What Are Appraisal Management Companies and Their Benefits?

Recently, the number of appraisal management companies have grown. Also known as AMCs, they actually work as mediators between real estate appraisers and lenders. The appraisal management company’s role is a buffer. This allows appraisers to produce more USPAP compliant value with impartial opinions of value for real estate. This is advantageous since it removes undue pressure by the lender. And with all these years, many AMCs have provided a lot of benefits for their clients. All you have to do is to find reliable appraisal management services in seattle.

Lately many appraisal management companies have broadcasted a decrease in their order fees to a lot of appraisers since they have notice that many will of course seek for the lowest fee for any services or orders offered. But you still have to be cautious because despite the many AMCs which are offering lower rates, there are those that are less experienced which may greatly affect the business.and additionally poorly done assignments. As a result, there is a hassle which is an increasing demand for lender necessities with each assignment to make. Be wary of these type of appraisers since they may not provide enough support and advices as an experienced professional should. Appraisal management companies also function for quality control. They examine the appraisals for any mistakes before these data is being sent to the lender. Infact, there are appraisal management companies that have quality assurance or quality control systems which will necessitate the appraiser to answer a set of questions or queries. This should be achieved first before the appraisal is submitted to the system. While there are other appraisal management companies that have available appraisers on staff that may review the appraisal reports which are required for lender requirements. But know that these activities will create additional days between especially when the appraisal report needs to be delivered to the appraisal management company, plus the AMC will then need to deliver the report to the lender.

Appraisal management companies are often owned by bank subsidiaries because this is convenient enough since they work for these banks already especially with processing appraisals. There are also other appraisal management companies that are owned by individuals or independent companies however most of them are getting smaller by the number since they are bought by bigger competitors. Know the world of appraisal management well so that you can get the best appraisal management services in Seattle.

The Need for Appraisal Management Services in Seattle

If you want to buy a new house and you want to do it legally and professionally, one of the priorities you might have already embedded in your plans is to buy the property at an reasonable price. But how do you accurately calculate the value of the property? This is where the need for appraisal management services in seattle comes in.

Consultation is made on the efficient and effective appraisal management companies. The services they offer include analyzing each aspect of the house that you are planning to buy. Another service that they offer is providing preliminary research review regarding the house to be bought. They might also make helpful recommendations such as whether it is needed to create any sort of repair or home renovation or if it is no longer needed for the purpose of increasing the home’s value. This gives tons of benefits such as providing hassle free solutions and assistance since you are aware that the money is invested well for the purpose of generating more earnings from the property. In fact, appraisal management services has become an important source of funding for most appraisers. Without these, there will be problems of appraisers having dilemmas of even staying in business or keeping the business afloat which actually have already happened lately in the country. It was a good thing that appraisal management companies are now becoming friendly with appraisers and now providing incentives and raises which attracts more appraisers. 

The main function of these appraisal management companies is to obtain appraisal purchase from financial institutions and home loan organizations which then allows them to deliver to appraisers. This then follows the next important step of delivering the job returning at an immediate turn around time even right after the job is completed. An appraisal management company allows you to have a new business immediately since it provides additional benefit on attracting more customers and potential ones. But another one main reason for subscribing to an appraisal management company is to create more work along with its better quality that it allows you to get what you really want for your business. AMCs or Appraisal management companies actually increase productivity plus they make the best use for all your resources. It is reasonable enough to subscribe to an AMC that is designed to have Appraisal Management Services in Seattle that improve the appraisal process.

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Happy Thanksgiving From Appraisal Management Services NW

What makes a Top Professional Real Estate Service in Seattle

Do you want to buy a new home or do you want to sell it? It is important to have a professional real estate agent that understands you and puts your needs as the priority. Hiring a top professional real estate service in seattle is an absolute must it will save your time and money and keeps you from stress and hassles of selling or buying a new home. so how can you find the best real estate service in Seattle? the First thing in finding the real estate service in seattle is that you have to get referrals ask, your family members, friends and community on where can you find the best real estate service in seattle. A top and a professional real estate service dwells in good feedbacks from previous clients getting referrals and asking people from your environment is a simple yet effective way in finding the right real estate service that is for you. You can also search the newspaper or the internet for the best real estate services in seattle, researching allows you to have a choice of the lists of the top real estate services that is in seattle.

