| WSJ.com: Real Estate Updated : Thu, 02 Sep 2010 22:48:32 EDT Help for Hyatt Isn&#... A Jacksonville hotel missed paying its mortgage despite $5 million in help from the Hyatt chain. Publ.Date : Tue, 31 Aug 2010 17:57:32 EDT New Resorts Owners R... Morris Bailey and Dennis Gomes are paying $35 million for Resorts Atlantic City, at a time when gambling revenue is declining and customers are being siphoned off to Pennsylvania venues. Publ.Date : Wed, 01 Sep 2010 14:22:47 EDT Citigroup Gets Burne... The bank is selling its mortgage on the Viceroy Anguilla to Starwood Capital Group at a hefty discount, the latest example of capitulation by a bank that has nursed a troubled real-estate project for years. Publ.Date : Thu, 02 Sep 2010 22:48:20 EDT Capital Freeze Thaws... Real-estate funds saddled with boom-time properties are getting relief from Wall Street firms and other investors hoping to capitalize on their need for cash. Publ.Date : Wed, 01 Sep 2010 14:19:54 EDT Corio's Turkish ... The Dutch company's expansion has yielded disappointing results due to the weak economy, competition and the difficulties of exporting Western shopping concepts to a country steeped in different traditions. Publ.Date : Wed, 01 Sep 2010 05:47:20 EDT Increased Website Traffic |
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Q. - What should I tell the appraiser about my home?
A. - Always tell them about any recent improvements, and have handy any permits for any major work done. Answer any questions they may ask, such as utilities or HOA fees. Sometimes people will go as far as to point out every small issue with a property. An appraiser will notice issues of concerns and those small things may not be a concern in the overall appraisal. Because an appraisal is an opinion of value, those could have a less than favorable effect. Often those are personal preferences and not structural deficiencies. Many home owners may quote what "so and so" sold for down the street. This may not be accurate info, as often people may want to impress the neighbors with a less than truthful answer. That house down the street may not be a good choice and not even used if it has too many differences such as square feet or a different amount of bed and bath rooms. Your appraiser will know about that by county data information anyway. Q. - If my appraisal comes in at a certain dollar amount, is that what I can sell it for? A. - Usually that is a good estimate, as an appraisal is based on local sales in your area. This is not alway the case though, as in a sale the personal character of the property comes into effect. The personal taste of the buyer along with the meeting of the minds between the buyer and seller on price will determine the final value. Q. - What does an appraisal consist of? A. - The appraisal process is a complex data analysis. Many factors come into play. An appraiser forms an "opinion of value" based on current market data in your area. Upgrades or deficits in your property can affect the outcome. Q. - What if I don't agree with the appraisal? A. - Always remember your appraiser has all the training, data, and tools to preform their job. Their job is to provide an "opinion of value" based on documented findings. Their job is for the benefit and protection of both the home owner and the lender. Their professionalism and ethics require them to backup any and all work preformed, with extensive research and statistics. Remember you have emotional attachment to your property and the appraiser is unbias and has specific guidelines they must follow. Q. - What is my pool worth? A. - This is one of the most asked questions. The easiest way to explain this is, if sales are much higher with a pool then the pool has that improved value. However reaction to pools may be very little or none at all. A pool should be considered an amenity that you enjoy and that may make your property sell faster. It may not however reflect a significant dollar amount. Q. - What is over improvement? A. - Remember you can put too much into your property. Your neighborhood has to carry to value of your improvements. For example, improving a 300,000 house by 100,000 in improvements will not bring you 400,000 dollars, if similar properties are selling for 350,000. It will bring the value of the better sales in your area that are similar, not the actual dollar amount you spent. |