For the complete paper, click on the link below:
Real Estate & Insurance Goes Digital
For the complete paper, click on the link below:
Real Estate & Insurance Goes Digital
The real estate purchase and sale transaction can be influenced by various circumstances, from a simple desire to change one’s place of living to an inability to pay the mortgage. In the latter case, the deal is very likely to be closed as a Short Sale, which is favourable to a seller, as it helps reduce the chance of foreclosure. Therefore, a Broker’s Price Opinion (BPO) is essential as it contributes to the propriety of the price for the real estate in question. The Broker’ Price Opinion can be made in two ways: by entering the residential property or by doing a drive-by evaluation without estimating the interior of the real estate property. Therefore, the evaluation can result in either the Drive-By Broker’s Price Opinion or the Interior BPO. There is a special form that should be filled out to record the professional’s opinion of a reasonable price. In this blog post we will take a closer look at the Freddie Mac 1092 form, which helps denote the BPO.
Who needs a Broker’s Price Opinion form (Freddie Mac 1092)?
Any person interested in selling or buying real estate can order the evaluation of property they are interested in. This assessment is carried out by an appraiser using the BPO form. Also, this real estate appraisal can be performed for transactions related to obtaining credit or changing credit conditions.
What is the Broker’s Price Opinion form for?
This form gives an idea of the overall condition of the property and its value. Depending upon the type of evaluation ordered, the form may be used as the Interior or as the Drive-by Broker’s Price Opinion form. If the interior evaluation is made, all types of repairs that must be done are taken into account. Also, the interior BPO form contains reviews of a competing property and several deals closed in the area. This information allows estimation, not only of the property itself, but also of the overall situation in the real estate market in the area. The Drive-by BPO is made based on what the broker manages to evaluate from the exterior of the real property while driving by.
Is the Broker’s Price Opinion form accompanied by other forms?
There is no need to accompany the Drive-by BPO or the Interior BPO form by any other forms when they are submitted immediately after the evaluation. However, the overall transaction to be properly recorded must be documented in the package of the relevant documents.
When is the Broker’s Price Opinion form due?
The expiration term of this evaluation is six months — if the period is longer, one should consider that the assessment may not reflect the actual value or condition of the property
How do I fill out Broker’s Price Opinion form?
This fillable BPO template contains the following points to be filled out:
Where do I send Broker’s Price Opinion form?
The completed Broker’s Opinion should be directed to the property owner (the seller) and the person who ordered the BPO (if it is not the same individual as the seller).
Let’s imagine that you own a nice flat in a good district and you want to lease your real estate. Of course, you will try to find the best renters: capable of paying, reliable and polite. If there are too many people who wish to live in your property, you may ask your possible renters to fill out the rental application so you can choose the best tenants. The rental application will be very useful for the landlord even in the future: the information provided will help to get in touch with the renters anytime. Besides this, the document specifies the amount of the rental payment and the lease term, which is very important for a tenant. You should keep in mind that different states have different variants of the rental application, so make sure you are using the correct one. It’s time to look more precisely at the most common rental application.
Who needs a Rental application?
The application is filled out by the renters. If individuals want to rent a popular apartment or house, the landlord may ask them to complete a rental application, so that he or she can see all the advantages of such a bargain.
What is the Rental application for?
The application is very useful for the landlord as it provides the most important information about the future renter. It’s highly recommended to save a copy of the application in case any disputes arise.
Is the Rental application accompanied by other forms?
If the landlord asks for additional documents, the renter can attach them to the application as well.
When is the Rental application due?
The tenants have to send the application on request or as soon as they find a suitable rental offer.
What information should be provided in the Rental application?
The rental application asks for a lot of information. Actually, it may be a problem for a landlord to obtain the personal data of the renter, such as SSN. People usually don’t want to share it with strangers. But this information is very important for the landlords and they should find a way to get it. Anyway, the renters have to add:
The landlord fills out the rent amount, the sum of the security deposit, lease term and the date of move-in.
Where do I send the Rental application?
The completed and signed application is sent to the landlord. One copy should be kept by the renter for the personal records.
If you decide to sell your apartment or house and you have a problem knowing how to determine the market value of the real estate, it would be a wise choice to hire an independent appraiser. An appraiser inspects your property and fills out a special document – a Residential Appraisal Form. This appraisal report is also required for some other purposes including, for example, refinancing your house or for buying a certain estate.
Today we are going to talk about the Uniform Residential Appraisal Report, which is also called Fannie Mae Form 1004 or Freddie Mac form 70. This report is used by the above mentioned governmental organizations only for residential mortgage lending. The home owner(s) may need to take out a mortgage on the property to raise funds for different purposes such as education, medical expenses, or traveling. Before giving you a loan, however, the lender needs a completed appraisal report.
Who needs a Uniform Residential Appraisal Report?
As mentioned above, before receiving a loan, the owner of the real estate should provide the lender with an adequate appraisal of his or her property. The appraised value is very important for mortgage lending: it determines the sum of the loan.
What is the Uniform Residential Appraisal Report?
The Uniform Residential Appraisal Report is one of the basic forms utilized for real estate appraisal. It was created for analysis of conditions and evaluation of single-family dwellings or single-family dwellings with an “accessory unit” (including a unit in a planned unit development) but it should not be used for appraisals of manufactured homes or condominiums. Lenders will request the report each time a property is purchased or refinanced. All information provided in the report is used to appraise the actual market value of the property.
Is the Uniform Residential Appraisal Report accompanied by other forms?
All the necessary photos and maps of the property, location, neighboring houses must be attached to the report.
When is the Uniform Residential Appraisal Report due?
Generally, there is no expiration day for the Uniform Residential Appraisal Report, but the lenders may not accept it after 120 days from the date of appraisal, because market changes over time.
How do I fill out the Uniform Residential Appraisal Report?
There are several boxes you should fill out in the report:
The report also needs an interior and exterior examination of the subject property, a street map with the location of the subject property, and an exterior building draft of the improvements that indicates the dimensions.
Where do I send the Uniform Residential Appraisal Report?
The certified report should be directed to the client/lender.
The process of buying real estate in New York city is sometimes complicated and exhausting. But finding the ideal apartment can be an exciting and rewarding, if tiring, process. This process doesn’t end once you find your new home though.
Completing the REBNY financial statement is one of the most important steps that a future buyer makes. This document helps the seller to make a decision concerning your offer. A financial statement shows your income and gives the seller confidence that you will be able to provide the amount necessary to purchase the apartment. As a rule, you don’t need this form if you will pay for the property in cash. Read more to learn how to fill out the REBYNY Financial Statement.
Who needs a REBNY financial statement and what is it for?
This financial statement is used by the real estate seller or broker to determine the paying capacity of the future buyer. Typically, the financial statement is necessary for individuals applying for a bank loan, mortgage or other credit, as they are required to provide adequate documentation so that the bank can consider the application and make a reasonable decision about its approval or rejection. That’s why the REBNY financial statement is so important in the process of selling the real estate. It should also be mentioned that if two people want to buy an apartment, the financial statement should provide information about both buyers.
Is the REBNY financial statement accompanied by other forms?
The possible buyer should show the financial statement together with a pre-approval letter for the sum of the loan. In some cases, it’s required to include other documents supporting your offer.
Does the REBNY financial statement have a validity period?
As a rule, the financial statement has to provide the financial information for the last two years.
What information should be provided in the REBNY financial statement?
The financial statement should contain the following information:
The applicant also should complete the schedules of bonds and stocks, real estate and notes payable. The statement must be dated and signed.
Where do I send the REBNY financial statement?
The buyer should submit the financial statement to the seller or his broker.