If you are looking to buy or sell a home or apartment in Washington D.C., you are going to need professional help. When dealing with real estate in Washington D.C., you need a Washington D.C. real estate appraiser who can give you an accurate assessment of the value of your property, so you can use that information to make a good financial decision in a tough real estate market. But how do you find such a person? Here are some tips and attributes you should look for:
Appraisers Shouldn’t Pretend to Be Perfect
This may seem counter-intuitive, but a Washington D.C. real estate appraiser should know that putting together an appraisal isn’t an exact science. There are many different factors to take into account when making an appraisal, but what works in the case of one appraisal may not work in the case of another. Appraisers aren’t going to hang onto details for too long a time, but they will look at the overall picture instead of smaller and inconsequential observations.
Appraisers Ask You Questions
As an interested buyer or seller, you want a Washington D.C. real estate appraiser who is equally interested in the property they are assessing. They will show that interest and professionalism by asking questions. They will be curious about the home, asking questions about renovations. The appraiser should try to find things that will add value to the appraisal of your home and make a note of any changes that may take the value of your home down. Appraisers should be part of an interactive experience with the appraiser. They know they are part of your home and finding the value of your expensive investment.
Appraisers are Flexible
An appraiser normally just has one form that they follow while working on an appraisal, but a better one will also take notes during the appraisal. That’s the kind of Washington D.C. real estate appraiser you want — someone who can change plans and adjust their assessment to the uniqueness of your Washington D.C. property.
Appraisers look at the Bigger Picture
Research is important to an appraiser’s job of putting together a true assessment. That’s why you should look for an appraiser who won’t just look at the neighborhood’s current values, but those of the neighborhood in year’s part. This gives the appraiser the knowledge of how your investment is going to grow in the future years. A truly professional appraiser should really be trying to learn about the values in a market and other real estate news. This will keep them on top of their business and someone you will truly want to work with.
As you search for a Washington D.C. real estate appraiser, there are many places to start. You should start with businesses instead of individual contractors. While individuals can be good, companies are a better source for well-trained and licensed appraisers. Companies will hold employees to certain standards which will work out to a better appraisal.
Archive for the ‘Property Appraiser’ Category
Helping your Search for a Washington D.c. Appraiser
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Residential Property Appraisal
Sunday, April 18th, 2010Residential Property Appraisals Appraisals of houses are often needed for judicial proceedings. This includes estate planning, filing estate tax returns, divorce and civil disputes regarding construction defects and fraud. Carefully define the purpose of the appraisal and the scope of work with your appraiser prior to entering into an engagement. The scope of work needs to be tailored to the purpose of the house appraisal.
Quick turn-around time
EDI available
Order confirmations and status reports faxed to you
Home appraisals are time sensitive and critical to financing your home. Numerous requirements must be fulfilled to close the purchase or refinancing of a house. While most house appraisals are to document the value when purchasing or refinancing your house, there are many other reasons appraisals of homes are required. These include estate planning, intra family sales, estate taxes, divorce and expert witness testimony regarding litigation. Appraisals of homes for expert witness testimony require a higher standard of care than routine appraisals. All data should be verified and the circumstances of each sale should be reviewed. The final report should be checked and double checked to avoid any math or typographical errors. We understand timely, accurate, and well documented appraisals are essential in each situation. The accuracy of the appraisal depends on the quality and quantity of available data and the skill and judgment of the appraiser. Appraising highly atypical properties foe which there are few or no comparables is difficult and complex. The more atypical the property, the more difficult the assignment and the less reliable the result. Single Family Report Types Homes, Condos, Townhouses and 2 – 4 Family Dwellings in Harris, Montgomery, and Fort Bend Counties. These are our primary service areas. For specialty appraisals of unique properties or litigation engagements, we accept to engagements outside this geographic area.
Final Inspections (FNMA 442). The final inspection reviews the plans for a house and the completed home to confirm they are consistent. Differences between the plans and the home are noted in the final inspection report.
Evaluation Report (Freddy Mac, 704)
Desk Review. A desk review typically is an independent review of an appraisal report completed by an appraiser in a different firm. In most cases, the appraiser does not inspect the property or reach a separate value conclusion. However, it is possible to engage a more thorough review of an appraisal.
Re-certification of Value
Drive-by Appraisal (URAR 2055) with Interior
Drive-by Appraisal without Interior.
