Broker price opinions (BPOs) and certified market analyses (CMAs) have been more commonplace in the wake of the 2008 housing market crash. Both are less detailed than certified appraisals but usually can be generated faster.
Gilliland No. 2013, Tierra Grande reprint, 4pp (10/15/2012)
Foreclosure sales do not automatically depress values of all houses. Depressed prices of foreclosures may present investment opportunities when those prices return to owner-occupied market values.
Texas land markets encompass widely varying land types, including irrigated, cropland, desert land, native rangeland and timber land. The region-by-region article covers which types are selling and which are not.
Failing to pay property taxes on time is costly. The Texas Property Tax Code ensures that penalties and interest start high and keep going up. Some lenders offer property tax loans to owners, but those may take a big bite out of equity.
Total Texas land sales in 2011 were below normal for the third straight year. Large tract sales were scarce. The Texas land market reflected the turmoil in the financial arena, and uncertainty and high commodity prices fueled strong demand for cropland.
Texas markets struggled to post a small gain with a continuing dearth of large tract sales. Gains appeared to be concentrated in West Texas, the Panhandle and High Plains. Uncertainty and high commodity prices fueled strong demand for cropland. For the third straight year, fewer acres than historic patterns forecasted changed hands in Texas.
Faulty or fraudulent appraisals that falsified the value of collateral contributed to the 1980s savings and loan debacle and the 2008 financial collapse. In the wake of those events, regulations were implemented to restrict interactions between appraisers and lenders.
Farmland was in demand in 2010 thanks to rising commodity prices and low interest rates. Investors had stiff competition from farmers whose good crop yields gave them plenty of cash to spend. Overall, 2010 land markets were flat statewide.