Jane Jones has applied for a mortgage loan from the Bank of Mississippi. The bank requested from you an appraisal of the property using the sales comparison approach. (4 points) Elements of Comparison Sales Price of Comparable Transaction Adjustments Property rights conveyed Financing terms Conditions of sale Expenditure inmed. after purchase Market Condition (Sale date Months Prior) Adj. for market conditions (Months Prior Sale Subject Comparable 1 Comparable 2 Comparable 3 $176,000 $172,000 $163,000 Fee Simple Same Same Same Conventional Same Same Same Arms Length Same Same Same None None None: None Today 0 4 12 Adjusted price: Current Market conditions indicate an increase in property value of 0.25% per month. Answer in the space provided the following questions to fill in the highlighted areas of the appraisal 1. Put in the value adjustments for the market conditions in order from left to right, as if they were in each comparable sale column for 1, 2, and 3 with the appropriate + sign. Example: $200-$200-$300 2. What are the values of the comparable sale properties after the market condition adjustments? (in order from left to right as if they were in each comparable sale column for 1, 2, and 33 Fxample: $100,000: $120,000: $90,000
Jane Jones has applied for a mortgage loan from the Bank of Mississippi. The bank requested from you an appraisal of the property using the sales comparison approach. (4 points) Elements of Comparison Sales Price of Comparable Transaction Adjustments Property rights conveyed Financing terms Conditions of sale Expenditure inmed. after purchase Market Condition (Sale date Months Prior) Adj. for market conditions (Months Prior Sale Subject Comparable 1 Comparable 2 Comparable 3 $176,000 $172,000 $163,000 Fee Simple Same Same Same Conventional Same Same Same Arms Length Same Same Same None None None: None Today 0 4 12 Adjusted price: Current Market conditions indicate an increase in property value of 0.25% per month. Answer in the space provided the following questions to fill in the highlighted areas of the appraisal 1. Put in the value adjustments for the market conditions in order from left to right, as if they were in each comparable sale column for 1, 2, and 3 with the appropriate + sign. Example: $200-$200-$300 2. What are the values of the comparable sale properties after the market condition adjustments? (in order from left to right as if they were in each comparable sale column for 1, 2, and 33 Fxample: $100,000: $120,000: $90,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Transcribed Image Text:Jane Jones has applied for a mortgage loan from the Bank of Mississippi. The bank requested from you an appraisal of the property using the sales comparison approach. (4 points)
Elements of Comparison
Sales Price of Comparable
Transaction Adjustments
Property rights conveyed
Financing terms
Conditions of sale
Expenditure inmed. after purchase
Market Condition (Sale date Months Prior)
Adj. for market conditions (Months Prior Sale
Subject
Comparable 1 Comparable 2 Comparable 3
$176,000
$172,000
$163,000
Fee Simple
Same
Same
Same
Conventional Same
Same
Same
Arms Length Same
Same
Same
None
None
None:
None
Today
0
4
12
Adjusted price:
Current Market conditions indicate an increase in property value of 0.25% per month.
Answer in the space provided the following questions to fill in the highlighted areas of the appraisal
1. Put in the value adjustments for the market conditions in order from left to right, as if they were in each comparable sale column for 1, 2, and 3 with the appropriate + sign.
Example: $200-$200-$300
2. What are the values of the comparable sale properties after the market condition adjustments? (in order from left to right as if they were in each comparable sale column for 1, 2, and 33
Fxample: $100,000: $120,000: $90,000
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