In finding the right real estate service in seattle it is also important to know the traits of a real estate service. a good real estate service is a problem solver they know how to deal with the problems in selling or buying a new home they have creative solutions. A top real estate service is self motivated they know what they are doing and they are motivated in doing their jobs they are smart in making decision regarding the selling or buying a new home. A professional real estate service is honest in doing their job they and they do not dwell and practice dishonest and immoral acts they practice ethics and has a high ethical standards and practices. A professional real estate service has an engaging personality they are respectful and they know how to deal with their clients and understand their needs. A professional real estate service minds the little details in selling or buying a new home they know that every little detail in doing their job is important and they pay attention to it.

A top professional real estate service in seattle is knowledgeable in their field of expertise and they are experienced they know the ups and the downs and all the pros and cons of selling and buying a new home and they maintain the sense of professionalism as they do their job.

Qualities of a Top Real Estate Broker in Seattle

Are you looking for the top real estate broker in seattle? then you have found the best real estate broker in seattle, this company can provide you the best service that you can get. but how can you identify the a top real estate broker? that’s easy, you will have to look for their qualities. Often top real estate brokers dwell in excellence. One quality of a top real estate broker is that they are qualified and they have the proper educational background and training- if you are looking for the best top real estate broker this should be one of the qualities that you will look for.

Trustworthiness is an essential part of identifying a top real estate broker trustworthiness is a trademark and a signature of a real estate broker. Knowing if a certain company is trustworthy or not is knowing the feedback of the previous clients . paying attention to the feedback of a real estate broker will give you an insight of what kind of service a real estate broker company can offer you.

You do not only base an excellent real estate broker only on its trustworthiness and its qualifications you also have to know if the real estate broker offers low price service cost of having a real estate broker could be expensive but quality service does not mean high priced, costly service. A real estate broker has the proper educational background, and training and also gives a reasonable price for service. A top real estate broker also accepts responsibility and takes full account in meeting the needs and expectations of its clients.

A true mark of a top real estate broker in seattle is that they ensure confidentiality of their clients personal information. A top real estate broker puts great value on the confidentiality and respects the privacy of their clients. These are only one of the few qualities that you have to look for in Are you looking for the top real estate broker in seattle? this company can provide you the best service that you can get. Often top real estate brokers dwell in excellence. One quality of a top real estate broker is that they are qualified and they have the proper educational background and training- if you are looking for the best top real estate broker this should be one of the qualities that you will look for.

Characteristics of Seattle Appraisal Management Company

Do you plan on selling your own property? Are you not curious to know on the value and worth of your property now? yes, you can seattle appraisal management company will help you find out the current market value of your property the First thing to do is to locate a company that property appraisal services is the field of expertise. The appraisers should the property and compare your properties or property to other current existing properties. This is an effective way of validating the market value of your property; if the appraiser does not know about the location then most likely he will not come up with a equal market value.

The educational background of the appraiser and the training of the appraiser that you wanted to employ should be carefully examined. The easiest way of examining or finding out if the has a decent educational background is to know if the appraiser is licensed or not american organizations can find out if the appraiser is licensed and accredited for. It is also important to know if your appraiser is worthy of your trust or not. Observing the comments of people on a certain product or service of a company usually is the key to find the appropriate appraisal service for you make sure you got the references of the one that provide the service,

it also important to know the cost of service or the professional service fee or the service fee of a appraisal management company. Quality service does not always mean a high service professional fee you have to look for the best appraisal service with low professional service fee it is also important to know the reputation of the appraisal company feedbacks from previous customer will give you an overview of what kind of appraisal Management Company you are choosing. It is best to know the field of experience of an existing professional appraisal management company, finding the right appraisal management company will help you in fin selling your property the right way. in which you will not be blackmailed or scammed.

the last but not the least it is also important to observe the appraisal management company, to know if they are honest or not. Seattle appraisal management company  is one of those company who are honest and trustworthy by  following the tips above will guide you on finding the right appraisal management company.

The Best Appraisal Management in Seattle

Planning to sell your property is not so easy when you do not know exactly the price on what you are going to sell. Don’t be hasty on selling your property because you might make the wrong decision that could ruin the quality of the property that you are selling. The price of the property must be directly proportional to the quality of the property. There are many considerations in selling your property. It is not hard to locate and trustworthy like the appraisalmanagement in seattle.

There are many different reasons why you should choose the appraisal management in Seattle. They have the best appraisers which checks the real estate property and compare it with other existing properties around the vicinity. They have the absolute expertise to do it and they are trained professionals. They are also experienced in the field which gives them an edge. After they compare the property to other properties in the vicinity then they would validate the the price of the property that you are selling But if the appraiser is not knowledgeable in the aspect then there is no doubt that it will not come up with a fair market value.

