Tag Archives: Real estate appraisal

FHA appraisal tips Electrical outlets

http://birminghamappraisalblog.com/ – Birmingham, AL real estate appraiser Tom Horn discusses how to save yourself time and money during an FHA appraisal. By making sure that the electrical outlets work before the appraisal the appraisal and loan process will not be slowed down. You’ll also save the client money because they will not need to pay for a final inspection.

Appraisal Institute Strategic Initiatives – Connecticut

The Appraisal Institute, the nation’s largest professional association of real estate appraisers, announced three major strategic initiatives that have the potential to fundamentally reshape the global valuation profession. In the organization’s latest video, AI President Richard L. Borges II, MAI, SRA, discusses this announcement, which includes proposed standards of valuation practice that could serve as an alternative where national or other standards are not required; expand delivery of Appraisal Institute education; and create a new certification organization to establish a future generation of cross-disciplinary valuation professionals. These standards could be used when USPAP, IVS or other standards are not required, and when the use of the proposed standards would be appropriate. They would serve as an alternative set of standards that could be used independently, and not as an additional set of required standards. AI’s new standards would not supplant USPAP or other national standards. The Appraisal Institute also will issue a proposed comprehensive revision of its Code of Professional Ethics.

Four Tips On Getting A Real Estate Appraisal As An Investor – Connecticut

Property appraisals can make or break your investing deal. Here are some quick tips on how to manage the appraisal process.. Hi, this is Frank Chen with REIClub.com, your link to creative real estate investing. Today I’ve got a quick video on how investors should handle real estate appraisals. Four Tips On Getting An Appraisal 1. Do Your Due Diligence. – Do your homework or have an agent do this – Get comparables, using county auditor website, MLS – Three or more most recent comparable properties that have sold will always be used. 2. Qualify the Appraiser. – Always Check Status of license, any complaints, experience – It is better if they are local because they know the market better – They can tell you about pending sale or other comparables 3. Order The Appraisal – Give those comparables to the appraiser – Tell the appraiser what value is needed. – Ask the appraiser if they know of any other pending sales or comparables that you have not presented. – Ask them to call you before they come out , if there are any changes in houses sold or any pending sales. – Ask about turnaround, when can you expect appraisal to be completed. 4. Meet Appraiser At Property – Be there if possible so you may answer any questions they may have – Do not disturb or interfere – Answer all questions – Common questions they may ask: Roof age, any additions, remodeling or updates, A/C, heating, etc Notes – It takes three to seven days to complete the appraisal. – An appraisal is good for 30 days So these four tips on getting an appraisal should help make the process smoother. Qualify an appraiser first, local is better, get comparables and give them to appraiser beforehand, if possible be there to answer questions, try to stay out of the way. Again, this is Frank Chen with REIClub.com. Please take the time to leave your comments for this video below and please subscribe to our YouTube channel so you’ll be automatically notified when we upload more quick video tips for you. Take care and good investing.

Five tips to get the best appraisal of your home – Connecticut

Portland Appraiser — Tips for Appraisals of New Homes 

Portland appraiser, with A Quality Appraisal, LLC, provides tips to appraisers who are appraising new construction homes or real estate agents looking to better understand appraisers. New Portland homes can sometimes be easy appraisals; but, there are some factors that home appraisers must be aware of to make sure that, what looks like a quick appraisal, does not result in the wrong home value. These tips include looking at sales of homes outside the development, using the opportunity to obtain home cost data, understanding limited government data available (like a home sketch), interviewing agents who sold the new homes, and for Portland appraisers in particular, being careful not to look for new home sales using solely map searches. Following the tips in this video will help appraisers produce stronger appraisals of new construction homes. If you are looking for a Portland, OR real estate appraiser who cares and works very hard to make sure the home or property value is correct, please call A Quality Appraisal at 503-781-5646. We’re excited to help you with all of your residential home and property appraisal needs.

Collateral Management – Best Appraisal Management Company AMC – Connecticut

Collateral Management comes in as our best appraisal management company and for many great reasons. They have a very professional and knowledgeable sales staff, great customer service and most important of all what we feel is one of the best appraisal management Companies. Collateral Management also offers multiple real estate appraisal products so they are able to provide you the program that best fits your borrower’s situation. Past clients have had nothing but good things to say about their experience with collateral management’s program and their staff. Collateral Management’s staff was easy to get a hold of by phone or email and were very knowledgeable about a variety of AMC services, that are specific to each client’s situation.

Appraisal Management Company Directory – WELCOME! – Connecticut

My 2013 Appraisal Management Company Directory is now available. The top 60 companies on the list of nearly 300 companies send me over 99% of my appraisal management company directory. If you are a real estate appraiser and looking for more appraisal orders, this is the directory for you.

