Frequently asked Questions about the FHA
Reverse Mortgage (HECM): the reverse mortgage is used by senior homeowners age 62 and older to convert the equity in their home into monthly streams of income and/or a line of credit to be repaid when they no longer occupy the home. A lending institution such as a mortgage lender, bank, credit union or savings and loan association funds the FHA insured loan, commonly known as HECM.
FHA: Federal Housing Administration; established in 1934 to advance homeownership opportunities for all Americans; assists homebuyers by providing mortgage insurance to lenders to cover most losses that may occur when a borrower defaults; this encourages lenders to make loans to borrowers who might not qualify for conventional mortgages.
HELP: Homebuyer Education Learning Program; an educational program from the FHA that counsels people about the home buying process; HELP covers topics like budgeting, finding a home, getting a loan, and home maintenance; in most cases, completion of the program may entitle the homebuyer to a reduced initial FHA mortgage insurance premium-from 2.25% to 1.75% of the home purchase price.
Appraisal: a document from a professional that gives an estimate of a property's fair market value based on the sales of comparable homes in the area and the features of a property; an appraisal is generally required by a lender before loan approval to ensure that the mortgage loan amount is not more than the value of the property.
Appraisal Fee: fee charged by an appraiser to estimate the market value of a property.
Appraised Value: an estimation of the current market value of a property.
Appraiser: a qualified individual who uses his or her experience and knowledge to prepare the appraisal estimate.
Have a question concerning the responsibilities of an FHA approved appraiser?
FHA Appraiser Guidelines
Valuation Experts has state certified home appraisers that are FHA approved. Our experienced FHA property appraisers Charlotte NC covers the following territories:
Counties: Mecklenburg, Union, Gaston, Cabarrus, and Iredell, North Carolina.
Cities: Pineville, Charlotte, Waxhaw, Weddington, Marvin, Indian Trail, Monroe, Huntersville, and more!!!
Sunday, November 2, 2008
Charlotte NC Property Appraiser
Charlotte NC property appraiser use recent sold comparable properties and make adjustments to those homes to make them similar to the subject property.
Here is a preferred list of property appraisers
1. Valuation Experts, Inc.
www.valuation-expert.com 704-989-7283
1. Real Estate Appraisal - Introduction
Until the recent reports in many of the local newspapers, many of us was unaware of what a property appraiser does. So what does a property appraiser do?
The first step that the appraiser takes is to determine and discuss the scope of work with the potential client. The scope of work may include the appraiser measuring the property, or may not include measuring of the property. Other issues concerning the scope of work are: how much investigated work will the appraiser do, and to what extent? A appraisal can be done on any property, whether it's an 1900's victorian, to a new home in a cookie cutter subdivision.
Next the appraiser will determine who the client is, and the intended use of the appraisal, and the intended user of the appraisal. The appraiser will have a contract for the client, and therefore will and can only discuss the appraisal results only to the client. If at the beginning of the appraisal process, the client instructed the appraiser to include other intended users, then and only then the appraiser can discuss with other individuals the appraisals results.
2. Why get a Property Appraisal and What are the Benefits?
When real estate is appreciating, not much concern to the value of the property is taken into consideration. In these markets, buyers usually buy using more emotions, and wants, and they are not really concerned about the value of the property. Now that the markets are soft, and prices are declining in some areas, a real estate appraisal may help you from making a big financial mistake. A big misconception is that a home appraisal for a lending client, is for the benefit of the home buyer. This is simply untrue. The lender orders the appraisal for their sole benefit, not the buyer. The lender wants to know what the home is worth, so they can know how much to lend on, and determine the appropriate LTV.
In soft real estate markets, I urge home buyers to order their on separate real estate appraisal. By doing this, the home buyer will become the client, and therefore less pressure for a certain value for the appraiser to get will be lessened.
What are Some of the Items that Add Value?
A real estate appraiser Charlotte North Carolina, may look at the entire structure, and property improvements to see if any contributory value is noted. For example, in some new subdivisions, there will be a 3,000 square foot home for $400,000, and another 3,000 square foot home for $300,000, and some home buyers and real estate agents do not understand why this can be. Real estate agents and buyers both like using the cost per square foot theory to compare and determine if the property that they are considering buying is within "ball park" range. The first home was sold for $133.00 a square foot, and the second home sold for $100.00 a square foot. By this example, one can easily see why one should not use the square foot method for determining property values. It is certainly OK to use this method as a starting point, and nothing more.
So why the huge difference in values for homes with the same square footage?
