VolkHaus Appraisals

June 14th, 2017 12:01 PM

Volkhaus Appraisal 
Appraisals are an important part of the homebuying process. A real estate appraisal establishes a property's market value – the likely sales price it would bring if offered in an open and competitive real estate market. Lenders require appraisals when buyers use their new homes as security for their mortgages. An appraisal provides the lender with assurance that the property will sell for at least the amount of money it is lending.

Don't confuse a comparative market analysis, or CMA, with an appraisal. A CMA is a sales report based on data entered into the multiple listing service, or MLS. Real estate agents use CMAs to help their clients determine realistic asking and offering prices. Appraisals are detailed reports compiled by licensed appraisers. An appraisal is the only valuation report a lender considers when deciding whether to lend the money.

An appraisal is also not the same thing as a home inspection. Home inspectors test appliances and outlets, check the plumbing and confirm that a home's heating and cooling system is working. Such information is helpful for the buyer to know before moving in. An appraiser, however, is only concerned with valuating a home.

About Appraisers and Appraisals

  • - Appraisers are licensed by states after completing licensing coursework and internship hours.

  • - The appraiser must be an objective third party, someone who has no financial or other connection to any person involved in the transaction.

  • - The property being appraised is called the subject property.

  • - In some cases, the buyer pays for the appraisal at the time of loan application. - - - Other times, the appraisal fee is added to the settlement statement and paid at the closing table.

What You'll See on a Residential Appraisal Report

Appraisals are very detailed reports based on an appraiser's on-site evaluation of a property as well as an evaluation of sales data.

 

Here are a few things they include:

 

  • - Details about the subject property, along with side-by-side comparisons of similar properties.

  • - An evaluation of the overall real estate market in the area.

  • - Statements about issues the appraiser feels are harmful to the property's value, such as poor access to the property.

  • - Notations about seriously flawed characteristics, such as a crumbling foundation.

  • - An estimate of the average sales time for the property.

  • - The type of area in which the home is located, for example, a development or stand alone acreage.

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Need more info? Give Volkhaus Appraisals a call at (720) 232-1075.



Posted by Charles E. Volk on June 14th, 2017 12:01 PMLeave a Comment

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May 15th, 2017 6:19 AM

HOME APPRAISAL

Charles E. Volk

Selling your home is a long journey, and it doesn't just end with an accepted offer. Unless your buyer is paying in cash, the lender is going to want to make sure that the house is really worth

the price that you've agreed on - and a home appraiser is the one who'll come check out your house and make that ultimate decision. If the appraiser feels your house isn't worth the agreed-

upon price, the lender won't give your buyer full funding and the deal might fall through. Back to square one.

Time for some elbow grease.

Touch up any spots on the carpets, give the appliances a thorough cleaning, dust and shine the cabinets, and mow the yard. Do your walls show wear and tear? Fresh paint in a neutral color can do wonders for a room.

Check for health and safety issues.

Make sure carbon monoxide detectors are installed within 15 feet of all bedrooms. Smoke detectors should be installed inside each bedroom at the doorway. New batteries wont hurt.

Take a look at your water heater - it requires two straps. Last but not least, check with local building codes to make sure you havent crossed any lines with recent home improvement projects.

Ensure all room additions have proper permits.

Repair any damaged areas. That small area of downed fencing youve been overlooking for years? It will stick out like a sore thumb to an appraiser. Fix any dents in your garage doors, and replace any areas of broken or cracked glass. Repair any dry rot problems and/or paint exterior if exposed wood is apparent.

Ensure all mechanical equipment is in working order.

Repair roofing. If leaks are present, and the roof has at least 2 years of remaining life, contact a licensed contractor and have it fixed.

So thats the scoop! Appraisers are normal people. When we see something that looks nice, looks clean, and presents well, well have a better impression of the property. Doing all

of the above will ensure that you squeeze every last bit of value out of our appraisal.

Ready for us? Call VolkHaus Appraisals at (720) 232-1075 or email at charles@volkhaus.com.



Posted in:General and tagged: home appraisal tips
Posted by Charles E. Volk on May 15th, 2017 6:19 AMLeave a Comment

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