Appraisal Services

Divorce and the Property Appraiser

mycompany — Wed, 18 Jan 2017 16:08:44 +0000

Divorce is never easy and almost always requires plenty of paperwork and stress. In such a situation, an appraiser may be needed in an effort to streamline the division of a large asset, which is the home.

Both parties may agree to hire a neutral appraiser or each party hires an appraiser typically recommended by their respective divorce lawyers. After this kick-off point, the appraisal process begins.

In order to get a baseline value, the appraiser gathers information on similar homes that have recently been sold in the area. Then the couple’s property is visited for an evaluation. During the evaluation, one of the things the appraiser notes is the overall condition of the house. Then, he/she determines the age of the roof, mechanical systems and appliances. Renovations and upgrades, as well as the materials used are also looked at, as well as views and land values.

Remember that the appraiser does not appraise the homeowner’s possessions, only the property itself. The couple may need to hire a separate personal-property appraiser to better address a fair division of assets.

In addition, some factors that can decrease the value of a home include over-improvements such as gold-plated fixtures or taste-specific decor. An amenity that greatly exceeds that norms of nearby properties may also be a value-reducing factor. Repairs for the improvement of the property that are left for the buyers may also reduce the value of the home.

Now, if one party disagrees with the property’s appraised value, they can ask the court for another appraisal by a different company. In the case of the couple hiring separate appraisers, a third appraiser is brought in to settle the differing values.

Once the couple agrees on the appraised value of their property through their lawyers or the court and if they decide to sell the home, the home is priced based on the appraisal and advice from the listing agent then put on the market. The role of the appraiser in the divorce is now over.

When an offer is made, both parties must agree to accept it or turn it down. The sale money is then divided according to the terms of the divorce.

We hope this information helps your or someone you know better understand some of the technicalities involved in a divorce appraise. For any questions or if you’re going through a divorce and need an appraisal, don’t hesitate to call us at 702-240-2335 or leave us a message by clicking HERE.

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Your property’s previous sale – Why it matters to your current appraisal

mycompany — Thu, 05 Jan 2017 15:01:08 +0000

It’s truly advantageous and potentially profitable to pay attention to how much your property was previously sold for. This is one of those times where the present is better understood by looking at the past. Below are a few things to consider about the importance of finding out your home’s prior sale price.

1. A prior sale can guide you into how much you may need to adjust for certain specifics of your property. Such specifics include value adjustment for your home’s location, lot size and overall footprint. A comparison between what previous buyers were willing to spend may give us an insight on how to accurately value your property.

2. That being said, a previous sale can possibly give valuable insight into how the market responded to your home. This will give us cause to dig deep into neighborhood sales to answer many necessary valuation questions.

3. Appraisers can also use your own property as a comparable sale in reports. This is favorable when a property is unique and data is limited. After all, what is more comparable than the subject property itself?

4. Now, if you didn’t know, appraisers are required to examine and report a property’s past 36 months of sales and transfers. So, looking at previous sales can be a normal and even mandatory part of the appraisal process.

5. And finally, if there was a sale in the past, it can be utilized for perspective but ultimately, the current market is what’s more relevant to the process. After all, the market may have changed due to a change in zoning, buyer demand, gentrification, etc. and sometimes sales in the past may simply have sold way more than it was worth or way too little.

It’s also important to note that if there were changes made to the property since the previous sale, don’t hesitate to let your appraiser know about it. Also, opening up discussion about the nature of the prior sale is also a good idea. This is so the appraiser can have more information and maybe make a judgment call about the sale especially if, for some reason, the property sold too high or too low.

We hope this was helpful. For more helpful information, follow us on Facebook by clicking HERE. If you have any questions or if you’d like to have your property appraised, call us today at 702-240-2335.

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We have space for an extra bedroom, do we get more if we add one?

mycompany — Wed, 21 Dec 2016 17:22:59 +0000

For those who have sold or are planning to sell their homes, I’m sure that this question has come up at some point and frankly, the no-nonsense answer to this is: it depends. Allow me to discuss some factors that may or may not affect your decision you’re faced with this difficult question.