Homes in Indian Trail NC vary in design, appeal, and quality of construction. These are the main culprits that make homes differ in price. In new construction subdivisions, prices will vary mainly do the cost to construction of the home, and the amount of upgrades of the home. The cost of construction in Waxhaw NC includes the pitch of the roof; the amount of corners and out sets of the home; brick veneer front, part or whole; exterior detail, and trim work; height of ceilings, number of rooms, and bathrooms. Next, is the amount of interior upgrades. A home buyer must be careful when choosing interior upgrades. Interior upgrades in Weddington North Caolina can add value to your home or detract value from the home. It is also important to realize the price point of other homes in the neighborhood, and determine if the upgrades will support and make sense at the price point of the property that you are considering buying.
For example, if the median price range for the neighborhood is $200,000, it would probably not be benificail to add travertine tile in the kitchen, and all baths, and add exotic imported Italian marble to the counter tops. Although it may be benifiacil to upgrade granite counters in the kitchen, and to add hardwood floors to the lower living area. The point is that a home buyer should study the market, take into consideration the price point of the neighborhood, consider the desirability of the area, and lastly make good upgrade selections.
1. A property appraiser Huntersville NC will consider the intended user and use.
2. A home appraiser Marvin NC will discuss the scope of work with the potential clients.
3. Appraisers Charlotte NC will make a condition rating of the property that is being appraised.
4. An appraiser Charlotte NC will choose comparable sales that are substitute properties for the home being appraised.
5. Appraisers Wesley Chapel North Carolina will take into consideration the quality of construction, condition, location, and size of both the property that is being appraised, and the selected sales.
Here is a preferred list of property appraisers
1. Valuation Experts, Inc.
www.valuation-expert.com 704-989-7283
1. Real Estate Appraisal - Introduction
Until the recent reports in many of the local newspapers, many of us was unaware of what a property appraiser does. So what does a property appraiser do?
The first step that the appraiser takes is to determine and discuss the scope of work with the potential client. The scope of work may include the appraiser measuring the property, or may not include measuring of the property. Other issues concerning the scope of work are: how much investigated work will the appraiser do, and to what extent? A appraisal can be done on any property, whether it's an 1900's victorian, to a new home in a cookie cutter subdivision.
Next the appraiser will determine who the client is, and the intended use of the appraisal, and the intended user of the appraisal. The appraiser will have a contract for the client, and therefore will and can only discuss the appraisal results only to the client. If at the beginning of the appraisal process, the client instructed the appraiser to include other intended users, then and only then the appraiser can discuss with other individuals the appraisals results.
2. Why get a Property Appraisal and What are the Benefits?
When real estate is appreciating, not much concern to the value of the property is taken into consideration. In these markets, buyers usually buy using more emotions, and wants, and they are not really concerned about the value of the property. Now that the markets are soft, and prices are declining in some areas, a real estate appraisal may help you from making a big financial mistake. A big misconception is that a home appraisal for a lending client, is for the benefit of the home buyer. This is simply untrue. The lender orders the appraisal for their sole benefit, not the buyer. The lender wants to know what the home is worth, so they can know how much to lend on, and determine the appropriate LTV.
In soft real estate markets, I urge home buyers to order their on separate real estate appraisal. By doing this, the home buyer will become the client, and therefore less pressure for a certain value for the appraiser to get will be lessened.
What are Some of the Items that Add Value?
A real estate appraiser Charlotte North Carolina, may look at the entire structure, and property improvements to see if any contributory value is noted. For example, in some new subdivisions, there will be a 3,000 square foot home for $400,000, and another 3,000 square foot home for $300,000, and some home buyers and real estate agents do not understand why this can be. Real estate agents and buyers both like using the cost per square foot theory to compare and determine if the property that they are considering buying is within "ball park" range. The first home was sold for $133.00 a square foot, and the second home sold for $100.00 a square foot. By this example, one can easily see why one should not use the square foot method for determining property values. It is certainly OK to use this method as a starting point, and nothing more.
So why the huge difference in values for homes with the same square footage?
Homes in Indian Trail NC vary in design, appeal, and quality of construction. These are the main culprits that make homes differ in price. In new construction subdivisions, prices will vary mainly do the cost to construction of the home, and the amount of upgrades of the home. The cost of construction in Waxhaw NC includes the pitch of the roof; the amount of corners and out sets of the home; brick veneer front, part or whole; exterior detail, and trim work; height of ceilings, number of rooms, and bathrooms. Next, is the amount of interior upgrades. A home buyer must be careful when choosing interior upgrades. Interior upgrades in Weddington North Caolina can add value to your home or detract value from the home. It is also important to realize the price point of other homes in the neighborhood, and determine if the upgrades will support and make sense at the price point of the property that you are considering buying.
