As a real estate appraiser I am often asked the question, “does the low sales price of the foreclosure or auction sale transacted in my neighborhood negatively influence the appraised value of my home?” It’s a difficult question to answer, especially when you are answering it to a woman on the phone with you who is already crying because she lost her entire life savings when she lost the equity in her home. Sadly the answer to that question is often yes. If the foreclosure or auction sale was a “market sale” that was not transacted under duress, it must be considered together with the other neighborhood home sales when the property is appraised.
Appraisers consider, however, the fact that some foreclosure and auction properties are in sub-standard condition. Many foreclosure and auction properties are in need of new paint, flooring, doors, pool repairs, roof repairs, new fixtures or they had some other deferred maintenance that will require a significant cash outlay by the buyer. It is reasonable for an appraiser to adjust a comparable sale if that sale was in need of repairs on its sale date.
As Las Vegas, Nevada appraisers and agents we have found that there are generally […]
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Water damage in the home is often covered by homeowners insurance. For example, insurance may cover your losses due to a burst pipe or leaking appliance. However, if your home is flooded because a nearby river overflowed its banks, you’re on your own (unless you have a national flood insurance policy from the National Flood Insurance Program).Water damage claims are tricky. For example, if your home floods because a high wind event blew off the roof and torrential rains damaged your home, the damage will likely be covered but if the flood is the result of storm surge, you’re probably on your own.Below are a few water damage claims that are typically covered by insurance: - Burst pipes - Bathtub and sink overflows - Washing machine and other appliance overflows - Water damage from leaking roofHowever, insurance policies are filled with loopholes. For example, if your pipes burst because they froze overnight while you were sleeping, the insurance will cover the water damage. However, if you left the home with the heat turned off while on vacation, then expect the insurance company to deny the claim on the grounds that you didn’t perform necessary upkeep of your home.In addition, say […]
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You may have dreamed about owning something for a long time 0 a boat, for instance, or a sports car. But your regular income just won0t run to it. Does this mean that you have to abandon the idea?
Some would say, yes 0 you should cut your coat according to your cloth. But in the current financial climate, it0s increasingly easy to obtain a secured personal loan.
What does 0secured personal loan0 mean? It refers to a loan provided against security supplied by yourself, such as your home. Of course if you are not a homeowner, it0s much more difficult to obtain a secured personal loan, unless you have some other valuable possession such as an expensive car.
So what are the main reasons you might want a secured personal loan?
0 Debt consolidation. This is still the number one reason why people take out a secured personal loan. If you find you are over-committed financially, it can make sense to roll your debts into a single monthly payment. But never forget that the debts are still there! If your financial management isn0t great, you could be putting your home at real risk.
0 Car. If […]
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