. Waive The Appraisal Contingency.

Can a seller counter a best and final offer?

Because once your offer is accepted (or you accept the seller’s counter offer) the seller cannot back out unless you are not performing. This is great news: In California, buyers have 17 days to change their mind once the offer is accepted. Sellers have 0 days.

Is a counter offer a rejection?

A counteroffer functions as both a rejection of an offer to enter into a contract, as well as a new offer that materially changes the terms of the original offer. Because a counteroffer serves as a rejection, it completely voids the original offer.

What are three things that could go wrong in a counter offer situation?

Here are five of the big ones to avoid:

  • Mistake #1: Low balling.
  • Mistake #2: Making it all about money.
  • Mistake #3: Taking it personally.
  • Mistake #4: Getting employees to accept, only to lose them a few months later.
  • Mistake #5: Not keeping negotiations confidential (or as confidential as possible)

Can a buyer reject a counter offer?

Your counter offer effectively voided the buyer’s original offer. The buyer, who has been released from the original contract, has to agree to continue the conversation. They are legally free to make offers on other homes, and have no obligation to go through with this purchase.

Which one of these is not a smart way to negotiate?

Add a personal letter to your offer is not a smart way to negotiate. This answer has been confirmed as correct and helpful.

What if my counter offer is rejected?

You cannot reject an offer and then later accept it. The very same rule applies to counter offers. A counter offer revokes the original offer. Thus, a seller cannot counter the buyer’s offer seeking more money and, when the buyer rejects the counter, then turns around and accept the original offer.

How do you respond when salary is too low?

The key is to mention the following:

  1. Thank for the offer.
  2. Re-iterate the main points of the offer (especially if not in writing)
  3. Say you’ll be reviewing the offer over the next two days (never ask for over a week) and responding to it after.

Can a seller reject a full price offer?

Even when buyers submit an offer at the sellers’ asking price and with no contingencies, there’s no guarantee they’ll get the house. Home sellers are free to reject or counter even a contingency-free, full-price offers, and aren’t bound to any terms until they sign a written real estate purchase agreement.

Can a seller refuse to sell to someone?

Rejecting an offer is entirely legal as long as you do it for the right reasons. There are many reasons that are legally acceptable, including low offers and concerns about the buyer’s financial position. But sellers cannot discriminate against individuals protected under state and federal law.

Should you ever offer asking price?

In a sellers’ market, you would be foolish to offer less than the asking price (if that price reflects the current market value of the home). While in a buyers’ market, you have less to lose by offering below asking price. Even if the seller rejects your initial offer, they will likely come back with a counteroffer.

What is a lowball offer?

What Is Lowballing? A lowball offer is a slang term for an offer that is significantly below the seller’s asking price, or a quote that is deliberately lower than the price the seller intends to charge. To lowball also means to deliberately give a false estimate for something.

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