The appraiser must definitely be looked at before anything else. The importance of having an appraiser that is licensed , reliable and certified is a priority because it could ruin all of your plans. The trustworthiness of the appraiser must also be apprehended. This may look like its not important but consider this as one of aspects you must prioritize. Make sure you check the reference of your service provider. This will assure their credibility and their reliability to sell your property. If they are confident with the service they offered then they are more worthy to sell your property.

The credibility of the appraisal management and the professionality of the service is guaranteed. It is reasonable for the appraisal management in Seattle to give a bit more pricey service but the service in return will be a satisfaction. It is impossible for quality to not to be pricey because they are to be directly proportional to each other. If the cost of the service is too low of a fee you might want to reconsider  because the service might actually not be good to because of the little fee you would pay. Professional fee varies from one estate seller to the next.

Find the Best Appraisal Company in Seattle

Are you planning to put your property up for sale? Perhaps you are just curious to find out as to how much your property is worth now? Surely, the best appraisal company in Seattle can help you find out just how much your property is worth.

The First Step: Locate

Locate a company whose expertise is on property appraisal services; focusing on real estate property. The appraiser must check the real estate property, and compare this with other existing properties in around the vicinity. This is a great way to validate the price of the property. If the appraiser is not knowledgeable about the location, he almost certainly will not be able to come up with a fair market value.

Qualifying criteria

The educational background and training of the appraiser you wish to hire should and must definitely be looked at - prior to any further discussion. The easiest and safest way to find out if the appraiser you are eyeing is licensed and certified. Organizations such as the American Society of Appraisers, Independent Fee Appraisers, to name a few, can verify if the appraiser you are eyeing to hire is credible and legit.

Trustworthiness

Though some say reputation is not all that important, it actually is when it comes to the appraising business. Satisfied customers are a direct result of a satisfactory, or of a world-class service. Paying great attention to what people has to say about a certain product, service or company is sometimes the key to finding the best appraisal service for your needs. Make sure that you check the references of the service provider. Surely, they will not mind handing over a few numbers for you to call for a slight background check. If they are confident with the service they render, they will be more than happy to open their books for you.

The Cost

The professional fee or the cost of service of a professional appraisal may be a bit high, if not reasonable and at par with the education, skills, trainings that the appraiser has garnered under his or her belt. Appraising takes time and it takes a lot of patience and mobilization cost. Quality work does not always mean high fee, however, if the price quote is too low, you may want to rethink as to what type of ‘work’ will your property be submitted under. Professional fee varies from one provider to the next.  Look for the qualities mentioned above when searching for the best appraisal company in Seattle, and you can be assured that it is worthy of its costs.

The Importance of Getting Professional Appraisal Services in Seattle

 

There are many factors that are involved in property appraisal. Apart from assessing the physical condition of a certain property, there are other things to look into, like the worth of the land that the property is built on, whether this is a home or a commercial building.  Due to the overwhelming and detailed study that goes into finding the value of a certain property, you must never settle for no less than the best and the most professional  appraisal services in Seattle.

Sure, there are a lot of businesses that supply appraisal services in Washington. When a choice is made, caution is the key, especially when choosing which company you should think of retaining for the job.

Considerations must be taken, such as the price of the property, including the lot the structure is built on, and the surrounding areas that may affect the value of the building or the home in question.  A good appraisal will be the difference between selling and buying a property at the right price.  Furthermore, look out for these points when seeking for the help of an appraisal services.

Find an Appraisal Service within the Subject Area

You need to look for the provider that is concentrating on the place where the real estate you are intending to promote is situated. The area where the property is located plays a huge role when figuring out its market value. If the property appraiser does not know the location, the appraised cost may not be fair, just or reasonable.

It’s All about Credentials and Reputation

The training and education of an appraisal service you’d like to employ must have an unquestionable educational background and adequate training. It is vitally important that the knowledge and skills of the appraiser is updated. Always check on The American Society of Appraisers or the Independent Fee Appraisers’ website to check on the background of the service provider you are eyeing to hire.

Field of Experience

It is best to hire the one who is an expert on the type of home you want to be appraised. Such as if you want a presale property to be evaluated, you would then have to hire the appraiser who is a pro in presale properties.

The Critiques and Reputation

One can learn about the property appraiser’s services via looking at his reputation, both on and offline. If the service provider doesn't have a good reputation from the previous clients, this would presume that the service was of no good. Look for evaluations and reviews online, specifically researching about the appraisal provider you are thinking of hiring. Good reviews can only suggest good reputation and good services.