Limited Appraisal with Inspection (Form 2075)
Complete Appraisal (Form 1004, properties $1,000,000)
Vacant Lot
ERC Appraisals
FHA Appraisals
2 – 4 Family/Income Properties» Click here to order a Residential Appraisal
For more information e-mail George Thomas or call 713-686-9955.Appraisal Fax: 713-686-8336
O’Connor & Associates is a national provider of commercial property real estate consulting services including cost segregation studies, market research, property tax appeals,
due diligence, insurance valuations, abandonment studies, business personal property valuations, commercial appraisals, financial modeling, highest and best use analyses, and lease audits.
Our services benefit owners of all commercial property types including multi-family housing, retail stores, hospitals, hotels, industrial properties, manufacturing facilities, medical offices, commercial offices, restaurants, self-storage units, shopping malls, shopping plazas and warehouse/distribution centers.
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National Appraiser Listings for Lenders, Homeowners, and Appraisers, Too
Monday, March 15th, 2010The national appraiser listings provided here serve a great purpose to homeowners and certainly to the people who reference them the most on a daily basis—the lenders charged with evaluating the investment potential of a priority. But this listing service would be nothing without the support and participation of the professionals behind the practice—the professional property appraisers.
The Difference A National Appraiser Listing Service Can Make
As a professional property appraiser you understand how hard it can be to connect to the people in need of your services. Local advertising and listing services are but just one outlet for your services, and certainly do little (or nothing) to tap into the market where you can be of the most use. Facing the facts, more and more home mortgages are provided by lenders far removed from your local community; many, if not most, are not even located inside your state. These organizations and lenders have very little knowledge of your region, and sometimes practically none at all. So it can be almost impossible for a lender in Colorado to decide whether the Illinois property they are funding is worth what the owner claims it to be; and so he calls upon the trusted Illinois real estate appraiser he has partnered with.
Nonetheless, that kind of information is vital to their survival. And there is only one way for them to get it—to rely on the professional service of property appraisers like you who do have the in-depth knowledge and insight into regional and smaller local communities, and who can fairly and accurately place a value on a property in your real estate micro-market. You, as a professional property appraiser, serve an extremely important role in the process of home lending. Without you, there is no equity between buyer and lender, and no way to determine the fitness of the deal proposed.
Getting In Touch With The People Who Need You
The biggest question here becomes, “how do I let the people who need me know about me and my services?” How does a Minnesota real estate appraiser let the broker in Washington know that she exists? Where do a Florida lender and an Ohio real estate appraiser meet? How does a Wisconsin real estate appraiser find that one big-city lender in need of a farm and ranch evaluator?
The only economical and efficient solution is to utilize the tools that are available to you—tools such as this site providing national appraiser listings for the people who are searching for them.
The fact is that that Florida lender is not going to search through your local yellow ages to find than Ohio real estate appraiser. That lender is going to palso utilize the most reliable and efficient tools. This site is one of those tools. It provides a complete listing service where you can showcase your services, specialties, and credentials so that brokers and lenders, and indeed homeowners, too, can access them every time the need arises.
A thought to leave you with, though, regarding the differences between this and other national appraiser listing services. Locate Appraisers was developed by professionals from both sides of the industry—one experienced in lending and one a professional in appraisals like you. So we know what each party wants and needs. We know what the message is that you want to convey and we know what lenders are looking for when they come to national appraiser listings. We know how to represent you and connect you with the people that matter most to you—your future clients!
Waco Texas Appraiser
Tuesday, February 2nd, 2010s of Using a Property Appraisal Company
One of those steps is having the property appraised by an experienced property appraisal company. While you are not usually required to have the property appraised unless you will be financing it with a loan, there are still many advantages to using a property appraisal company.
Advantages Of Property Appraisals
The primary advantage of using a property appraisal company is to ensure that the property you are purchasing or that you own is really worth the purchase price. Obviously, you do not want to pay more for the property than its market value. Considering the fact that the purchase of a home is typically the largest investment most people make, it can certainly be worth it to ensure you are not overpaying.
Obtaining a property appraisal can also help to reduce your tax burden in some cases as well as provide you with an important negotiation tool. In the event that the property is assessed at a value that is lower than the sales price you may be able to use the appraisal in order to negotiate a lower price. You can also use the appraisal to contest property taxes that may seem to be too which. Consequently, property appraisals can also be helpful tools for individuals who already own a property as well.
What to Look for in a Property Appraisal Company
Whether you are a buyer or you already own your home, when hiring a property appraisal company it is important to look for a professional company who can handle all of your needs. There are several important areas you should consider when hiring a appraisal company, including whether they are approved by your lender, have online capability, are in good standing with the BBB, offer speedy service and have sufficient experience.
