Real Estate Appraiser Salary

An appraiser is a professional whose prime responsibility is to assess the present real estate market conditions and find out the value of the property to be dealt with. The value finalized can be used for purposes such as loans, mortgage, home buying, home selling, etc. The salary range largely depends on the amount of work they do, location, and the type of property, whether commercial or residential.

Commercial Appraiser

Those specializing in commercial real estate appraisal focus on evaluation of commercial property. Commercial appraisers possessing a work experience from one to four years can expect a pay starting from about USD 36,000 to USD 62,000 yearly. Those with an overall experience of five to nine years can earn anywhere between USD 49,000 to USD 71,000. After 10 to 19 years in the industry, the salary range goes up to USD 50,000 to USD 95,000. Over 20 years of experience in property assessment can get you around USD 62,000 to USD 101,000.

The states of New York and California show the pay range to be around USD 52,000 to USD 106,000 and USD 59,000 to USD 95,000 per annum, respectively. States like Georgia and Texas also have a good earning potential from about USD 46,500 to USD 92,500 and USD 41,000 to USD 92,000 annually. Coming to the city-wise classification, New York City can offer about USD 70,000 to USD 144,000; Dallas also has a considerable earning scale from USD 49,000 to USD 141,500 per year. On the other hand, real estate appraisers in Miami are considered to get a yearly pay ranging from USD 50,000 to USD 105,000.

Residential Appraiser

These appraisers deal with residential properties or houses for evaluation and price assessment. One to four years of experience in real estate appraisal can make you eligible for

Home Appraisal Cost

Be it buying or selling property, there are certainly a lot many formalities regarding the same. One of such formalities is getting a home appraisal done. This procedure has its respective advantages, both for the buyer of the house and the seller of the property.

What is a Home Appraisal?

This is a process that includes finding out the current price range of a particular property. This process is useful for the buyer, seller, as well as the bank who is offering a real estate loan for the purchase. By getting a home appraisal done, the buyer can determine if the seller is demanding more money than the market value. The bank would require these documents for processing the loan request made by the buyer for the property purchase.

On the other hand, the seller would be able to find out the value that he should receive on the real estate sale. The person or agency who does the home inspection is known as an appraiser. In the home appraisal procedure; the appraiser visits the property, clicks pictures, records the site measurements, and notes other aspects of the property, and eventually provides the requester with the report.

Types of Home Appraisals

Typically, there are three types of home appraisals that are done; namely from professional certified appraisers, real estate dealers and agencies, and online home appraisals. It will not cost you anything if you do an online home appraisal. There are some websites which give you a report according to the details you enter in, the location, and other similar factors.

Realtors may even give you reports based on their level of expertise and estimation. There are chances that they might charge you some amount for the service. If you avail the services of professional certified appraisers, you will have

How to Apprais a Mobile Home

Nowadays, when people refer to manufactured homes as mobile homes, they fail to realize the subtle difference between the two. Factory built single family homes, that conform to the code laid down by the US Department of Housing and Urban Development (HUD), are known as manufactured homes. The HUD code for construction and safety standards came into existence on 15th June, 1976. Whereas, mobile homes are manufactured homes that were constructed prior to 15th June, 1976. Throughout this article, the term mobile has been used synonymously with manufactured.

Steps Involved in Appraisals

Despite conforming to the HUD Code of safety and quality, the per square foot cost of these homes is generally 10 to 35 percent less than that of conventional homes. Hence, their appraisal has assumed a great deal of importance in the face of increasing popularity of these homes. Freddie Mac and Fannie Mae have laid down the rules for the same. At the least, the appraiser is expected to perform the following tasks:

  • Visually inspect the surroundings and the property under consideration
  • Determine the approach to be used for real estate appraisal
  • Assuming that comparable sales approach is used, the appraiser should collect comparable sales figures for recently sold neighborhood properties
  • Check the accuracy of the collected data by comparing the figures, against the numbers mentioned in the public records
  • Document the results in the Manufactured Home Appraisal Report that can be downloaded from Fannie Mae’s website