Appraisal Management Companies ( AMC ) : Prime Valuation Partners, LLC. – Connecticut

Appraisal Management Company (AMC) Appraisal Management Companies Prime Valuation Partners, LLC. is a nationwide residential real estate appraisal management company providing appraisal services by state certified real estate appraisers. Our friendly customer service, excellent technology, and ever growing appraiser network, have led many lenders to us to fulfill their appraisal requirements. Our goal is to provide outstanding customer service, assist our clients in becoming Dodd-Frank Wall Street Reform Act and Consumer Protection Act compliant, as required for loans going to Fannie Mae or Freddie Mac. Also we strive to improve your operational efficiency by reducing many of the manual tasks typically associated with the appraisal process, therefore saving you time and money. For example, with a few clicks of a mouse you can initiate an appraisal order online, track its status, and download the final report 24 hours a day, 7 days a week, through our secure website. Here are just a few reasons to make Prime Valuation Partners, LLC your appraisal management company of choice: * We only utilize Local Appraisers with Local Market Area Knowledge * Fast turnaround generally within 48 hours of inspection * Live Account Managers who will answer your phone calls and questions * 24 hours a day, 7 days a week on-line ordering, tracking & receiving appraisals * Status emails and daily reports sent to keep you well informed * COD orders accepted by MasterCard, Visa, Discover or American Express * FHA Certified Appraiser database

How to Help Appraisers Fairly Value Home Energy Efficiency Improvements – Elevate Energy

How to Help Appraisers Fairly Value Home Energy Efficiency Improvements March 6, 2014 11:46 am In 2013, we published a blueprint with the National Home Performance Council that outlines a seven-step process to make energy efficiency visible and properly valued in the real estate market. Appraisals are a key part of the process because the appraiser serves as a neutral third party who assesses a high performance home and indicates whether energy efficiency improvements contribute to the value.

We’ve witnessed real progress in the appraisal process, including enhancements to the appraiser’s toolkit to better address high performance home valuations. And in locations that have pioneered the green building and remodeling movement, we’re even seeing a growing demand for qualified “green” appraisers. However, we still have a way to go. Consistently Document Energy Efficiency Features Nothing works in the appraisal process unless high performance homes are consistently documented (see Step 1 of the blueprint).

Right now, the majority of home appraisers use Fannie Mae’s Uniform Residential Appraisal Report (also referred to as Form 1004) to provide opinions on the market value of a given property. But, this form lacks an adequate section in which to document energy efficiency features. In response to this, the Appraisal Institute created the Residential Green and Energy Efficiency Addendum to collect the additional information an appraiser needs when forming an Opinion of Value on a high performance home. The addendum has been well received, including a recent announcement that the Residential Energy Services Network will auto-populate the addendum, enabling direct transfer of a home’s potential energy performance data from builder or home owner to the appraiser.

While all appraisers have access to the addendum online, the problem is, less than 15 percent of appraisers are members of the Appraisal Institute. We’d love to see the Residential Green and Energy Efficiency Addendum used as the model for a standard, approved approach to record the details needed to value high performance homes. The approach could be defined in the approved underwriting guidelines used by larger federal or lending organizations, or government sponsored entities like Fannie Mae or Freddie Mac.

While limited in reach, we’ve seen firsthand that the industry has embraced the template and the related process. Clarifications from the government sponsored entities would formalize this model. We’d also like to see more multiple listing services follow the lead of Midwest Real Estate Data Corporation and make energy costs accessible on listings. This provides appraisers with important data to help establish a credible value opinion. Appraisers are also better equipped to do sales comparison and income approach methods when this data is available. Assign the Right Appraisers to the Right Properties Next, and logically, the right appraisers need to be assigned to the right properties.

Finding a competent appraiser who has experience in valuing energy efficiency features can be difficult. Various training initiatives are happening with some success, but lenders and appraisal management companies continue to struggle in finding qualified appraisers – or even knowing they need to assign them in the first place. An important first step would be to ensure that the existing requirements for assigning appraisers based on competency are enforced for high performance home assignments. Definitions of this competency are starting to be drafted by the Appraisal Foundation. But we see progress here, too. The Appraisal Institute is in the process of opening its Appraiser Registry to include all students who successfully complete the required sustainability courses (and consent to have their name listed on the registry), allowing for greater exposure and marketability of their qualifications and services. Before this change, the directory only listed Appraisal Institute members who had first graduated a designation course and then went on to complete sustainability courses and exams.

Education provides a great opportunity to better connect these qualified appraisers to appraisal management companies and lenders. Appraiser Sandra Adomatis suggests that appraisers, lenders, underwriters, and builders take courses together. “When all the different players in the high performance home transaction come together for training and discussion, they better understand how they can work well together toward overlapping processes and common goals,” Adomatis said. Up next, we’re honored to attend a Green Mortgage Appraisal Roundtable on March 11 in Washington D.C. Members of our team will join appraisers, lenders, Realtors, federal agencies, and other stakeholders to discuss the challenges of assigning a value to energy savings. We will continue to work toward progress on these issues through our Value for High Performance Homes campaign.

Source: How to Help Appraisers Fairly Value Home Energy Efficiency Improvements – Elevate Energy