The ultimate goal is to locate a property appraisal company that will be able to come in and review the property, compare it to other local properties and provide an opinion regarding the value of the property that is completely professional and unbiased.
The Bottom Line of Using a Property Appraisal Company
Do not Waste Money on a Home Appraisal Without Enough Equity to Justify it
Sunday, November 1st, 2009For many homeowners seeking help to stop foreclosure, refinancing their current mortgage is quickly becoming the option of choice, especially if they feel their home has enough equity in it to justify the decision. The only way this can be determined, however, is through a property appraisal. The problem with this is most home owners haven’t a clue as to their home’s real value as compared to the housing market where they live.
Don’t order a home appraisal prematurely unless you can stand the possibility of losing $300 – $500. First do some ground work to get an idea of your home’s approximate market value. Speak with a knowledgeable local realtor. Find one who has been selling homes in your area for a number of years and has a feel for the current housing market. Ask for a comparative market analysis. This will save you valuable time, not to mention money; both which you cannot afford to waste, especially if you are facing possible foreclosure.
Treat the refinancing as if you are selling the house (in essence you are, as you are buying it back). Make sure all the maintenance you can do is done; this includes clearing and trimming the yard to painting the house. Make a list of all home improvements – new windows, new floors, the finished basement, and any other item you feel has increased the value of the home. All this is necessary if you want the property to be valued as high as possible.
Keep in mind the lender is concerned with the property’s value as it relates to loan amount being requested. This is commonly referred to as LTV, or loan to value. The lower this number the more likely the lender will approve the mortgage loan. The lower percentage also allows the lender consider higher-risk borrowers, such as those with low credit scores, previous late payments in their mortgage history, high debt-to-income ratios, high loan amounts or cash-out requirements, insufficient reserves and/or no income documentation. The more you can do to improve the properties value the lower the LTV, and the higher your chances of being approved for the loan.
Once you are satisfied the numbers will work in your favor it is time to order the appraisal. Lenders normally order this using one of their own appraisers, but rest assured you will pay for it regardless of the outcome.
A home appraisal is really an opinion of the property’s market value. The home appraisal is a detailed report that looks at such items as the condition of the home, the neighborhood, what similar homes are selling for, and how quickly similar homes sell. Part of the process is a sales comparison that looks at other properties in your neighborhood and what they are selling for and then figure how they compare to your home.
And finally, don’t be caught off guard. Know what you options are if the appraisal doesn’t come in with the numbers in your favor. Be prepared to challenge the lenders appraisal with your own information. There’s a chance you can get them to reconsider, especially if the appraiser overlooked anything. If you’ve done all your homework you lessen the likelihood of squandering your time and money, neither of which you can afford to lose if you are refinancing to stop foreclosure.
The Cost of Getting a Property Appraised
Saturday, October 31st, 2009A professional appraisal is usually required when you are either selling or buying a property or a home. An appraisal is not just required, to have a professional come and do one can be costly for you also. There are a number of factors that influence the price of a professional appraisal done on your property. Depending on the type of property you are getting appraised or the value of it, a professional appraisal can cost from a wide range of costs.
First, you need to find out what type of appraisal you would need. There are different types of appraisals that can be done. The most commonly used appraisal is called the Uniform Residential Appraisal Report (URAR). There are also shorter appraisals that can be done called “Drive By Appraisals”. These can be less expensive than the URARs, for those on a budget. Although, some banks and lenders do not accept these appraisals for your loan, so you should find out what they will take before you decide on which to get.
The type of property is one of the factors that can affect the cost of your appraisal. A professionally done appraisal of single family homes will typically cost you less if you are selling your own home. Multi-unit properties, however, will run you a bit more than single family homes due to size. The cost can also depend on where the location of the property is. If the property is hard to get to or there are less appraisers around, the cost will most likely increase.
Even though you are trying to find the value of the property, it is also one of the factors in determining your appraisal cost. The higher the value of your property, the more the cost will increase. Although, the cost may not be dramatically different until you pass the $500,000 mark. The cost will most likely be around $300-600 for that valued less than that. Any property that is valued more, though, you will expect to have to pay more for the appraisal.
Lastly, what the property will be used for will affect the cost. For properties that are used to rent out and generate income will generally cost more than an appraisal done for a home. An appraisal of a rental property would usually include a rent survey as well as an income statement for the property. For example, the cost of a single family home that is under $500,000 will cost around $300-450, while a rental property with similar value will probably cost around $400-550.
