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Appraisal worries

Posted on: 27th Sep, 2005 03:18 pm
we own an older home that is in the process of remodeling by ourselves. we want to take the advantage of the low interest rates and refinance our house. under this situation what can we do to get a good appraisal?

thanks,
pat
Hi Pat,

I followed your point closely and I honestly feel that you have nothing to worry about. I shall be glad to suggest you some simple steps which I hope may help you.

Try to explain your plan clearly to the appraiser. Give him the details on exactly when and what you plan to do to remodel the areas on which the repair work is going on. Also show him the part that you have already completed, so that he can get a clear picture of the improvements done on the house.

Please remember one thing. The appraiser can only appraise the property "as it is found" on the day of their visit.

If you feel that it is important for your loan, then you may also request the appraiser to inspect the finished work while adding value prior to the final loan processing. Usually, an appraiser can only project a new construction or a remodeled value if there is a written quote. In order to get the maximum benefit give your property a neat and clean look to leave a good impression on him during his visit.

Hope this information will be useful to you.

Regards,
Blue
Posted on: 27th Sep, 2005 04:44 pm
Appraisals are conducted on home improvements such as, putting new counter tops - granite, tile floors, hardwood floors, new appliances, decks and what they are made of such as mahogany, pavement driveways rather than dirt, sheds, garages, porches, all season porches, appliances,roofing, exterior siding such as vinyl or clapboard, fireplaces, fences, pools, and location.

Your appraiser is going to compare your house with others that are in your locality. The number of rooms in your home, how old your home is, whether the basement is finished and any mature lawn planting - all these factors either increase or decrease the value of your home. You should pay special attention to the outer look of the house.


Good Luck
James

[Edited by Jessica. Thanks.]
Posted on: 27th Sep, 2005 06:10 pm
Hi Pat,

Welcome to the Forums.

Blue and James have indeed provided some very good information on this topic.

Here are some more details.

Since you have opted for refinancing, it is your lender who will appoint an appraiser to estimate the value of your property. But just check out if the appraiser has a suitable license. You can also find an appraiser in Yellow Pages under Real Estate - Appraiser.

Ask the appraiser for his or her rates at the time of appraisal and allow the him to walk around your property. You should also make sure that the appraiser also has an overview of your home and neighborhood and three comparable sales in your area in last three months.

Thanks,
Samantha
Posted on: 27th Sep, 2005 09:31 pm
I have a 1973 mobile home, do you know a lender who will lend on this?
Posted on: 01st Oct, 2005 01:32 pm
Hi, Paula

Welcome to MortgageFit Forums

We do have some lenders with us who deal in mobile homes. All you have to do is sign up with us at www.mortgagefit.com/signup/

We have a system designed for the community; after signup we will forward the necessary data to the specilized lenders and they will come up to you with their various loan programs.

You choose the best option as per your requirements.

Hope to see you as our community member.

Thanks

For MortgageFit
Samantha
Posted on: 02nd Oct, 2005 07:55 pm
MANUFACTURED HOME FOR SALE 1998 SILVERCREST 2BD AND OFFICE WITH WOODEN SHELVES BEAUTIFUL NEW PAINT AND CARPET THE APPRAISER CAME IN AND APPRAISE FOR 84,000 SHE HAD GAVE US A DECREASE THIS WAS APPRAISE AT 96,000 3 YEARS AGO WE HAVE VAUITED CEILING WITH SKYLIGHTS AND FRONT WOODEN ENTR AND LARGE BACK DECK FRONT DOOR CERMIC TILE ALSO IN BATH ROOM KITCKEN HAS VINYL FLOOR NEW BACK YARD WOOD FENCE WE HAVE A STORAGE SHELD 16 FT BY14 FT I GAVE A GREAT IMPRESSION WE IMPROVED THIS HOME WE LIVE 10 MINS BY THE OCEAN AND LIVE ON A HILL OUR BACK YARD IS THE MOUNTIAN AND DEER WE HAVE DOUBLE WIDE MANUFACTURED .SO I NEED SOME HELP WHO CAN WE GO TO OR CAN WE HAVE THIS APPRAISE OUR SELF WE ARE NOT GETTING HELP FROM OUR REALLTOR WERE IN CONTRACT UNTIL 9/17/06 THERE NOT HELPING MUCH . WHAT TO DO ?
Posted on: 03rd Aug, 2006 05:50 pm
Hi carl,

The 1st thing is you cannot appraise your own house, you need to find an appraiser for that.

You can find their contacts from your local yellow pages. You can determine the value of your house through CMAs--Comparable Market Analysis.
Posted on: 03rd Aug, 2006 08:04 pm
Hi Carl and Julie,

I agree with Mac that you can appraise the property of your own.

Since, you have a doubt on the current appraisal report, so you can send the report to appraisal organization for further review. The appraisal organizations within the "Department's National Business Center" will perform the required functions.

Thanks
Posted on: 03rd Aug, 2006 08:42 pm
Hi Carl,

It's true that you cannot carry out an appraisal on your own. You need to contact an appraiser for that. The best thing will be to consult some of your friends or relatives who had already appointed someone for an appraisal on their homes.

Thanks
Posted on: 03rd Aug, 2006 08:44 pm
what are the common things that are included in a appraisal report, and are there any specific methods that are used for the appraisal
Posted on: 12th Apr, 2007 04:46 pm
Jack,

Appraisal reports most commonly include some of the following details in it:

  1. Appraiser statements about issues which he feels can be harmful to property's value, like poor access to your property.

  2. Estimate of average sales time for your property.

  3. Details about your property along with comparison of 3 such similar properties.

  4. The type of area property is in, for example is it a stand alone acreage, development...

  5. Evaluation of the overall property market in your area.

  6. Details of the major flawed characteristics about the property like crumbling foundation.


David
Posted on: 12th Apr, 2007 04:57 pm
Hi Jack,

Welcome to Mortgagefit forum.

You have asked about the appraisal methods that are used, there are 2 common appraisals which are used; one is Cost Approach and second is Sales Comparison Approach.

Cost approach is useful in case of new properties as for new properties the cost to build is known. In this method the appraiser make an estimate of the cost for replacing the structure if it had been destroyed.

While in Sale Comparison approach, your property's market value is estimated by making comparison with similar which have been sold in your region.

Colin
Posted on: 12th Apr, 2007 05:11 pm
The sales comparison approach is usually, I'd say 90% or more of the time the most heavily weighed approach to market value. Cost approach being second. Third is the income approach, however only used on investment property.

Regarding your home that is under construction. There are several things you need to take care of before the appraiser comes out.

1) If your bathrooms are under construction and not function, full credit cannot be given. So if you have a 2 bathroom home, but one is not functional at all at the time the appraiser comes out, you will likely get considered a one bathroom home.

2)Does your remodeling take away from the functional utility of the property? To make it simple, does the construction negatively effect any parts of the usability of the home? Exception to this rule is the flooring, as you can have bare concrete floors now days.

My sugguestion as an appraiser is this. If you can wait until your remodeling is done before the appraiser comes out, that is always the best plan. If the remodeling you are doing is minor, it will likely not be a big deal at all and the appraiser can just deduct the cost they feel it would take to finish the remodeling.

All of the options after that start to become technical. Let me know if you cannot wait and I'll explain your options.

Also can you explain more about what your remodeling?
Posted on: 08th May, 2007 06:10 pm
Which is the better approach - cost approach or a sales approach?
Posted on: 09th May, 2007 03:04 am
Welcome Rivan,

I'm not aware of this but give me some time and if I get any info, I shall surely let you know.
Posted on: 09th May, 2007 05:01 am
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