It's possible to procure a market value that is right and fair, just as long as you hire an appraisal services in Seattle provider that signifies and exudes all of the ideal qualities a property appraiser needs to have.

5 Ways to Improve Your Home’s Appraisal

 Deciding to have your home re-financed is a great idea especially if the interest rates are low. If done right, you might get a good mortgage that could be beneficial for you for several years. However, there is one obstacle you need to go through first before getting a good mortgage: home appraisal. How can you go work with a Seattle Appraisal Management company and ensure a good appraisal for your home? Below are 5 tips to keep in mind.

Clean Up

A lot of appraisers do not mind going through a place with a few dirty dishes here and a dusty couch there. However, they will have reservations for any place that attracts a horde of flies, rats and cockroaches. An unkempt house tends to devalue the property as it only reflects what the owner is contented in living with. For a very good rate, make sure that you devote a good time on cleaning up and sprucing the place. A major overhaul is not necessary; just sure that the place is clean enough.

Curb Appeal Matters

Apart from the insides, sprucing up the outside will also result in a good rate. Just like with an unkempt living area, an unkempt lawn will also have an effect on the rate that the Seattle appraisal management company is going to give to you. The key here is to give the appraiser the notion that your living conditions are quite good enough in order to give you a good appraisal rate. So, make sure that you can devote enough time to mow the lawn, trim the hedges and remove any eye sore before the date of appraisal arrives.

Effective Age

Appraisal companies are tasked to give any property an effective age, an age that determines how long the place can be of good use based on its build date and the various maintenance and repairs it needs. Keep in mind that a few blemishes and signs of deterioration will not affect your appraisal’s value. However, major structural deficiencies like broken plumbing and ineffective heating systems might. Keep several aspects of the house in working condition or have them repaired regularly. If you can keep your living conditions habitable despite the structure’s age, the appraisal company is willing to give off a good effective age rate which can lead to a good appraisal.

Focus On the Right Investments

It might be tempting to give your place a major overhaul just get to good value. The truth is that making the place look brand new is not necessary. In fact, it goes against the reason why you are having the place appraised in the first place. To maximize your budget, focus on the right places like painting, plumbing, carpet and light fixtures. The rest can be put on hold until you get your mortgage.

Make the Appraiser Comfortable

There have been cases wherein a Seattle Appraisal Management Company has given their clients a less-than-ideal rate since they feel uninvited or threatened during the appraisal. Make every effort to keep the appraiser safe by removing all kinds of threats and accident-prone factors from your home. In essence, putting the appraiser in a condition where they can’t question your living conditions will always lead to a good value.

What You Should Know About Appraisal Management in Seattle

Appraisal management is an integral part in the real estate industry. However, some people would rather choose to skip the appraisal process and just focus more on the selling or buying of properties. This is usually what happens when a client does not know a lot about appraisals and their importance to real estate transactions. When you are in Seattle and is planning to buy or sell a property in the area, you might want to know some things about appraisal management in Seattle.

Property appraisal does not end when the appraised value of a real estate property is already obtained. There is actually more to that and it includes working as an intermediary between lenders and banks or between buyers and sellers. When the managers do the appraisal, they actually examine different factors of a property and come up with a general result. The genera appraised value is then based on the results.

However, not all appraisal tasks are done in the same manner. Different methods are used according to the type of property being appraised. A property being sold or bought could be brand new or not. The process in appraising a new house is different when appraising one that is made for resale. Also, another method is used when a property is bought or sold for investment purposes. The most common methods used for appraisal includes the sales comparison and cost approach.

The result of the appraisal would highly depend on different factors. Mostly the factors being looked into include the size of the home, its location, the year it was built, and the type of materials used for construction. Other factors are also being considered just like the current state of the property, if it has amenities with it or not, it’s location and basically the general condition of the property. It could go into specific details, but home appraisal is something different from the process of home inspection. 

The appraised value of the property could pretty much depend on the physicality of your home. However, it would somehow depend on the expertise of the appraisal manager doing the task, when a manager is more than capable of doing the appraisal, you can be assured that everything is well taken care of. Professional appraisal managers may ask for a fee that is above average, but they will do the job right for you.

It would be easy to find an appraiser in and around Seattle. However, it would not be the same case when it comes to finding the best property appraisal managers. You may need to look for them carefully and review their qualifications.

If you hire somebody to do appraisal management in Seattle, make sure that he or she is a qualified appraiser. It is a federal requirement for all appraisers to work with a license or certification. The state and federal laws also require appraisers to work with fairness and equality. Conflict of interest should be avoided to provide fair results. Be sure to screen appraisal companies or manages to make sure that your transactions are legal and done with quality.

