Sample Diminished Value Report is just one of many sample packages of property valuation services. It is also not a real-life property report. A “plummeted value” is a description for land that has experienced substantial declines in value. Diminished value is used to determine the fair market value of real estate property.
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Sample Diminished Value Report Format An email is sent a week after the completion of the agreement for sale. A pre-qualification survey is included in the report to show what comparable sales were done before the customer entered into the agreement for purchase. The sample shows the exact condition of the property at the time of settlement. The report also contains a graph of the value of the property from the date of settlement through present, along with the percentage decrease. If the percentage decreases more than 40% the sample must be discarded.
The report is sent to the buyer at their convenience. A land survey company that is a member of the National Association of Boards of Realtors has signed an agreement with the seller to provide this valuable information on a regular basis. This ensures the buyer that he or she is getting the current value for the property.
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Who pays for the report? The buyer pays for the completed land survey package directly to the National Association of Boards of Realtors. The land survey is performed by a qualified land surveyor. The land survey company is paid a fee for the report. This is typically a flat-rate fee that is included in the contract between you and the buyer.
What is the purpose of a sample Diminished Value Report? As an owner of real estate you have a responsibility to make sure the buyer will pay the current market value for your property. If you accept an offer and your buyer intends to purchase the property, you need to know if the offer is within the range of what you want to get paid. You can use the sample report to find out.
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Can I request a copy of my report directly from the seller? The seller should be able to give you a copy of the current market value. Most sellers are eager to sell their property because they are tired of having it “took”. It is a good idea to look into this value before you commit to any offers on your own.
How do I get the information I need to calculate the value of my home? You will have to use some formulas and realty calculators. Your realtor will usually be able to give you this information. The seller should keep track of recent sales and new listings so you can get a fairly accurate picture of the current marketplace.
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Is a sample Diminished Value Report the same thing as a Real Estate Settlement Agreement or contract? Not really. A settlement agreement is used to provide you with an outline of all the terms and obligations of a transaction, not a detailed report of all the details. A sample Diminished Value Report is just one of many tools you will need to learn how to read real estate contracts.
What if the seller doesn’t want to sell my property? If the seller is in a tough spot and does not wish to sell for whatever reason, he may enter into a seller and buyer agreement. Under these types of agreements the buyer will pay the seller for the fair market value of the property. A buyer who enters into this agreement will often be willing to buy at a lower price than the current market. There are a number of different real estate settlement agreements available and learning how to properly read one is very important.
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Why would a seller agree to a property appraisal? Just like purchasing a home, selling property can be complicated and difficult. If you do not have a basic understanding of property values, appraisal reports will prove invaluable in this situation. While the report will give you an overall value for your home, you still need an appraiser to examine the property and verify the value. This is why you will need to obtain an appraisal report in order to ensure you are selling a profitable property.
Is a property owner trying to market my home or do I need a real estate agent to help me find a buyer? If you have trouble selling your house because it is priced too high, a buyer’s agent may help you find a buyer. These agents spend hours on the phone talking to prospective buyers. They know how to sound professional and they will also know exactly how much your home is worth based on recent sales and appreciation rates. A real estate agent can also help you obtain financing so that you can afford to purchase your new home.
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