For example, if the median price range for the neighborhood is $200,000, it would probably not be benificail to add travertine tile in the kitchen, and all baths, and add exotic imported Italian marble to the counter tops. Although it may be benifiacil to upgrade granite counters in the kitchen, and to add hardwood floors to the lower living area. The point is that a home buyer should study the market, take into consideration the price point of the neighborhood, consider the desirability of the area, and lastly make good upgrade selections.
1. A property appraiser Huntersville NC will consider the intended user and use.
2. A home appraiser Marvin NC will discuss the scope of work with the potential clients.
3. Appraisers Charlotte NC will make a condition rating of the property that is being appraised.
4. An appraiser Charlotte NC will choose comparable sales that are substitute properties for the home being appraised.
5. Appraisers Wesley Chapel North Carolina will take into consideration the quality of construction, condition, location, and size of both the property that is being appraised, and the selected sales.
Thursday, October 30, 2008
How Appraisers in Indian Trail NC Value Homes
Indian Trail is one of the fastest growing towns in Union County, North Carolina. Indian Trail, North Carolina is located East of Charlotte, and in the past four years has experianced a tremendous amount of growth. Property Appraisers in Indian Trail, NC consider the principle of competition that says when the supply of property in the market place is low relative to the demand for such properties, creating excess profits for present property owners, the result is to attract more properties to the market place. If only a few properties are available in Indian Trail, North Carolina those properties will command a much higher price than if there were many properties for sale.
A real estate appraiser may also consider the principles of conformity, progression and regression. In general, particular in residential areas of single-family houses in Indian Trail, buildings should follow the principle of conformity; that is, they should be similar in design, construction, age, condition, and market appeal to other homes in the neighborhood.
Nonconformity may work to the advantage or disadvantage of the owner of the nonconforming property. A home appraiser in Indian Trail, North Carolina, describes progression, as “a house that has not been well maintained but is located in a neighborhood of well kept homes will benefit from the overall good impression created by the neighborhood and its probable desirability”. Regression is the exact opposite.
For example, a mansion home in Weddington, NC a property appraiser may notice that a home been meticulously maintained but is in a neighborhood of homes that have not received regular repair will suffer from the generally unfavorable impression created. A home located in Indian Trail, North Carolina on a small lot may benefit if the majority of the homes are located on much bigger lots. Appraisers Charlotte NC must analyze all information that is readily available. FHA appraisers in Indian Trail, NC also consider several factors that affect the marketability of the subject property. A lender will ensure that an appraiser located in Indian Trail is a FHA approved appraiser. www.valuation-expert.com/Indian_Trail.html
A real estate appraiser may also consider the principles of conformity, progression and regression. In general, particular in residential areas of single-family houses in Indian Trail, buildings should follow the principle of conformity; that is, they should be similar in design, construction, age, condition, and market appeal to other homes in the neighborhood.
Nonconformity may work to the advantage or disadvantage of the owner of the nonconforming property. A home appraiser in Indian Trail, North Carolina, describes progression, as “a house that has not been well maintained but is located in a neighborhood of well kept homes will benefit from the overall good impression created by the neighborhood and its probable desirability”. Regression is the exact opposite.
For example, a mansion home in Weddington, NC a property appraiser may notice that a home been meticulously maintained but is in a neighborhood of homes that have not received regular repair will suffer from the generally unfavorable impression created. A home located in Indian Trail, North Carolina on a small lot may benefit if the majority of the homes are located on much bigger lots. Appraisers Charlotte NC must analyze all information that is readily available. FHA appraisers in Indian Trail, NC also consider several factors that affect the marketability of the subject property. A lender will ensure that an appraiser located in Indian Trail is a FHA approved appraiser. www.valuation-expert.com/Indian_Trail.html
Monday, October 27, 2008
Mecklenburg County NC Appraisers
The value of real estate in Mecklenburg County, North Carolina has risen dramatically in the past 20 years. Although as demand and supply fluctuates, not every property in Mecklenburg will increase in value at the same rate. The real estate market in Mecklenburg, NC has been appreciating on a linear scale. The major market forces are the population level, the strength of the national, and local economy, and the availability of financing.
Home appraisers in Mecklenburg County, North Carolina examine the four forces that create value. For any real estate or commodity to have value, the four elements that create value must be present. These elements are demand, utility, scarcity, and transferability. The most common type of value that an property appraiser in Mecklenburg County, NC uses is market value. Home appraisers describe market value as "the most probale price which a property should bring in an open and competitive market. The buyer and seller must be motivated, and the sale must have been exposed to the market for a resonable amount of time. Furthermore, the sales must be an "arm's lenght transaction". Other values can also be used, such as, investment value, going concern value, liquadation value, etc.