Qualities to Look For In Appraisal Management Services in Seattle

Getting a good mortgage can be tiring due to the volume of paperwork and assessment required by the process. Fortunately, you can avail of the services of good appraisal management services in Seattle to make this process easier, quicker and far more productive. More likely than not, an appraisal company will act as your bridge towards that mortgage, ensuring that you get the best value for your property. Fortunately, you can easily find a good appraisal company by taking heed of a few qualities that they possess.

Responsibility

The ability to meet the needs is one of the defining characteristics of a good appraisal company. Before hiring one, there are quite a few questions you need to answer. Does the company have the adequate number of appraisers? How is their quality of work, time for turnaround and professionalism? How is the company’s sense of urgency when it comes to meeting with the needs of their clients?

A company who can answer these questions sufficiently will mean that they have the ability to give their clients the appraisal they need in a short amount of time. A client should also be able to hear from the company regularly when it comes to the status of their order. Constant follow-up is the mark of good appraisal management services in Seattle as it allows them to assure their clients that their concerns are being met quickly and sufficiently. By giving off an air of responsibility, the company can give the client the assurance they need, resulting in a very strong bond between client and company.

Trust

In order for an appraisal management company to give out the best results for their clients, they need to give off an air of trust between the company and its appraisers. For instance, the company should be able to answer queries and concerns that cleitns make as they wait for their order. This will give them the assurance that their appraisals are being worked as of that time. Also, a company should provide needed assistance to appraisers to appraisers who are finding issues with the order assigned to them. This way, they can perform a quick yet thorough review for the client to use.

One good sign of credibility in appraisal companies is the presence of testimonials from their past clients. If a client has a good experience with the company’s services, they will be more than willing to give out a good remark for future customers to use. If the services were not up to par, it is also expected that the customer will give out a less-than-flattering remark about the company.

Confidentiality

Finally, a good appraisal company should put great value on the confidentiality of their client’s information. It is important to remember that clients are entrusting their private information to a company in order to get an accurate appraisal; information that could put the client in a precarious position if divulged. The best appraisal management services in Seattle will honor that trust by making sure that the client’s info will not be divulged to other parties. By putting great value on a client’s confidentiality, the company can ensure only the best results of their work for every client that avails of their services.

Signs that You’re Talking to the Wrong Seattle Appraisal Management Company

Nothing is ever perfect. Even the simplest tasks of appraising your property can go wrong at some point as well. Mistakes do happen and some of them could only be mishaps. There are things that are naturally out of our control. This is true and can happen with any Seattle appraisal management company. The small mishaps are very much understandable. However, you cannot let something pass if if it’s already too much and too out of the way.

You can tell if there is something going on with the company you are trying to get to work or you. You have to be very vigilant with the company you deal with. Here are some points that will tell you that you are talking to the wrong people. If you find these things in a certain company you are talking with, then you might need to cut the conversation and choose a better company to serve you.

Beware of offers that are too good to be true. Many companies will lure you into their services by telling you that they can do everything with top rank quality for the shortest period of time and for a very low price. Offers that sound as great as this will surely attract so many customers. However, not all clients are keen enough to distinguish a legitimate offer from faux ones. If you encounter offers like this, you may need to confirm the credibility of the company.

There are many things you can do to check for the legitimacy of a company. The internet has so much more to offer, especially in identifying licensed companies. One good way is to check with the better business bureau if a company exists and if it is still in full operation. Also, you may check a company’s service and reviews with the BBB. You will also see if a company has received complaints about their services.

What you would want to avoid is a company that will try to rip you off your budget. Remember that you are not required to pay for a very expensive rate if you don’t want to and especially if you don’t deserve it. That is why it is helpful if you can ask for quotes from several companies before finally putting your trust in a single entity.

Speaking of trust, you should find a company that will promise and see to it that the processes are done with proper observation of confidentiality. Avoid companies that employ people who are not reliable enough and can’t observe proper work ethics. Aside from checking the background of certain company, it is also important that you check the person who will handle your case personally. Although not necessary, but you may need to remind them that they should observe proper ethics when working.

If an appraiser has a bad history of sharing confidential information with other individuals or companies, then you might have to stay away from that individual. Appraisers can work independently or under a Seattle appraisal management company. The advantage of hiring staff from a trusted company is that they screen their workers to ensure quality services from their customers.

