Word List:
1. |
approximation |
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2. |
inspection |
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3. |
close proximity |
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4. |
asset |
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5. |
on-site |
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6. |
renovations |
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7. |
dampness |
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8. |
termite |
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9. |
infestation |
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10. |
deterioration |
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11. |
water-front |
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Черкаський політехнічний технікум Для студентів III курсу, група ОД
Text № 13. Викладач Кособокова А.В.
12. |
adjacent |
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13. |
utilities, |
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14. |
drainage |
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15. |
easements |
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16. |
encroachments. |
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17. |
lagoons |
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18. |
stained soils. |
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19. |
lease |
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20. |
foreclosures |
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Exercises to the text:
Exercise 1. Make up all kinds of questions to the sentence.
1._________________________________________________________________
2._________________________________________________________________
3._________________________________________________________________
4. ________________________________________________________________
Exercise 2. Make up sentences using these words.
appraisal value location neighborhood
___________________________________________________________________________________________________________________________
___________________________________________________________________________________________________________________________
___________________________________________________________________________________________________________________________
Черкаський політехнічний технікум Для студентів III курсу, група ОД
Text № 13. Викладач Кособокова А.В.
Text 14
Appraisal Fee for Buying a House?
Appraisals are important as they are independent assessments of a property's value. If you are paying more for a home than it is worth, it will take longer to build equity in the home, and it becomes a higher risk to a lender in the event of default. When purchasing a home, it's important to understand the appraisal process, the fee for an appraisal and why this is important.
History
There was no accountability for pricing, other than home sellers trying to fetch the highest price possible for their property and maximize their profit. High home prices became commonplace. However, as more and more homeowners were defaulting on mortgages and facing foreclosure, banks were losing more and more money in homes that were financed for more than what they were worth. At this point, the appraisal process became important in the home-financing process to protect the interest of banks and home buyers, which also creates stability in a down market.
Черкаський політехнічний технікум Для студентів III курсу, група ОД
Text № 14. Викладач Кособокова А.В.
Significance
Appraisals are more of an art than a science. The appraisal is made up of several elements: comparable properties in the immediate area that are currently for sale, comparable properties in the immediate area that have sold in the last three to six months, and any notable improvements to a property being appraised that would add to or detract from its value. The most important element among these are properties that have been sold in an immediate area over the past three to six months, as this determines the market value on a property, or what the buying public is willing to pay to live in a certain area.
Function
The function of an appraisal is to verify factors about the property in relation to improvements and square footage. From there, the appraiser will research properties most similar to the subject property being appraised in relation to square footage and improvements. Values of properties are assessed on a price per square foot basis, so it is important these measurements be accurate and up to date in order to obtain an accurate assessment. Should a home appraise for less than what a buyer is offering to pay for it, the buyer is not obligated to purchase the home unless the seller drops the price of the home, or unless the buyer is willing to front the difference of the appraisal and sales price in cash at closing.
Черкаський політехнічний технікум Для студентів III курсу, група ОД
Text № 14. Викладач Кособокова А.В.
Cost
Appraisal fees vary based on the size and price of a property. A typical appraisal fee is around $350 to $500, which can either be paid at closing or prior to closing, depending on lender requirements. This fee is usually paid by the buyer of a property as a condition of approval from their lender in order to obtain a home loan.
Word List:
1. |
assessments |
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2. |
worth |
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3. |
equity |
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4. |
default |
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5. |
fee |
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6. |
accountability |
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7. |
to fetch |
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8. |
common place |
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9. |
down market |
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10. |
notable |
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11. |
to detract |
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12. |
willing |
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13. |
to verify |
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14. |
square footage |
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15. |
accurate |
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16. |
to purchase |
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17. |
willing |
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18. |
prior |
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19. |
to obtain |
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20. |
cost |
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