First, all things considered, with each additional bedroom, the added value tends to decline. The difference in value of a 1-bedroom home and a 2-bedroom home could be significantly more than the value between, say, a 2 and 3-bedroom home.

Secondly, the layout of a home is a key factor in determining the value of an additional room. A 1500 sq. ft. 3-bedroom home may sell the same as a 1500 sq. ft. 4-bedroom home mainly because of a superior layout. On paper, it might look like the 4-bedroom home may be more valuable but in reality, a stellar layout on a 3-bedroom home can more than compete in the market.

Thirdly, if appraisers adjust their comparable sales for both square footage and the number of bedrooms, then they might get more for their adjustments. Keep in mind though that typically, it’s enough to adjust one or the other instead of both, adjusting for both would be “double dipping”.

Moreover, the ratio of bedrooms vs. bathrooms should also be considered. An additional room in a 3-bedroom house with only 1 full bath won’t be worth as much as if the house had 2 full baths.

At the end of the day, trust your appraiser to find similar sales in your area and have those sales help determine if it’s a good idea to add or not to add a new room. However, in the spirit of being realistic, more bedrooms are usually a better thing for value because a home with more bedrooms is more marketable to buyers – that’s obvious. However, on the flip side, today’s buyer is interested in more rooms, not necessarily more bedrooms.Many people have offices in their home or hobby, workout rooms, etc, these rooms don’t have to be bedrooms to serve these needs.

If you have any questions and inquiries on property appraisal, call us today at 702-240-2335. You can also check us out on Facebook by clicking HERE. or leave us a message by clicking HERE.

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5 Reasons Why Selling Sooner Is Better Than Later

mycompany — Wed, 23 Nov 2016 16:16:20 +0000

“‘Tis the season” to think about selling your home now that is, it happens every year. Homeowners all over the country are beginning to think about what their life will look like next year. They think about whether relocating to a different part of the country for better year-round weather is a good idea, or maybe better job opportunities lie in the next state or further..

Here comes the big question, do you sell now or wait? Here are 5 reasons why selling now is better than selling later.

Your Driving Force

Think of why you wanted to sell in the first place. Is it time to move on and start over or is it worth the wait? The reasons, may it be money, family, health, or freedom and their urgency will greatly affect your decision of selling now or in the next few months.

The Market is HOT

Buyers are in the market and are ready, willing and able to buy what you are selling! The latest Confidence Index from the National Association of Realtors show that the demand for homes remains strong throughout the majority of the United States. It’s best to take advantage of the current buyer activity in the market.

There’s No Line Around The Corner (For Now)

As the market gets hotter, banks will be swamped with loan inquiries causing closing timelines to lengthen. Selling now will simplify the process, as well as expedite it.

Supply and Demand

Currently, the supply of homes is below what is needed for a normal housing market. This is good news for home prices as it means that there are not enough homes for sale to appease the number of buyers in the market. This won’t last long though because additional inventory is about to arrive.

There is a suppressed desire for many homeowners to relocate due to the inability to sell over the past few years because of a negative equity situation. However, these homeowners are now seeing a return to positive equity as real estate values have increased over the last couple of years.

In addition, new construction of single-family homes is projected to increase due to the return of builder’s confidence in the market. Last month’s new home sales numbers show that buyers who have not found their dream homes within the existing inventory turn to building their dream homes to fulfill their needs. So, it is wise to not wait until all this other inventory of homes comes to the market before you sell.

There’s no better time

If you’re moving to a more spacious and therefore more expensive home, consider doing it now. Projected prices are at an increase of 5.2% over the next year. Waiting until then will wind up costing you more both in down payment and mortgage payment.

According to Freddie Mac’s latest report, you can also lock-in your 30-year housing expense with an interest rate around 3.57% right now. Interest rates are projected to increase moderately over the next 12 months. Even a small increase in rate will have a big impact on your housing cost.

These are 5 solid reasons as to why selling now is a great move. Ultimately, only you have the power to take control of the situation by putting your home on the market. Perhaps the time has come for you and your family to move on and start living the life you desire.

We hope this information was useful. For more news and articles like the one above, follow us on Facebook by clicking HERE. For any questions about the blog or any of our services, call us at 702-240-2335 today!

