appraisals san diego

Top Five Reasons Why Appraisers Take Pictures

 

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In the past ten years appraisal requirements have significantly changed. One of these changes includes more detailed photos of the property. The appraiser used to include front, rear, and street photos but now there are many more photos required so that the lenders can see and document what the property looks like. Photographs have become increasingly important in the appraisal report so today we will discuss what photos the appraiser is required to include in the report.

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Providing comparables for an appraiser

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Real Estate Agents will often provide appraisers with comparables for their property, but these comparables can often not be used because they are not within the required parameters. Knowing these parameters and providing the appraiser with comparables that meet the requirements will let the appraiser know that you understand what properties are comparable and which are not.

Appraisers are an unbiased third party who is educated and knowledgeable of the market and neighborhood he is appraising. He is hired to provide an honest unbiased opinion of market value for a property. All other parties involved have a vested interest in what the value of the home is and therefore sometimes the appraiser has to determine if the comparables he is provided are truly the best comparables or just the highest priced sales in the neighborhood.

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What should you look for to find the best appraiser in San Diego, CA?

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Finding the best qualified appraisers can be difficult, there are hundreds of appraisers in San Diego, how do you determine which appraiser to select for your appraisal needs? I do not have a list of appraisers to choose from in San Diego, however I do have specific criteria that you should look for when selecting an appraiser.

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What you should know about appraisals

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So many customers have questions about their properties and are unaware of a few key facts when it comes to upgrades and the square footage of their property. I would like to share a few of these with you now.

Appraisers collect a variety of information on each property they appraise and it is helpful when home owners provide a list of upgrades and updates done to the property. They will generally ask for upgrades completed in the last 10 years. If available provide an estimate of what the upgrades cost. Do not forget upgrades that are not a obvious to the appraiser such as heating, cooling, and roof upgrades. This helps the appraiser determine what condition and quality your property is in.

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Multiple Offers? Tell your appraiser

multiple offersThis blog is for all of the Realtors who lost a deal because the appraisal came in below the contract price. You may have had multiple offers with most of them above the appraised value. If this happened to you, I understand your frustration. I know you are thinking to yourself, “ If I have 4 different buyers willing to pay $400,000, how could the appraiser say this it is only worth $390,000?” Keep in mind that as appraisers we are reporting our “opinion of value” and that MUST be supported by facts and market data. We can’t just say that we THINK it is worth $400,000. We have to support our appraisal with facts and market data (aka comparables sales, listings, and market trends). If you have multiple offers you should make the appraiser aware of this.

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Pre-Listing Appraisal


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Homeowners do not always understand how valuable a pre-listing appraisal can be and do not want to spend the money. One of the most common reasons that properties don’t sell or are on the market for an excessive amount of time is because they are overpriced.  If you have a pre-listing appraisal completed you will quickly know what the value of your home is based on the current market and area. The sooner you are able to sell your property the less money that will be wasted on a mortgage payment.

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What is a PMI removal?

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PMI stands for Private Mortgage Insurance. PMI is generally only required when a home buyer puts less than 20% down on a property they are purchasing. It is an insurance to offset losses in case the purchaser is unable to pay their mortgage.

PMI removal is when the home buyer has paid off enough of the property to remove the insurance. In order to have the PMI removed the loan principal must be reduced to 80% of the market value. In order for the principal to be reduced the loan can be paid down, the home value can appreciate, or both. You will need to contact your lender to determine if you qualify for a PMI removal.

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Discounting Fractional Interest

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What is Discounting Fractional Interest?

Discounting Fractional Interest is when a property is owned by two or more people or entities. This is often done so that the cost of maintenance, taxes, and many other costs associated with owning real estate. Because these types of properties are shared between 2 or more owners the fractional value is valued less than the actual value. This is because each fractional part of the property is worth less than the sum of the property as a whole. The lack of marketability and lack of control of the property makes the value of the homeless.

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Real Estate Appraisal vs. Comparative Market Analysis

Reliable Real Estate Appraisers at Brandlin AppraisalsDo appraisers use the cost per square footage to appraise a property?

A comparative market analysis is performed by a real estate agent to determine what a property should sell for. The agent will evaluate properties near the subject property that have recently been listed as sold, pending, active, contingent, cancelled, & expired; these are also known as comparables.  The agent evaluates the list price, sales price, days on market or DOM, and square footage of the property to determine what the property should be listed for. The technique is to take the individual sales price of individual sales and divide the total square footage into the sales price to come up with a cost per square foot per individual sale, they will do this with multiple sales then calculate an average cost per square foot.  This approach is not weighted because it only considers the square footage to determine the value.

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Discounting Fractional Interest // San Diego Appraisals

san diego appraisals brandlin appraisal service

Discounting Fractional Interest is when a property is owned by two or more people or entities. This is often done so that the cost of maintenance, taxes, and many other costs associated with owning real estate. Because these types of properties are shared between 2 or more owners the fractional value is valued less than the actual value. This is because each fractional part of the property is worth less than the sum of the property as a whole. The lack of marketability and lack of control of the property makes the value of the home less.

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