If prices are jumping, it is difficult for appraisers to find adequate, comparable sales (
similar houses in the neighborhood that closed recently) to defend the price when performing the appraisal for the bank.
There are three basic methods of appraising a house: 1) replacement cost 2) multiple of rent and 3) «comparables,» that is, what do
similar houses in the neighborhood cost.
Just doing a brief look online,
similar houses in that neighborhood are selling for $ 25 - $ 30k and rehabed houses are on the market for approx.
Not exact matches
You don't want the improvements to make your
house overly expensive when compared to
similar properties
in your
neighborhood.
We had a
similar worry when we were looking for
housing, desperately wanting to live
in a
neighborhood in PDX where
houses are never available (or affordable, for that matter.)
Throughout the race, the Democratic candidates fought hard to distinguish themselves from each other — almost all of them have lived
in the
neighborhood for decades, have served on the local Community Board and share
similar positions on issues like affordable
housing, keeping small businesses strong and quality - of - life issues.
Legislation will be introduced to stop one - and two - family homes from short term rentals State Senator Jeff Klein, joined by Assemblyman Mark Gjonaj, community leaders and angry residents, demanded on Monday that Airbnb and
similar sites remove an advertisement for «Fenton Lounge» aka Airbnb «Animal
House», placed by a homeowner who is renting out his two - family residence for raucous, lewd, late night parties
in a quiet
neighborhood.
New York City claimed it did not segregate its projects, but Woodside and
similar complexes
in white
neighborhoods accepted only a token few black tenants because
Housing Authority policy was to respect «existing community patterns.»
Thirty years later, my sister had to take out a 30 year mortgage to buy a
similar house in the same
neighborhood.
For our first
house (way back when), my significant other and I purchased a trashed
house in a nice
neighborhood and fixed it up, saving about 15 % of the cost of
similar models
in good shape.
Geek Move is modeled after a
similar Chattanooga program, Arts - Move, which provided 26 artists willing to live
in one of eight
neighborhoods in Southside and the surrounding area a five - year, $ 15,000 forgivable second mortgage to help make
housing more affordable.
We look at rent comps
in the
neighborhood for
similar houses to determine the rents.
I actually considered selling my
house at the peak because I could rent a
similar home
in a
similar neighborhood for half of what I was paying on my mortgage.
A licensed real estate agent active
in the
neighborhoods you are considering will be instrumental
in helping you put
in a solid offer based on their experience and other key considerations such as recent sales of
similar homes, the condition of the
house and what you can afford.»
A: First, if the builder lives
in the
neighborhood, he probably built more than just two
houses, so it might be worth your while to ask your neighbors if they are having
similar problems.
A cute 1940s
house in a nice, established
neighborhood with a
similar vibe to my dream
neighborhood — but more affordable.