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Hiring Appraisers: Save or Splurge?

mycompany — Wed, 09 Nov 2016 15:45:47 +0000

If it’s your first time working with an appraiser or you haven’t had the chance to work with one for a long time, you need to know, not only has much changed but you must understand that not all appraisers are created equal. That being said, your journey with an appraiser can differ depending on their education, years of experience and familiarity with the market in your area.

Many people have an appraiser horror story to tell because they opted to go for the cheapest appraiser in the lot. If you have the chance to ask them now, they would tell you that it’s just not worth the risk.

I know that it can be extremely tempting to go with a low fee appraiser, however keep in mind that an accurate property appraisal is extremely important in any transaction that requires it and when it comes to hiring a professional appraiser, you usually get what you pay for!

Saving a few dollars now for a low-quality appraisal because you opted to go with the cheapest appraiser could end up costing you tens of thousands in the long run. When trying to work with a budget, an appraisal is definitely something to put under the splurge instead of the save column.

In making sure that you’re hiring a quality appraiser, the first thing you do is ask for referrals from people or real estate professionals you know and trust. You can also look online for appraisers and start your search from there.

Remember to always pre-screen an appraiser. Any appraiser who’s not willing to answer a few questions for you up front or claims their reputation should speak for itself is probably not someone you want to work with.

An appraiser’s certification number is also always something to ask for besides his/her full name and telephone number. This let’s the appraiser know that you mean business and also raises a red flag for you if they don’t know or they’re not willing to share this information with you.

An appraiser with a minimum of 10 years experience in the local market area is ideal. Also, avoid hiring appraisers who have been caught cutting corners or those that have been sanctioned in the past for various reasons.

Finally, never hire an appraisal trainee unless a fully certified mentor is involved in the appraisal process and final analysis of the property. Save yourself from experiencing your own appraiser horror story and learn from the mistakes of those before you when choosing an appraiser that suits your needs.

We hope we’ve helped you through this blog. If you have any additional questions, don’t hesitate to call us at 702-240-2335 or send us a message by clicking HERE.

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Home-selling misconceptions you need to stop believing-RIGHT NOW.

mycompany — Wed, 26 Oct 2016 13:57:07 +0000

There are a lot of major milestones we go through in life, and one of those is selling our home. You might think the hard part is over because you got through the buying process without a hitch(lucky you!). All you have to do now is call a realtor, have them put your home on the market and wait for the offers to come in. Easy peasy, right?

Wrong. When you get ready to sell a home, it’s so easy to underestimate the whole process. It’s as much of a science as buying one! Be wary of well-meaning suggestions and opinions that might cause you to believe these common myths about selling your home.

Fallacy No. 1 : “My home is good to go as is”

You’re most likely overlooking a few necessary changes that could boost your profits when you decide to believe that your home is in great shape as it is (or at least good enough to sell without making any changes). We cannot stress enough the benefits of a few home improvements to your walls, floors, doors, and kitchen.

Fallacy No. 2 : “I need major renovations to sell this house!”

A little freshening up in the right areas could go a long way. Contrary to popular belief, there’s no need to do a huge project in order to get your home in selling condition. Simple things, like freshening up your kitchen or doing a bit of landscaping to improve your home’s curb appeal, make a big difference. Too many improvements may turn off potential buyers too! Your style might not fit theirs and you just might end up wasting money.

Fallacy No. 3 : “I know my home’s worth better that anyone else!”

Honestly, home valuations are better left to the professionals. Your personal attachment to your home makes you the least qualified judge of its value. Overpricing is a common occurrence when homeowners put a price on their homes and that makes it that much harder to attract buyers. Professional property appraisers, as well as your agent, have the ability to know the neighborhood and have access to resources that allow them to give the best price for your home.

Fallacy No. 4 : “I’ve got an online home value estimate and that’s enough.”

Online home value estimates are definitely a good starting point, but there’s absolutely no substitute for the expertise of a professional residential appraiser. Because there are all kinds of variables in home valuation, a professional is needed to get accurate results.

Fallacy No. 5 : “It’s Spring and it’s the best time to sell.”

