The What, How And Why Of A Bankruptcy Appraisal
If you are filing for bankruptcy, getting a bankruptcy appraisal may be one of the most important things you do. Filing for bankruptcy as a means to control of your finances is a difficult, yet sometimes necessary procedure. When you file, you must provide the court with transparent records of your income, debt and any other financial affiliations. While gathering current bills, collections statements and bank statements may not be so complicated, providing the value of your home is trickier. There are several types of bankruptcy filings. Briefly, a Chapter 13 bankruptcy stipulates that the debtor prepare a repayment plan with creditors, and a Chapter 7 states that
Reasons For Getting A Home Appraisal
Most people think that the only reason to get a home appraisal is because they are refinancing or financing a purchase of a home. There are actually a host of other reasons too. An appraiser is always a valuable third party correspondent in many other circumstances. Here are some examples where an appraisal may come in handy: Selling or Buying(Without Financing): This is one of the most common requests. Get an unbiased opinion of value from a certified appraiser who values homes for a living and does not have an interest in your home appraising too high or too low. Realtors do
What’s The Difference Between Tax Assessments And Appraisals?
When selling your home, it is important to understand the difference between tax assessments and appraisals. While these two processes may seem similar upon first impression, they serve very different purposes when factoring the true value of a home. A tax assessment is something governments can use to establish the value of a home. The tax assessor's office hires a professional company that sometimes uses a technique called a "mass appraisal". This is only useful for tax assessment purposes, and not at all useful for setting the asking price of a home. The assessment is a valuation of what the
What Are The Benefits Of Appraisal Technology?
Technology has revolutionized the appraisal industry. Tools have changed the landscape of the appraisal process. The right appraisal technology saves time and make the process more efficient. Technology can help in a variety of ways. For example, the appraisal process involves an examination of public records. Appraisers used to go to courthouses or mayor's offices to obtain tax records pertinent the property. This would take a long time. Now, using laptops and smart phones, appraisers can access data at the speed of a click. There are other ways technology has helped the appraisal process. Here are a few more examples: Mapping For Comparables Appraisers often
Is An “As-Is” Appraisal A Good Idea?
A local appraiser we work with recently received a call to appraise a home in Florida. The home owner said that his home consisted of 2 acres of land and a partially built residence. He wanted to know if an “as-is” appraisal for the property was a good idea. Normally, homes that are under construction are not good candidates for accurate “as-is” appraisals because it is very difficult or nearly impossible to find comparable homes that have sold while in similar states of repair. Plus, when doing an “as-is” appraisal, the home in its current state is not worth the same amount as the home in
Do Bigger Improvements Get A Better Appraisal?
The short answer is yes. However, the long answer requires some consideration. As we've discussed before, the most accurate appraisal figures come from the comps in the vicinity of the subject property. "Comps" is just a term appraisers use to describe comparable properties in your area. So, comps are homes with the same or similar number of beds, baths, square feet, garages and etc. For example, if homes in your area are selling for $200k and you want your value to be $225k, your home needs to be better than the homes selling. This means more room, spare bedrooms, or
Are Two Appraisals Needed During A Divorce?
The answer really depends on your individual situation. What most of our clients do is just order one appraisal when divorce proceedings are getting close. If the husband and wife can agree on the value then there is no need for a second appraisal. In cases where they can not agree on the value, the husband or wife order a second independent appraisal from a different appraiser and agree on a value in-between the two appraisals. Another reason why you might need two appraisals in a divorce is if you had an appraisal completed when first considering to get divorced and
How You Can Prepare Your Home For An Appraisal
It's common knowledge that homeowners prepare their homes for home sales. They clean and make sure that all possible repair work has been done before the real estate agent and potential buyers visit. It's essential to prepare your home for an appraisal as well. The process leads to a sale and there is no reason not to do everything in your power to help the situation. Here are some things to consider before your upcoming home sale evaluation: Is all the maintenance work done on your home? Is your home painted and is the lawn neat? These are some obvious
What To Look For In An Appraisal Report
You should review your home appraisal report to make sure it was done accurately. The appraisal document contains a lot of information that leads to determining the value of a home. Homeowners should take care to review the appraisal report carefully. As appraisal specialists, we want to help you better understand what to look for in an appraisal report. We want to help homeowners spot check the reports. Here are the top three things to look for when reviewing your appraisal report: 1. Is the subject property reported with the correct bedrooms, baths, garage, pool and etc? Appropriate identification of the subject real estate property is the first
5 Questions To Ask When Choosing The Real Estate Appraiser For Your Needs
Choosing a real estate appraiser is a vital step in the process of selling your home. So, what five questions can you ask your potential appraiser to make sure that you are choosing the best appraiser for your needs? An independent appraisal sets the value for your real estate property, so the professional real estate appraiser you choose should give an unbiased opinion based solely on the condition of your home and the comparative rates of other real estate properties nearby. There are some questions you can ask your potential appraiser to verify that they have the knowledge and credentials