Choosing the Appropriate Method

An appraisal is an unbiased estimate of the value of the property under consideration using the standard and approved methods. The licensing requirements for appraisers vary from state to state. While appraising a property, the absorption rate for a neighborhood is particularly important. Absorption rate is defined as the length of time required to sell off the entire inventory

Warranty Deed Vs. Quitclaim Deed – Know the Difference

Comparing warranty deed and quitclaim deed

It is important that real estate transactions that include transfer of property are conducted in a legal way to avoid any problems in the future. For this, a detailed legal document called deed is essential to be prepared between the parties who are conducting the transaction. It gives the legal description of the property and the terms. A person who is transferring his interest in a real estate is called a grantor, and the one who receives it is known as grantee. Though there are many types of deeds, two of the most important deeds for real estate transactions are warranty and quitclaim deeds. Both are used for the legal transfer of property from one person to the other. Both documents have to be signed in front of witnesses for the completion of the transaction. They help protect the buyer or the grantee from third party claims for the property. Though there exist similarities, there are stark differences between the two.

About a Warranty Deed

In a warranty deed, during the transfer of the title, the grantor or the seller warrants that his ownership of the property is clear and free of any kind of liens. This deed is mostly used for traditional sales transactions.

About a Quitclaim Deed

In this deed, the grantor’s ownership of the property is not explicitly mentioned or assured for that matter. It only states that the grantor will release the ownership rights and interest in the property to the grantee. This deed is not used for traditional sales transactions.

Tax Advantage
WarrantyDeed : There are no tax advantages in this type of deed.
Quitclaim Deed : As property is transferred from one family member to the other, the transaction is treated as gift and, thus, has tax benefit.
Ownership
WarrantyDeed

How Does a Special Warranty Deed Work

The seller has several types of deeds, which he can prepare when he decides to sell his property and therefore, his right of ownership. A special warranty deed is one of those deeds, along with the bargain and sale deed, the general warranty deed, and the quit claim deed. This deed, one can say, is a slightly modified version of the general warranty deed.

As the definition will doubtlessly tell you, it is a deed in which the seller warrants or guarantees the title only against defects arising during the period of his or her tenure or ownership of the property. This could be against claims and demands made by him or her and all persons claiming by, through, and under him or her. The grantor does not warrant against any title defects that existed before he or she owned the property.

How it Works

In a general warranty deed, the seller or the grantor promises a set of six covenants. These covenants state that the seller is willing to defend the buyer from any problems related to a bad title to the property, that may have arisen any time since the property has come into existence. Now clearly, there is a dodgy bit of detail as to why the current seller should protect the buyer from a bad title which is not really his doing. If the previous resident and owner gave it a bad title, there is no reason for the grantor to defend it. This sort of arrangement is not realistic at all, more so when the property for sale is a pretty old one and has passed through several hands.

With the special warranty deed, the grantor assumes as much responsibility as he or she ideally should. The grantor promises to remove any encumbrances

What are Deed Restrictions?

Be it home buying or selling, you have to carry out several formalities for the transfer of ownership. This may include a lot of paperwork, visits to the court, and other legal formalities. If you are thinking of buying a house or a plot for constructing property, along with all these formalities, you also need to think about obtaining and going through an agreement known as a deed restriction.

About Deed Restrictions

These are written documents, which relate to the conditions of using the property. These restrictions can include anything that is not supposed to be done using the property, or to the property itself. A good example of a deed restriction is a restrictive covenant. The conditions mentioned in it can differ based on the builder of the property, the type of real estate, and the location. For example, a developer may put restrictions regarding the number of floors in one building, what materials should be used for the construction, the building’s distance from the street, and business carried out from the premises.

Developers may even mention the materials to be used in making fences around the house, how many or what kind of pets can be allowed in the house, if surrounding trees can be cut, certain conditions for gardening and landscaping, etc. Similarly, there can be many such restrictions mentioned in the deed. Remember that the conditions remain with the property, and are to be followed by all property owners.

Who Carries Out Their Enforcement?