It’s long been believed that the best and busiest time to buy and sell a home is in the spring and summer seasons, but the truth is any season can be the best and busiest – It just depends on the market.

Here in Las Vegas, the hot season for selling homes is when the market is, well, hot. Knowing what’s going on in your local housing market is key to determining the best time to sell.

Fallacy No. 6 : “ I can sell this house on my own!”

If you try to sell your home on your own, prepare to do all the work – and there’s a lot of work that goes into marketing a home. One has to understand that there’s more to selling a home than putting up a sign in the front yard and posting an ad on the internet.

It’s a great idea to get a realtor. They will do all the heavy lifting for you. They’ll go through potential buyers and find the right one for you, and your home, while getting you the best possible deal in the process.

We hope we’ve helped make your home-selling experience easier. For more tips and updates follow us on Facebook by clicking HERE. For your residential appraisal needs, call us at 702-240-2335.

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Why Hire A Real Estate Appraiser?

mycompany — Thu, 13 Oct 2016 03:27:53 +0000

Generally, real estate appraisers are hired by different people for different reasons. A seller may hire an appraiser to determine an accurate selling price, while a buyer hires one to ensure that the purchase price and mortgage of a property is right on the mark. Mortgage lenders also hire appraisers or use their own in-house appraisers on their business transactions.

An appraisal that’s too low could mean that a seller must lower his/her asking price, while a valuation that’s too high could lead to a buyer paying more than what the property is worth. For Loan officers, low valuations could result in lesser commission or none at all. In the case of realtors however, their commission could increase or decrease depending on the purchase or selling price of the property. Needless to say, a lot rests on an appraisal and its accuracy.

Therefore, the appraiser you choose to hire to perform an appraisal on your property should be licensed by the state. It’s best to hire someone who’s local and with years of full-time experience. Keep in mind that the appraiser and appraisal are governed by the minimum standards, published periodically in the Uniform Standard of Professional Appraisal Practice (USPAP).

If you plan on selling your home or other real estate, hiring your own real estate appraiser would be the best way to ensure that you’ll be getting the most for your property. In the same way, hiring an independent appraiser when buying property ensures that your mortgage contract won’t be based on an inflated appraisal valuation. Lenders, on the other hand, may still opt to use their in-house appraisers or someone they have on contract.

If there’s more than one real estate appraisal and they disagree significantly, don’t panic because you still have options. If the value is too low for the seller, doing renovations may raise the home’s value or you can decline to sell. If the lender insists on its appraiser’s value, which disagrees with your independent real estate appraiser’s value, as the buyer, you can look for financing elsewhere or decline to purchase the property. There’s the option to bring the appraisers together so they can come to a common agreement on the value.

Remember, the person who has your best interest at heart is yourself. Though buyers may assume that the lender has their best interest, mortgage lenders may have their own agendas at the forefront. Make sure the appraiser in your real estate transaction is objective, experienced, local and has a good reputation.

For any questions or for accurate and reliable appraisals, call us today at 702-240-2335. You can also Like and Follow us on Facebook for more news, tips and updates! Click HERE.

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Real Estate Appraisal: How ready are you?

mycompany — Wed, 28 Sep 2016 13:55:41 +0000

So, you need to get your home appraised and you panic because you’re not in the business, or like most of us, we just can’t be bothered with details of real estate transactions until we’re forced to. A lot of people aren’t ready because they never really think about preparing for an appraisal until it’s about to happen.

Don’t worry, you’re not alone and we’re here to outline a few things you might want to consider before having an appraiser over.

Are you aware of any recent sales of similar properties in your neighborhood?

Let the appraiser know of any homes in your neighborhood similar to yours that were recently sold by the owner as a private sale (FSBO). Not only that, be sure to also take note of any homes similar to yours that were sold due to an estate sale, divorce, subsidence, water damage, etc. and pass on that information to your appraiser.

Are you paying an annual or monthly fee to some type of Homeowner’s Association?

If you are, your appraiser definitely needs to know about it. The name and phone number of the management company is key information to give to your appraiser.

Do you have a list of repairs and recent updates you made to your home?

