Boston Real Estate Appraisers

Appraisers have nearly unlimited possibilities in how they report the results of appraisal assignments. These choices could be oral appraisal reports, written appraisal reports, limited written appraisal reports, or many standardized report forms. The appropriate appraisal report format is determined by the appraiser and the client, considering the appraisal’s intended use and specific requirements of the client and regulatory agencies. Available appraisal formats evolve as professional appraisal standards and regulatory requirements change. Awareness of current reporting options is required of any professional real estate appraiser.

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Boston Real Estate Appraisers

Most improved real properties and many vacant tracts can only be sold subject to existing easements. Appraisers identify existing easements and consider their effect on value whenever a market value definition is part of an assignment. Easements and rights-of-way often influence how real property can be used and may even affect a property’s ownership cost.

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Boston Real Estate Appraisers

The appraisal process includes the income approach to estimate the value of a property that an investor would ideally purchase for its annual income. The income approach assumes a relationship between a property’s average net income and the price an average investor would pay for the property. The first step to defining that relationship is estimating the amount of net income that would accrue to a property in a typical operating year after all expenses to produce that income are deducted. The resulting estimate is shown in a stabilized or reconstructed operating statement for the subject property.

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Boston Real Estate Appraisers

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 loan it made five years ago. Can you ask the original appraiser to just update that first appraisal? Or, in either case, can you ask another appraiser to update the original appraisal? Licensed and certified Massachusetts appraisers work under established practice standards. They know that several considerations dictate whether they can apply previous appraisals for different uses.

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Boston Real Estate Appraisers

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 and focus solely on segments that indicate property value. The downside of this approach to valuations is that the reader, therefore, misses key insights into the subject market that can benefit the owner, buyer, seller, or lender.

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Boston Real Estate Appraisers

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 have recently made it simpler to file for probate in Massachusetts and reach the resolution needed.

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Boston Real Estate Appraisers

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 here to help you get the best results and experience the least delays due to inspections in getting your home sold. I’ll also include some essential advice for buyers when requesting a home inspection for their upcoming home.

Ordering Your Own Home Inspection

Let’s face it: you need to order a home inspection. It’s worth a few bills to know exactly what’s wrong with your home and what the buyer (or the subsequent inspector or appraiser) is bound to discover. There are so many issues that can arise during an inspection that will throw a cast-iron wrench into your selling plans (a rusty one at that).

There are many expenses involved in selling your home and the cost of an inspection is relatively small. Additionally, inspections and appraisals can be paid out of escrow at closing, minimizing the financing aspect of preparing for a successful sale.

As a buyer, getting that inspection is even more critical. Additionally, if the seller is unwilling to allow an inspection, or the property is not in a sufficient state to be inspected, it may be most practical to consider an alternate property.

Clearing Around the Home

Appraisers and home inspectors will want to walk around the property to examine the condition of the landscaping, exterior siding, sidewalks, and exterior ventilation and drainage points. While extra stuff around the perimeter might be advantageous in hiding leaks or thermal issues, in the long run it’s best to offer inspectors unhindered access. Why bother with surprise repairs (or getting served with papers) down the road?

Going into Fall and Winter as a home buyer can be a tenuous situation, but when you need to move, what else can you do? Play it safe. Pass on the property if the current condition of the lot or building perimeter is cluttered, inaccessible, and likely to pose either a threat to safety or be impractical to remediate during the cold months (unless you’re getting a crazy deal).

Decluttering the Interior

The same is true of the inside as the outside. Not just for the sake of inspectors, but also buyers, it’s a great idea to start a donation pile and let others benefit from all the extra stuff we’ve accumulated over the years. Keeping the interior furnishing as minimal as possible during this period will make the inspector’s job easier and allow buyers the opportunity to imagine themselves at home when they view the property.

Since you’re likely to be doing this anyways when you move, you can save yourself the effort and time after closing by taking care of cleaning and organizing now. Taking these steps will also decrease your risk of liability for injuries that could occur in the process of inspecting or viewing your home. Not just from an aesthetic standpoint, inspections also help identify safety issues including mold, lead, carbon monoxide, and fire prevention.

Take Advantage of the Calm Before Winter Hits

If your home is already on the market or you’re about to take the listing leap, don’t wait to take these steps. It’ll only get more stressful and riskier to the transaction if you wait to prepare for the best results. It’s already cooling off and the days are getting shorter. Act now to reduce your long-term risk and get the best price for your home. As a buyer, use this information to make the most informed and measured purchase decision that will make for a cozy cold spell.

We’re not home inspectors, but if you need an accurate idea of the value of your home to most attractively and profitability price your home, or to make a compelling and advantageous offer, call us for an expedient and accurate investment valuation report just for your current or potential home.

Please click to here to place a convenient order and reach out to us by any means you like with your questions about condition and value.

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Real Estate Appraisers in Massachusetts

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 reports.

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Real Estate Appraisers in Massachusetts

What I’ve always loved about working in the appraisal field is the opportunity to get out into the community daily. Being immersed in the local real estate market has helped me develop a keen insight into the economic factors that influence properties in my community of Massachusetts. Part of the reason we write this blog is to share with you what we’ve learned from our practical experience. There’s not a lot of public education out there regarding the subject of appraisal and the valuation process, so we’ll bridge the gap here.

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Real Estate Appraisers in Massachusetts

What position do you want to be in when you exit your commercial real estate investments? If you put these 7 income and value boosting strategies to work, you’ll be on your way to a profitable project conclusion. The essential avenues to improve value include increasing demand, boosting income, lowering expenses, and reducing risk. The following approaches make sense in nearly any market and will improve the exit results of any commercial property investment.

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