If you're getting a mortgage on a home, your lender will require an appraisal. This is performed by a licensed appraiser who evaluates your home and determines its value. Here is a guide to your Orlando home’s appraisal terms.
• Age: The actual age of your home is how long since your home has been built. The effective age is the adjusted age of your home based on improvements and repairs.
• Adjustments: Comparison Orlando homes are usually not exact replicas of your home. The appraiser will make adjustments for things like premium views or swimming pools to bring the home values closer together.
• Appraisal: This is the estimated value of your home based on the appraiser’s documentation.
• Comparison approach: A type of appraisal in which your home is compared with others in your area. Most appraisers use this approach because the market determines what your home will sell for.
• Cost approach: A type of appraisal in which your home is valued based on how much it would cost to replace it if it was destroyed. This is typically used on newer constructions.
• Depreciation: Depreciation is a loss in value due to age or condition.
• Easements: Your electric company or local government may have an easement, or right to use your land.
• Encroachments: When you or your neighbors have items like fences resting on each other’s property, it is called encroachment.
• Market value: This is the highest price you could expect to get for your home under normal circumstances.
• Remaining economic life: This is the time from the appraisal when improvements become useless or valueless.
• Subject property: Your property is called the subject property.
Let us help you through the process of buying your next Orlando home. Call us today at 407-876-5771 for more information.
Thursday, February 11, 2010
High Orlando Foreclosures Equals Great Deals
The extension of the homebuyer’s tax credit, as well as the expansion to include upgrade homebuyers, has a lot of people looking for their dream home. Many are looking for that dream home in the listings for Orlando foreclosures. Why?
The Law of Supply and Demand
Quick marketing lesson: every market is dependent on the law of supply and demand. When the demand for a product is higher than the supply, prices go up. When there’s more product than demand, prices go down.
This is what’s happening now, especially with Orlando foreclosures. Around the U.S., the supply of homes has doubled in the past two years, reaching as high as a ten-month supply. While homebuyers have been reluctant to buy a foreclosure in the past, people are starting to rethink the situation because:
• Foreclosures are usually less expensive than traditional homes for sale. In fact, some buyers have found their dream home and bought it for pennies on the dollar.
• Foreclosed properties are generally in better condition that they used to be. In the past, foreclosed homes had a higher than average amount of repairs needed compared to other homes for sale. This is no longer necessarily true. Many foreclosured homes have been lovingly taken care of by their previous owners.
• Potential buyers of foreclosures have a wider variety from which to choose. They aren’t stuck with just one type of house in one neighborhood. For the careful new homebuyer, the possibilities really are almost endless.
Most foreclosed homes aren’t money pits. To protect yourself, make sure your real estate agent includes in the contract that you want to have the home inspected, and that if the home inspection finds major problems, you then have the right to walk away from the deal.
If you’re looking for a great home at a great price, we can help. Call us at407-876-5771 for more information.
The Law of Supply and Demand
Quick marketing lesson: every market is dependent on the law of supply and demand. When the demand for a product is higher than the supply, prices go up. When there’s more product than demand, prices go down.
This is what’s happening now, especially with Orlando foreclosures. Around the U.S., the supply of homes has doubled in the past two years, reaching as high as a ten-month supply. While homebuyers have been reluctant to buy a foreclosure in the past, people are starting to rethink the situation because:
• Foreclosures are usually less expensive than traditional homes for sale. In fact, some buyers have found their dream home and bought it for pennies on the dollar.
• Foreclosed properties are generally in better condition that they used to be. In the past, foreclosed homes had a higher than average amount of repairs needed compared to other homes for sale. This is no longer necessarily true. Many foreclosured homes have been lovingly taken care of by their previous owners.
• Potential buyers of foreclosures have a wider variety from which to choose. They aren’t stuck with just one type of house in one neighborhood. For the careful new homebuyer, the possibilities really are almost endless.
Most foreclosed homes aren’t money pits. To protect yourself, make sure your real estate agent includes in the contract that you want to have the home inspected, and that if the home inspection finds major problems, you then have the right to walk away from the deal.
If you’re looking for a great home at a great price, we can help. Call us at407-876-5771 for more information.
Saturday, February 6, 2010
Introducing our Internet Marketing Secret Weapon - Web Ranking SEO
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FREE SEO E-Book - Webrankingseo offers a comprehensive e-book that will simplify your quest for knowledge on the various aspects of SEO and Internet Marketing. Also included are many valuable tips, common mistakes, insider secrets and a wealth of information all FREE of charge
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