Real Estate Term of the Day: Assumable Loan ASSUMABLE LOAN – a mortgage loan that allows a new home purchaser to undertake the obligation of the loan with no change in loan terms. Most FHA and VA (government backed) mortgages are assumable (Barron’s Dictionary of Real Estate Terms) Benefits for the Buyers: Lower interest rate … More Real Estate Term of the Day: Assumable Loan
Real Estate Term of the Day: Appraisal Report & Appraised Value APPRAISAL REPORT – a written explanation of a property’s value including the data and reasoning used to derive the appraised value. Almost all appraisal reports are provided in a written format (Barron’s Dictionary of Real Estate Terms) An appraisal report will generally include: General … More Real Estate Term of the Day: Appraisal Report & Appraised Value
Real Estate Term of the Day: Appraisal Approach APPRAISAL APPROACH – one of 3 methods used to estimate the value of property (Barron’s Dictionary of Real Estate Terms) Cost Approach – based on the reproduction or replacement cost (new) of improvements, plus the market value of the site Market Comparison Approach – value is estimated … More Real Estate Term of the Day: Appraisal Approach
Real Estate Term of the Day: Appraisal APPRAISAL – a professional opinion or estimate of the value of the property. Also, the act or process of estimating value (Barron’s Dictionary of Real Estate Terms) In the State of Colorado, an appraisal is specifically done by a licensed appraiser by the state. This is not to … More Real Estate Term of the Day: Appraisal
LESLIE MONACO REAL ESTATE 