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What is form 1007 on an appraisal?

Any appraisal of the property is required to be unbiased, objective, and not influenced by improper or illegal considerations, including, but not limited to, any of the following: race, color, religion (including religious dress, grooming practices, or both), gender (including, but not limited to, pregnancy, childbirth

Does rental income affect appraisal?

Look for properties that are similar in terms of property type, size, location, age, condition, and amenities. Analyze the rental rates at which these properties were leased to determine the prevailing market rates. Consider Property Specifics: Evaluate the unique characteristics and attributes of the subject property.

What is an addendum to an appraisal?

An appraisal addendum protects the buyer from acquiring an undervalued home. If a property appraisal does not value the home at the minimum sale price, an appraisal addendum allows the buyer to withdraw from the sale. The buyer then has the right to terminate the contract and receive their earnest money back.

What is a 1007 appraisal addendum for?

Example: Purchase Price agreed to is $250,000, but Purchaser is concerned the Property will not appraise for that amount and is willing to accept an appraisal up to $25,000 under the Purchase Price. The Purchaser can utilize the Addendum and insert an Appraisal Minimum of $225,000.

What is a fair appraisal act addendum?

Investment property appraisals determine the market value of real estate assets. These assessments consider various factors, such as rental income, property improvements, and comparable property sales, which influence the final valuation.

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