Why Hire From the Best Appraisal Company in Seattle

Getting the exact appraised value for your property is one thing that you should look into, primarily. This should happen even before you put your property up for sale. Knowing the accurate value of your property will help you decide for the final selling price of your property. You can only do this if you hire staff from the best appraisal company in Seattle. You can surely find regular appraisers in town, but the services offered by the staff coming from the best company is just incomparable.

So why should you hire from the best appraisal service company? From the name itself, you will know that the people who work for this kind of company are not only qualified but are highly trustworthy as well. Is trust a big factor with regards to property appraisal? The answer is yes. Large monetary values are involved in these tasks and could be very crucial for third party individuals to know. However, if you hire workers coming from the best Seattle appraisal company, you can rest assured that the results from the appraisal is indisputable.

The best companies that offer appraisal services will not risk their name by employing staff that are not competitive. What is great when you hire their personnel is that you can be assured that they are experienced and qualified individuals. Of course, these people would go through several interviews and exams before they are even hired to work for the company. Also, they are often registered appraisal specialists. They are actually certified and licensed to operate appraisal tasks in Seattle. With this in mind, you can be sure that they can be trusted.

The experts in the field can do the appraisal process at the shortest time frame that they can. Although they do everything quickly, they are still able to process with quality. This is the thing that sets experts apart from the green horns. The experts are used to doing their jobs, they have already found the right techniques to do everything in a swift without the need to risk the quality of their work. They are able to practice full professionalism all the time.

Hiring a good appraisal manager from the best company will give you the assurance of making a great deal by the time you sell or buy a certain property. The appraiser would know the best value of the property. Both buyers and sellers will benefit if they work with an excellent appraiser from the best appraisal company. This would only mean that buyers will make a great buy while sellers enjoy the profit as well. It will actually be a win-win situation between both parties if you trust a professional appraiser in Seattle.

One of the best reasons why you should hire n appraiser is for you t save not only the money but also your precious time. The best appraisal company in Seattle will make sure that you gt the best experience with them. They will never let you wait. They do their tasks with quality and in a timely manner.

Very, very funny appraisal video!!

Very, very funny appraisal video!!

I just kept smiling and laughing!! Definitely one of the best, if not The Best, and Most Original, humorous appraisal video I have ever seen!! Videos by Gary F. Kristensen, A Quality Appraisal, www.aqualityappraisal.com “Thrift Shop” parody called “Portland Appraiser Shop.”  Lotsa comments!! What’s your favorite “Scene”? Mine is what he does with his comp […]

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What You Should Know about Appraisal Services in Seattle

You may expect that appraisal services in Seattle are easy to do and that it would be inappropriate or appraisers to collect high prices for every appraisal they do. You may need to be corrected about that. Ensuing the consistency of information and accuracy of the results may be easy for the experts, but it still requires them to spend time, effort and cash to deliver a quality appraisal value for a certain property. There are some things that you still don’t know about appraisals. Read on and learn more about how the appraisal services are done in Seattle and other important information.

Appraisal methods actually come in varied types. There is an appraisal system that is specific new properties, properties that are for resale and properties for investments. These different types of real estate properties have varied features. That is why the appraisal methods and analysis are different for each area in the real estate industry.

When appraising new properties, it usually looks into the cost first. The real estate item could be new or something that is yet to be built. In some cases a new property would also refer to an old property which was brought down and another one is rebuilt. The cost of the construction, the demolition and the reconstruction is added to the sum of the value of the land.

For the properties that are for resale, appraisers use the sales comparison method. In this type of appraisal, the expenses for construction or the land value is not computed. Instead, the appraised value is based on the value of other properties that have similar features to the property being appraised. The comparables, or the factors that make two different properties somehow similar, are used to determine the possible value of the item being appraised. The value of the house will be compared to the value of another home that was just recently sold, given that they have acceptable comparables.

As for properties that are meant to be bought for investment, there are several factors that need to be scrutinized as well. However, the parameters would be very different from the factors used for new and resale. The factors used for the appraisal of investment properties, mostly focus on the amount of the capital used for investment. The ongoing operating income of the property is also added. A good operational property will basically cost more than those that are not profitable.

You should know that property appraisal services in Seattle do not stop at getting the exact value of a certain property. It does not merely talk about number and how much an item in the real estate field is worth. Appraisals could also work on getting good estimates about how long it usually takes for a certain property to get sold in the area.  That is why, the appraiser will need to get all the details he or she would need. You need to be honest and trust your appraiser with important information. The more information you disclose with your appraiser, the closer the appraised result will be to the actual value.

