How do you evaluate the value of house? (Mkt. value)
Re: Worth of House
It depends on where you live. Market Value is different then Land Value. Market Value/what your house is worth is really only what someone is willing to pay for it and the best indicator of that is recent sold comparables. Usually a comparable is within +/- 300 sqft and within 1/4 mile of your own home and a a recent comp is within 90 days. If we can't find anything in the immediate neighborhood to compare to, we widen the search. Adjustments are then made according to specialty features such as a pool, extra rooms, structural changes and certain cosmetic upgrades.
Re: Worth of House
How do we get that sold information and comparable?
Re: Worth of House
How do we get that sold information and comparable?
Again, it depends on where/what country you live in lol but if you're in America, then all you need is a Realtor/real estate agent with MLS access for your area to pull a market analysis for you. Your County's appraisal district may be able to give you information in recent solds in your area as well. Or, you can pay a licensed indendent residential appraiser to do a full property appraisal (like banks and lenders do during the mortgage process)...appraisals usually run about $400. Cheapest and best way is to ask a real estate agent.
Re: Worth of House
what about sites like zillow, realtor or trulia? are those numbers reliable?
Re: Worth of House
Zillow and Trulia, no! Those two sites are the bane of my existence lol! Realtor dot com is somewhat reliable, as it is backed by NAR, but the other two don’t update their information in real time. I have clients sending me the craziest stuff “well I found it on Zillow!!”…houses that sold like 3 years ago or are not even listed for sale…or the property tax information is not correct, or its been under contract and pending for a month now. 
In short, you can get an idea, but for accurate information, only way to go is through the MLS/a Realtor.
Re: Worth of House
what about redfin? it seems up to date and reliable.
Re: Worth of House
what about redfin? it seems up to date and reliable.
Redfin is an actual real estate brokerage that has MLS membership so it's probably the best of the bunch. MLS boards still place some limitations on the scope of search and accessibile features, and it's not available/operational in all markets.
Re: Worth of House
What is real estate brokerage?
Is it like a point of interface so buyers and sellers can do business?
Re: Worth of House
What is real estate brokerage?
Is it like a point of interface so buyers and sellers can do business?
A real estate brokerage is a company...ReMax, Keller Wiliams,Century 21 etc. A brokerage (franchised company) or an individual broker then has licensed agents who work underneath their banners. Sales agents work as Independent self employed business but they must be under the licensure/affiliation of a broker. The broker gets a cut/split of the commission earned and provides training, errors and omissions insurance and some degree of marketing help gl
its sales agents.
In the US, real estate professionals work on a commission basis, not salary. They only get paid when the client actually purchases/sells and the amount earned is based on the sales price of the home. Each state has their own rules and regisltions and different licensure requirements. I am only licensed to work in the state of Texas and am bound by Texas Real Estate Commission standards as well national rules and regulations.
Re: Worth of House
A real estate brokerage is a company...ReMax, Keller Wiliams,Century 21 etc. A brokerage (franchised company) or an individual broker then has licensed agents who work underneath their banners. Sales agents work as Independent self employed business but they must be under the licensure/affiliation of a broker. The broker gets a cut/split of the commission earned and provides training, errors and omissions insurance and some degree of marketing help gl its sales agents.
In the US, real estate professionals work on a commission basis, not salary. They only get paid when the client actually purchases/sells and the amount earned is based on the sales price of the home. Each state has their own rules and regisltions and different licensure requirements. I am only licensed to work in the state of Texas and am bound by Texas Real Estate Commission standards as well national rules and regulations.
What is the difference between title company and underwriter?
Are they same or different?
Re: Worth of House
What is the difference between title company and underwriter?
Are they same or different?
A title company is a neutral third party that facilitates the real estate transaction between buyer and seller. Some states use title companies, some real estate attorneys.
Underwriter is the department that overseas the fine print/determines if the transaction is deemed approvable. An underwriter for a mortgage lender will have final approval on lending money and approving the loan. And underwriter for a title company will work to insure the transfer of ownership and make sure their are no clouds or blemishes on the title of the home (IRS tax liens, vendors liens, ownership disputes, inheritance claims etc)