You need one. Besides the dates these projects started, include the estimated costs and general time frame of each repair or update. Some items you’d want to include are new windows, furnace, roof, central a/c, new flooring, kitchen and bath upgrades, etc. Projects similar to those mentioned reduce the “effective age” of your home and may result in having a higher appraisal amount. The best thing to do is start a list preemptively and just keep on adding to it as new updates and repairs take place. It may be harder to recall specific details over time. Also, do not forget to mention any special features and flashy upgrades to your home.

Are all your repairs and renovations finished?

Any major repairs and renovation projects must be completed prior to an inspection. Failing to complete major projects may result in a lower appraisal value. That being said, minor renovations such as touching up paint here and there or installing your bedroom carpet won’t make much of a difference. So, don’t sweat the “small stuff”.

Did you have a survey done on your property?

If you have one then have it available and ready at the time of the appraisal. A survey is not a necessity but it is especially helpful if your property has an irregular lot size or you have multi-parcel sales.

Do you have two APN’s (Assessor Parcel Number)

Let your appraiser know if you do. Keep in mind though that if you have more than one lot associated with your property and the additional lot’s deed is different from your house, then they are considered separate and it’s value will not be added to the property where your house is located.

Do you need to clean the house?

Not necessarily. While it’s definitely nice to have a well-decorated and tidy house for potential buyers, we know that it doesn’t come easy in real life. When your home is appraised by experienced appraisers, only the permanent features are considered and NOT your personal property. If you would like to use the appraisal as an excuse to get your teenager to clean their room….go for it…odds are it won’t work, but it’s worth a try! So take a deep breath and relax.

Do you need to show all the rooms in the house?

Yes, most definitely. Be sure to let everyone in the house know that an appraiser is coming and will be needing access to all the rooms in the house.

And that’s it, you’re ready! We hope the information we’ve provided has helped put your mind at ease and prepared you for a potential appraisal of your home. If you have any additional questions please don’t hesitate to call or email us and we’ll be happy to help you out.

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Busy Appraisers : Here’s a few tips on how to work with them!

mycompany — Fri, 16 Sep 2016 11:03:04 +0000

We’ve noticed a decline in appraisal report turnaround times all over the country lately and we found out that this is because appraisers are simply swamped! This has been a trending issue of late and we’ve decided to give you a few tips, based on research and our personal experiences, on how to get an upper hand and a better working experience in times like these.

Tip 1: It’s all in the details – Don’t hesitate to share any and all pertinent information with your appraiser. The better quality information you provide, the faster the appraisal will go. Taking the initiative to equip your appraiser with everything he/she needs for an accurate appraisal can potentially save you time by dodging having to challenge a low appraisal.

Tip 2: Be Proactive – If you are aware of any repairs that need to be made before the property hits the market, have it repaired. This will save you from a re-inspection. Reaching out to a local appraiser or a loan officer may also be a good idea if you’d like some insight when you’re concerned about any repairs.

Tip 3: Communication is key– Always make an effort to communicate with your appraiser, may it be through an email or phone call. Some problems or misunderstandings may be solved with a quick 5-minute back and forth online or over the phone.

Tip 4: Don’t make promises – especially with escrows. Leave some wiggle room in your timeline for things that may be out of your control, like busy contractors or additional documents for lenders.

Tip 5: Be Patient – Don’t ask for hourly status updates (that might be an exaggeration but you know what I mean). It doesn’t help speed up an appraisal.

Tip 6: Offer a rush fee – What’s happening right now is many property appraisers are being offered a low-ball appraisal fee by Appraisal Management Companies (AMCs). If these lenders or AMCs are truly concerned about turnaround times, the best thing for them to do would be to offer a reasonable appraisal fee, as well as a rush fee. Because of unfair fees, appraisers are forced to turn down these orders and look for clients who are easier to work with and pay fairly too. Sometimes, an appraiser takes the blame for the time spent by AMCs looking for an appraiser who’d accept a low fee. You might be forking out a good amount of money for an appraisal, but how much is your appraiser really getting? If you find yourself working with an AMC that’s scraping way too much off the top, maybe it’s time to take your business elsewhere.

We hope these tidbits of information from our very first blog help you in your next appraisal transactions! For more helpful information and weekly updates, like us on Facebook! Click here.

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