For more information about property appraisals, please visit http://www.alberreappraisalgroup.com
What exactly is a Home Appraisal?
Tuesday, October 27th, 2009It is important to distinguish the difference between a home inspection and a home appraisal. There may be companies or individuals that offer both of these services however there are differences. Both a home appraisal and a home inspection will likely look at the general condition of a home but a home appraisal is conducted mainly to determine the value of a home given current market conditions and the location of the property.
A home appraisal may be requested either by the owner of a home who wishes to know the value of their property or by a lending institution that is considering offering a home loan or the refinancing of a mortgage. If it is a lending institution that has asked for a home appraisal they may have an individual or company that they generally work with but there should be no incentive or bias on the part of the person doing the home appraisal.
If you are having a home appraisal done and you have concerns about a potential interest or bias you can speak to the person doing the home appraisal, to the lending institution or to the regulatory body where you live. This can be done either before the home appraisal is conducted or if you are not pleased with the results.
It is a common misconception that most of what someone doing a home appraisal takes into account is related to the condition of the home. While this is a factor, a large part of the properties appraisal value has to do with the existing market conditions. It can also be affected by the value of other homes in the area and generally a home appraisal will include examples of other properties that are similar to the one being appraised.
A home appraisal will generally also include any factors that may be an issue to a potential buyer of the property. If the property is difficult to access or has adjacent properties that could cause a problem due to noise or other pollutants this can reduce the value of a home.
Home appraisal generally includes only the part of a real property that is considered to be permanent. For instance if you have an in-ground pool this will likely be included in the value of your home. If your pool is above-ground this would not be considered permanent and would not be included in the value of the home. The same is true for structures on the property that are not considered permanent.
While it does not directly affect the value of a property, the home appraisal will often include information such as how long it would likely take to sell a property. This may be part of the consideration of lending institution when it comes to financing home.
The results of a home appraisal are kept confidential including the value and the purpose of the home appraisal. If you have ordered the home appraisal yourself then the firm or individual responsible for conducting it should share the results only with you. This will be true if it has been paid for by lending institution and they may not necessarily provide you the information that they have received.
How to find Indian Property Prices online in seconds!
Tuesday, October 27th, 2009Real estate buyers and owners who need to find current market price of their property or real estate rates in India can now do so online from the comfort of their home or office. Zamanzar.com is the first Indian real estate portal to release an online tool that lets anyone calculates a property value estimate (ZamEstimateTM) within seconds for properties in Delhi NCR, Mumbai, Ahmedabad, Pune, Jaipur, Lucknow, Bangalore, Hyderabad, Chennai, and Kolkata.
Here are the steps to follow –
Go to Zamanzar’s online property valuation tool. Enter your brief contact details. Enter brief details about the property and submit the form. You will get a price estimate (ZamEstimte™) based on the property details you entered. You will get an accuracy percentage that will help you understand how accurate the estimate might be. You will also get a list of similar property listings based on which the result has been calculated. You can also get this report emailed to you by checking a checkbox while submitting the form.
Here is the ZamEstimate™ for a 3 BHK Apartment with a covered area of 1500 sqft in Airport Road, Bangalore.
It comes out to be about 53 lakhs with error percentage of about 11%. This estimate will change based on the kinds of property listings submitted on Zamanzar.com
The process we follow for calculating the price estimate is as follows –
We search through thousands of properties in your city. We choose the most similar properties based on a similarity score calculated for each property. We adjust the price of the most similar properties, if needed. Your property’s ZamEstimate™ is the average adjusted price of the most similar properties.
The tool is currently in Beta mode and we will continuously improve it to add many more parameters based on user feedback. Please let us know what you think about it!
ZamEstimate™ is based on the kind of property listings we have in the database at the time, and is thus limited in terms of accuracy. It is intended to give you a decent idea about the property rates in that particular locality. Zamanzar.com also offers an offline, manual property valuation service for a fee where you get a written property valuation report signed by a licensed property surveyor.
Zamanzar.com is currently ranked within the Top 10 real estate portals in India according to Alexa traffic rank. The company was started in 2007 by Nisheeth Ranjan, a graduate of Cornell University and Stanford University, after having worked in Silicon Valley, California for more than 10 years. Zamanzar.com provides an end to end solution for buying/renting/selling residential or commercial real estate across India. The real estate portal has more than 200,000 property listings and offers online and offline services for buyers, renters, owners, agents, and builders. These services include online marketing, property tours, property appraisals, title checks, financing, negotiation, legal paperwork, property registration etc.