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Recent Real Estate Reports

Last Thursday, CoreLogic reported that April foreclosure inventory was down nationally by 35% from one year ago to approximately 694,000 homes (1.8% of all homes with a mortgage) from 1.1 million homes (2.7% of all homes with a mortgage).  This represented the 30th consecutive month of declines in the inventory of foreclosed homes with the past 16 months showing declines of 20% or more.  Pre-foreclosure filings also decreased by 28.6% in April from one year ago, declining from 100,000 to 71,000.  This represented a 69% drop from the peak of 229,000 in March of 2009.  CoreLogic noted that this was still substantially higher than the average monthly figure of 13,000 from the 2000 to 2005 period.

Arizona posted the largest year-over-year decline (-55.6%) followed by Utah (-53%), Minnesota (-51.3%), Georgia (-50.1%) and Nevada (-49.0%).  Declines in foreclosure inventory occurred in all 50 states and in Washington D.C. and 45 states had decreases of more than 25%.  A link to the CoreLogic report is found here: Foreclosure Inventory Down 35% Nationally From a Year Ago

One week earlier, CoreLogic reported a general decline in institutional investor activity in the markets they have been following with notable exceptions such as Atlanta, Detroit, Minneapolis and Miami.  The share of sales attributed to institutional investor in Miami jumped from 6.8% in March of 2013 to 17.2% in March of this year, a spike attributed to the acquisition of entire condominium developments by investors.  On the other hand, institutional investor activity in Phoenix fell to 3.6% in March from a high of 13.2% in July 2012 due to rising home prices and declining inventory, a scenario found in many California and Florida markets (Miami notwithstanding).

One day before that report, CoreLogic released another which showed declines in sales from April 2013 to April 2014, particularly with distressed sales which declined by 50%.  Overall, sales declined by 2%.  Short sales fell by 88% to just 0.9% of all transfers with REO sales falling by 25% to 8.9% of all sales.  The largest share of distressed transactions were found in Michigan (28.5%) followed by Illinois (24.8%), Florida (23.2%), Nevada (23.0%) and Georgia (21.3%)  and constituted just 1% of all transfers. 

Last week, the FHFA reported that home prices rose by 1.3% nationally in the first quarter despite weak overall activity with the Pacific Division showing the greatest increase (2.1%) and the Middle Atlantic Division the least (0.1%).  A link to the entire report which includes detailed breakdowns is found here: Federal Housing Finance Agency News Release (Opens a PDF File)

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What Is Going On At The VA?

With the recent attention given to the problems in the Veterans Administration, it is probably a good time to point out that only 6% of appraisers nationally are on the VA appraisal roster.  The VA is in need of appraisers in many parts of the country and by preparing VA appraisals, appraisers can diversify their practices while performing a service to their country.  Interested appraisers should contact their VA Regional Loan Center.

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AppraiserNews is a FREE publication, supported by advertising and sales of products designed to help appraisers support and grow their businesses. Please consider supporting us today by seeing what we and our sponsors have to offer.

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Comedy Skills Can Help You Improve Your Appraisal Practice

Steve Cody, co-founder and CEO of Peppercomm, a New York strategic communications and marketing firm appears to have had appraiser relations with AMCs in mind with this blog post from last week titled “3 Comedy Techniques that can improve your leadership skills”: 3 Comedy Techniques That Can Improve Your Leadership Skills

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Appraiser Help has Released its 2014 Directory of AMC’s and National Appraisal Companies. Click the link above to learn more and to download your copy today!

Appraiser Help’s 2014 Directory of AMCs and National Appraisal Companies is Now Available!

To help appraisers evaluate how AMCs will work for their appraisal practices, we have compiled this expanded directory of AMCs and National Appraisal Companies, listing complete, contact information and other details for each listing.

If you’re looking to maintain or expand your mortgage appraisal practice, our Directory of Appraisal Management and National Appraisal Companies is a great place to start. Order it today for $69.99 and download it immediately!

Please visit our website now to make your purchase securely or contact us at (877) 434-2825 for more information on this comprehensive directory!

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5 Random Tweets Guaranteed To Make You Smile

1 ) Weather forecast for tonight: dark.

2 ) The reason there are two senators for each state is so that one can be the designated driver.

3 ) When a clock is hungry it goes back four seconds.

4 ) If it’s the Psychic Network, why do they need a phone number?

5 ) If you believe in telekinesis, raise my hand.

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Rates & Dates

Freddie Mac, the Mortgage Brokers Association (MBA) and HSH Market Trends reported that mortgage interest rates generally declined in their most recent surveys. 

