Oct 9, 2009
Understanding the Home Appraisal Process
If you’re planning to sell a piece of real estate, it is important to get your home appraised. While you can look at market trends for houses similar to yours to generate a rough estimate of what you think your home should be worth, only a certified home appraisal will give you a number that you can be truly confident about and one you will be able to present to potential buyers.
How An Appraiser Rates Your Home
The real estate appraiser will generally start by doing an analysis of the physical characteristics of the property. How much square footage is there? How much useable square footage? How many bedrooms? How many bathrooms? How much undeveloped land is part of the property? How old is the property?
He’ll then collect sales data for similar homes that have sold in the same neighborhood. He will use these figures to gain a basic understanding of how much a property like this should be valued at in the current market.
Finally, there is a field inspection. The first part of the field inspection is the subject property inspection, which involves an exterior and interior inspection. The exterior inspection consists of taking pictures of the front and back of the home, the back and front yards and the street in front of the home. The interior inspection consists of noting the condition of the walls and fixtures within and making notes on anything that might increase or decrease the value of the property in this regard. He should draw a floor plan of the home during this part of the inspection. The second part is the exterior inspection of comparable properties, which he will use to help him estimate the final value of the property being appraised.
The Importance Of Home Appraisal
A good appraisal can make you thousands of dollars more than you might otherwise get. Be sure that the appraiser you use is highly trained and trustworthy. Try to get references from others who have used the appraiser successfully to be sure you are working with someone who will give you a true and honest accounting of your home’s value. To make sure you get the most favorable appraisal you can, take the time to prepare for the appraiser’s arrival. Give the home a fresh coat of paint, make sure the home is clean and take care of any minor repairs before he arrives.
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The real estate appraisal market is currently in the toilet. This is what I’m doing to make $$$ while waiting for the market to pick up again.
Help answer the question about home appraisal
I need a generic home appraisal form to use to help sell our home?
The potential buyer of our home needs an appraisal form to give to her lender. We are selling by owner and not sure what kind of lorm we need.
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Consult your attorney, and if you don't have one, get one. At the very least that buyer is not entitled to their deposit returned. There may be additional recourse, such as suing them for non -performance. However, you rally need a lawyer to advise you on this one, especially with the enormous financial consequences at stake.
The apprasial is generally done by your bank or lender, the seller does not see this appasial. By this point you've usually entered into a contract with intent on purchasing the house based on inspections, the ability to get a mortgage.
So if your offer was accepted, signed, etc…and your lender has ordered an apprasial on the property, the seller does not see this and cannot raise the sales price on the home without voiding your contract.
Responsibilities for keeping the customer informed vary by lender. At one time when I was a processor, I called the loan officer who called the customer. Another time, I was the contact person, but not the one who did the processing. The only thing that was consistent was that there were more loans than we could reasonably handle.
I'm refinancing right now, it's taking much longer than when I was a processor. I work for the lender.
No matter how many times you have to call, be nice but persistent. You could very nicely say, "What's your supervisor's name? I want to be sure I know who to contact when I can't reach you." ONE call to the supervisor, again very nice, is all it will take for you to become the #1 squeaky wheel. Just squeak very politely.
I've worked in finance for over 20 years(part of that time in mortgage) and anytime the company is with the bbb you can be 1000000% reassured that it is a legitamite company. It is actually highly unlikely to have any problems with a mortgage company and about 90% of major problems come from large companies. So I would not worry.
PMI is required if you borrow more than 80 % of homes value- no matter what the term or payment amount is.
2nd appraisal or appraisal review is required if the underwriter feels there is something wrong with the first appraisal- about one out of 100 appraisals require this. Usually this is if the appraised value has gone up significantly since the last loan- or if comparables in the area are way lower than the value he put on yours. The 2nd appraiser is basically just doing what's called a drive by appraisal & does not need permission from you. However, your lender should have called you to tell you this before ordering it. It's up to you whether you pay or not but if you don't your loan won't be approved. Good luck!
I think your loan officer might be trying to do a good job for you,but does not understand the situation.
You should call and make him aware that you have not lived in this rental for 2 years and then provide him with proof that you resided at another place before you decided to purchase in Georgia.
Once this explanation is given I am sure you will not have to get an appraisal for your rental in North Carolina.
You should redo your taxes for the past two years so you may take advantage of the depreciation as well as other items you may deduct on your income taxes. I think you have to complete a schedule "D"
Check with a qualified tax consultant concerning any and all tax questions.
I hope this has been of some use to you, good luck.
"FIGHT ON"
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