What exactly do home appraisers look for when doing an appraisal for a mortgage refinance?

February 6th, 2010

We live in Ontario! We need an appraisal to re-finance our mortgage, and are unsure of what they look at on the property and what they base the value of the house on. Any tips would be appreciated!

They are not likely to actually look at your house. If you made a lot of improvements since it was last appraised you need to let them know.

They take home sales within 1/4 mile (sometimes more, because they need at least 6 sales) done within the last 4 months, average them per square foot and then multiply that number by your square footage. The same is done for the lot, it is valued per foot, not your personal landscaping.

I am a U.S.citizen and would and like to buy a second home in Mexico,what are prices of lakefront property?

February 6th, 2010


The constitution of mexico does not allow you to "own" a second home in mexico. You can "buy" it but you will NEVER hold the deed. The deed will be kept in "trust" for you by the mexican government ensuring their ability to seize the property at their convenience.

Personal Property Left in Repo Home I am listing?

February 6th, 2010

I have been selling real estate for fifteen years and do a lot of REO listings. I have one today that I accepted. The people that lost it are going thru divorce and the man is only staying there one or two days a week. Most of their stuff was already moved out. I was told to rekey the property, to disconnect their utilities if they were still on and put them back on in company name.
My question is- Do I need to track down these people and see if they are coming to get the rest of their things or should I hire someone to come in and haul it away. The furnishings and stuff inside is all junk, but there is Riding Lawn Mower and a semi Truck and tow truck in the yard. Does anyone know what the law says about personal property left at the home that was lost. I would love for them to come get the vehichles out of the yard and the lawn mower. On the other hand I do not want to let them back into the house to gather the rest of the junk because I am afraid they will damage it even more. Could I get in trouble somehow by having the interior cleaned up and trash hauled away or would that be like stealing property?
I searched the board and couldnt find anything on this. I have not had an REO in the past where they were still kind of living in the house. The only other ones I have gotten, they had left most of their stuff there when they moved and I hired someone to come and clean up and haul off.
I would appreciate any thoughts on this. I live in Louisiana and tried to look it up under state laws. The only thing I got out of that was if they had left their belongings because of war, death in family, or they were in hospital.
Thanks,
Athena

I’m also in LA. You didn’t say how the property was repo’d. Did they abandoned all together or did the bank foreclose? Or both? It doesn’t sound like the bank went through court proceedings or did they? I can’t imagine if they told you to rekey the place that it hadn’t been foreclosed on or at least dation back to the bank. Assuming the bank followed proper court proceedings, I would think that you would have legal authority to remove any property left at the time of possession. However, since the vehicles could be of some value and may or may not have been pledged as security to another creditor you might have some obligation to attempt to return that property.

The courts will always look at what the person’s intent was at the time. If you rekeyed the place and he was still living there 2 or 3 days, he may not have meant to abandon it.

You really need to check with an attorney. Also study La. Civil Code 47 which defines what is abandonment and La. Civil Code 3418, et seq which goes into abandoned property and possession thereof.

Personally, I don’t think you would have any problem removing the items on behalf of the bank but I would document, document, and document what you did or didn’t do with it. You may also want to contact whatever law enforcement agency is in the area and have them stand by while you remove the property.

If you junked the junk, theoretically, the debtors could be held responsible for the cost of it’s removal. You might consider selling whatever was saleable and either return it to the bank to settle the debtor’s claim or put it in the registry of your local court in case they return and want to put a claim on it. As far as the vehicles are concerned the easiest thing to do would probably have them towed and let the tow company store the vehicles. After a particular length in time they would have the right to obtain title to them as payment.

That all sounds like a lot of work for a real estate agent. I would think someone at the bank should really need to assume the responsibility! The other question you probably want to ask yourself is the listing worth the trouble? That’s just me.

What part of LA are you in? I am in Slidell and would be interested in the vehicles if they are in working condition. I can be reached at stpso2111@yahoo.com

Can a property appraiser compare subject property with other distressed sales?

February 6th, 2010

In other words, can a property appraiser who’s appraising a home compare the subject to other comparables that have sold on short sale and or foreclosures.

i have no idea what the people above me are smoking, and if they appraise, they should quit.

the simple answer is no.

forclosures are sales of properties in which the mortgage company is trying to settle fvor under market values so they can just get out of the mortgage.

a true real estate appraiing teqnique is to use comparable sales which are sold at market rates,

the definition of market rates is that the buyer and seller close on a market value that is suitable to both parties. forclosures are not particularly on the market, because they are not market sales.

thats why they are forclosures and short sales.

the only way they bring down market values is not by comparing them to forclosures, but in a stagnent market not much is going on and people are willing to sell somewaht market rates.

so get off the crack to the people above

If I foreclose on a rental property, can a mortgage company come after my other home?

February 6th, 2010

if I currently own a home, and rent it out, then purchase another home to live in, and after a year the renters move out, and I can’t make the payments, and am forced to foreclose on my rental, can the mortgage company come after my new home? I live in MD.

Yes, if you owe money, the people you owe it to can go after any of your assets. However, if you declare bankruptcy, the home you live in is usually protected (to some extent). You should really talk to a lawyer.

The tax rate on Harriet Walker’s $80,00 vacation home is 20 mills, the property is accessed at full value.

February 6th, 2010

How much will harriet Walker pay in taxes this year?
a. $2,000
b. $1600
c. $640
d. $440

i am doin thompson education what about you?

Can anyone recommend a property management for a rental home I have in Chattanooga, TN?

February 6th, 2010


When I lived in Chattanooga, I rented from these people: http://66.83.50.47/homesite/WREA_WEB_interface/about.asp?SearchWord=About They were pretty good.

Can’t sell home due to declining property values and need to relocate, would you "walk away" from home?

February 6th, 2010

My wife and I are just thinking about letting it go "back to the bank". I know this is not normal, although, we feel it is our only way to sell this thing.

Would I? No, I am an honest person and would not dream of ripping anyone off, including a bank.

I would do exactly what I am doing, I am holding all of my properties, I have not sold a single one in over a year. Other then a vacent lot, but I got full asking price.

what is the new online webite for finding the property value of a home?

February 6th, 2010


zillow.com seems only accurate 60% of the time for what I was checking. I wouldn’t rely on it. To get a more accurate pricing talk to your local Realtor who understand your area and ask them to run a CMA on your home, only after they have seen your home in person. Nothing beats that. zillow is good for just getting VERY rough numbers.

A site that gives the Pricing of a Building or Property Not Including Homes?

February 6th, 2010

I was wondering the cost of a building, but this building is not for sale or rent. Every site I went to, it gives me the pricing of a house, but the building I am looking up is a business property and I want to see if it is worth buying.

Check the assessors office for the county where the property is located and see when the last sale date was and what it sold for.