In case of land with subdivisions, the builder or developer initiates the restrictions on the property. After he prepares the restrictions, he then files them at the county office for them to be operational on subsequent property owners. However, the entity who prepares them should keep in mind, the comfort of

What is a Bargain and Sale Deed?

A deed, as most definitions of this word will tell you, is a document which grants a right to another person. The deed document thus is an important one in matters of home buying and home selling. The deed in this case of course is drafted by the seller and grants the right of ownership to the buyer.

About Bargain and Sale Deed?

If you know what a general warranty deed is, then explaining the bargain and sale deed becomes a lot simpler. The general warranty deed protects the buyer from any problems over the property which may arise in the future. The deed grants the buyer of the property unencumbered and quiet enjoyment of the property sold to him.

The bargain and sale deed on the other hand offers no such promises. The general warranty deed is supposed to protect the buyer from any problems arising in the future. The deed without covenants can be viewed to be a lot more feasible and reasonable sort of deed because, that bit about the guarantees extending back to the property’s origins is a bit unrealistic. Who knows what the users before the current seller did with it anyway. Many times drafting the general warranty deed along with the covenants, becomes very confusing to comprehend, for both the seller as well as the buyer, hence the need for bargain and sale deed.

Protection From the Deed

The bargain and sale deed only specifies the right of ownership and associated rights to modify, resale, and all the other rights that come with ownership of property. The only things missing are the covenants which are part of a general warranty deed.

Now how does that protect the buyer from a bad title? Well, it doesn’t, unless he and the seller choose to sign a

Gift Deed

As we all know, where the word ‘deed’ is involved, we are no doubt dealing with something related to property and real estate. But while this may be the most popular context of this word, a deed is an important bit of documentation where transfer of a certain right is concerned. The right of ownership, or indeed its transfer, requires every bit of documentation which it can get, and hence, deeds are more popularly seen and heard of in this context. Moving on to the issue about property, a deed is usually used to indicate that the seller is giving away his right of ownership over a property to the buyer, for certain consideration. But with a gift deed, you’re going to have to scratch out the last bit.

Explaining a Gift Deed

If you have any inkling of knowledge about the Contract Law in most countries, you will know that contracts without any consideration (cash or kind) are considered null and void, save for a few exceptions. Let us take an example to explain this slightly complex statement. When you want to get a new house, you go to a homeowner who no longer wants his, and quote a price so that the homeowner should relinquish the ownership. So this ‘consideration’ from the point of view of the seller is the cash he gets, while the consideration from your point of view is the ownership of the home. Furthermore, the contract law in most countries doesn’t recognize deals done without consideration for both parties and where there is only one benefactor.

Except in the case known as a ‘gift’. When one person ‘gifts’ his large, plush, and priceless property to another, he receives nothing in return by way of consideration or compensation. The receiver of this

What is a General Warranty Deed?

It is an important consideration for home buying and home selling, as it assures that the person you’re buying the property from is the real owner of the property, and not someone fraudulently posing as the owner. A general warranty deed is a legal document and if it is fraudulent, it can be contested in the court of law.

Definition

A deed where the grantor (or seller) guarantees that he or she holds clear title to a piece of real estate and has the legal right to sell it to you. The guarantee is not limited only to the time the grantor owned the property but extends back further to the origins of the property.

The meaning can be simplified by stating that the general warranty deed is a guarantee that the seller gives to the buyer, that he indeed owns the property and that the property does not have any lien or liabilities associated with it.

The rationale behind getting this legal document from the seller for the buyer is quite easy to understand. A lot of people can be bluffed by making a quick sale of property which is not yours, or has a substantial amount of liability attached to it. So by claiming the ownership of the property, not only does a fraudulent seller sell the house and make a tidy profit, but also he can also abscond leaving the new homeowner in a soup.

Hence more and more home buyers are careful to ensure that they receive the general warranty deed, so that they are assured that the property they purchase for residence or as investment property is free from any trouble.

Form

The deed usually contains 6 covenants or ‘promises’ which the seller makes to the buyer when selling property. These covenants can be categorized in