On May 29th, Freddie Mac reported that 30-year fixed-rate mortgages fell to 4.12% from 4.14% the previous week. They also noted that last year at this time the 30-year rate was at 3.81%. Frank Nothaft, vice president and chief economist of Freddie Mac noted that: "Fixed mortgage rates eased a bit for the fifth consecutive week as reports that existing home sales are up 1.3 percent but not as much as expected. However, new home sales rose 6.4 percent in April to a seasonally adjusted annual rate of 433,000, which followed an upward revision of 11,000 units for the prior two months.

Also, as the spring home buying season continues, we see stronger consumer confidence as house prices remain on the rise. The Conference Board reported that confidence among consumers rose in May after dipping in April. Meanwhile, the S&P/Case-Shiller 20-city composite index rose 0.9 percent in March, above the consensus forecast."

One day earlier, Freddie Mac released their Multi-Indicator Housing Index for March which showed “…the U.S. housing market overall largely flat compared to the prior month and especially since last year at this time”.  A link to their news release and this report is found here: Housing Markets Selling

The Mortgage Bankers Association (MBA) reported on May 28th (for the week ending May 23rd) that 30-year rates with conforming loan balances ($417,500 or less) fell to 4.31% from 4.33%.  The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $417,500) declined from 4.24% to 4.23%.  Rates for FHA backed mortgages also fell, from 4.06% to 4.04%.  These declines brought the rates for all three products to their lowest levels since June of 2013.

Mortgage applications dropped by 1.2% from the previous week with the share of refinance applications as a percentage of all applications remaining at 52%.

On May 30th, HSH Market Trends reported that 30-year mortgage rates dropped to 4.18% (the lowest point since the spring of 2013) from 4.20% the previous week. Rates for FHA-backed mortgages also fell, from 3.95% to 3.91%, the lowest level in approximately six months.

Additional information from Freddie Mac can be found by going to: Primary Mortgage Market Survey PMMS – Freddie Mac

Additional information from the Mortgage Bankers Association can be found by going to their site at: Research and Forecasts – Mortgage Bankers Association

Additional information from HSH can be found by going to: HSH.Com

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Ask Angie

We would first like to congratulate our most recent winner: El Granada, California appraiser James Manning.  Jim appraises properties in San Mateo County in the Silicon Valley area.  He is also the author of a book (Public Trust Betrayed: The Truth about the Real Estate Appraisal Industry) and recently finished a “pilot” for a drama series appropriately called “Hypothetical Assumptions”.  The logline: “After establishing himself as an honest and ethical appraiser, a man whose only interest is doing the right thing must learn to exist in a world of corruption and not succumb to the greed around him.”

Jim was the first to answer correctly that Andrew Lang was responsible for the quote "He uses statistics as a drunken man uses a lamp post, for support rather than illumination"; Leo Tolstoy (in Anna Karenina) wrote "Spring is the time of plans and projects”; and William Shakespeare (in All’s Well That Ends Well) wrote "Love all, trust a few, do wrong to none".

Today’s Questions:

1. Who wrote: "When spring came, even the false spring, there were no problems except where to be happiest. The only thing that could spoil a day was people and if you could keep from making engagements, each day had no limits. People were always the limiters of happiness except for the very few that were as good as spring itself.”

a) Mitt Romney

b) Ernest Hemingway, A Moveable Feast

c) Olivia de Havilland

d) F. Scott Fitzgerald

e) None of the above

2. Who said: "There is no greatness where there is not simplicity, goodness and truth."

a) Ivanna Trump

b) Leo Tolstoy

c)  Donald Trump

d) Leona Helmsley

e) None of the above

3. Who said: “From the moment I picked up your book until I laid it down, I was convulsed with laughter. Someday I intend reading it.”

a) Harpo Marx

b) Groucho Marx

c)  Chico Marx

d) Karl Marx

e) None of the above

The first person to respond with the correct answers wins a choice of one of the following:

One Free Regular Listing on AppraiserHelp.com

A Free Copy of the Newly Released 2014 Directory of Appraisal Management Companies (Available to Members of AppraiserHelp.com and FHAAppraisers.com FREE!)

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Tell us what you think!

We invite your responses to any of the issues raised in this newsletter. Please e-mail us at: bill@appraiserhelp.com with your thoughts!

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We really hope you find our newsletter to be informative!  If you have any input on future topics for discussion, please email me your questions and I will do my best to address them in the next issue.  If you want to look back at past issues you can see our archive at www.appraisernews.com

Regards,

Bill Collins, Appraiser Help Inc.

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