Property appraisers in Charlotte, North Carolina use basic value principles in their appraisal process. The principle of anticipation says that a property's value may be affected by an expectaion of a future event. Such as a residential property turning into a commercail use, or a new highway being built next to a residential subdivision. Appraisers in Mecklenburg must research and anlyaze future uses of other properties.
Real estate appraisers offering appraisals in Charlotte NC must consider the theory or balance. Real estate in Mecklenburg is unique, immovable product. Land will tend to be at its highest value when the four factors of production are in balance, which are land, labor, capital and management. With the appropriate proportion of residential, commerical, and industrail land uses, all properties in Mecklenburg benifit by the ability of the area to attract and keep both residences and business.
All properties in Mecklenburg are influenced by the economic theory of change. No pysical or econonmic condition remains constant. Natural changes, wear and tear, economic changes, all affect the market value of properties that are located in Mecklenburg County, North Carolina.
Home appraisers in Mecklenburg County, North Carolina examine the four forces that create value. For any real estate or commodity to have value, the four elements that create value must be present. These elements are demand, utility, scarcity, and transferability. The most common type of value that an property appraiser in Mecklenburg County, NC uses is market value. Home appraisers describe market value as "the most probale price which a property should bring in an open and competitive market. The buyer and seller must be motivated, and the sale must have been exposed to the market for a resonable amount of time. Furthermore, the sales must be an "arm's lenght transaction". Other values can also be used, such as, investment value, going concern value, liquadation value, etc.
Property appraisers in Charlotte, North Carolina use basic value principles in their appraisal process. The principle of anticipation says that a property's value may be affected by an expectaion of a future event. Such as a residential property turning into a commercail use, or a new highway being built next to a residential subdivision. Appraisers in Mecklenburg must research and anlyaze future uses of other properties.
Real estate appraisers offering appraisals in Charlotte NC must consider the theory or balance. Real estate in Mecklenburg is unique, immovable product. Land will tend to be at its highest value when the four factors of production are in balance, which are land, labor, capital and management. With the appropriate proportion of residential, commerical, and industrail land uses, all properties in Mecklenburg benifit by the ability of the area to attract and keep both residences and business.
All properties in Mecklenburg are influenced by the economic theory of change. No pysical or econonmic condition remains constant. Natural changes, wear and tear, economic changes, all affect the market value of properties that are located in Mecklenburg County, North Carolina.
Monday, October 20, 2008
Charlotte North Carolina Appraisers Discuess Market Value Appraisals
Real estate appraisers use recent sold comparable properties and make adjustments to those homes to make them similar to the subject property.
Here is a preferred list of residential appraisers
1. Valuation Experts, Inc.
www.valuation-expert.com 704-989-7283
1. Real Estate Appraisal - Introduction
Until the recent news reports in many of the local newspapers, many of us was unaware of what a property appraiser in Charlotte, North Carolina does. So what does a property appraiser do?
The first step that the appraiser takes is to determine and discuss the scope of work with the potential client. The scope of work may include the appraiser measuring the property, or may not include measuring of the property. Other issues concerning the scope of work are: how much investigated work will the appraiser do, and to what extent? A appraisal can be done on any property, whether it's an 1900's Victorian, to a new home in a cookie cutter subdivision.
Next the appraiser will determine who the client is, and the intended use of the appraisal, and the intended user of the appraisal. The appraiser will have a contract with the client, and therefore can only discuss the appraisal results only to the client. If at the beginning of the appraisal process, the client instructed the appraiser to include other intended users, then and only then the appraiser can discuss with other individuals the appraisals results.
2. Why get a Real Estate Appraisal and What are the Benefits?
When real estate is appreciating, not much concern to the value of the property is taken into consideration. In these markets, buyers usually buy using more emotions, and wants, and they are not really concerned about the value of the property. Now that the markets are soft, and prices are declining in some areas, a real estate appraisal may help you from making a big financial mistake. A big misconception is that a home appraisal for a lending client, is for the benefit of the home buyer. This is simply untrue. The lender orders the appraisal for their sole benefit, not the buyer. The lender wants to know what the home is worth, so they can know how much to lend on, and determine the appropriate LTV.
In soft real estate markets, I urge home buyers to order their on separate real estate appraisal. By doing this, the home buyer will become the client, and therefore less pressure for a certain value for the appraiser to get will be lessened. Unfortunately, real estate appraisers are pressured to hit values from lenders, and again, in soft or declining real estate markets, the home buyer could loose big.
What are Some of the Items that Add Value?
A real estate appraiser will look at the entire structure, and property improvements to see if any contributory value is noted. For example, in some new subdivisions, there will be a 3,000 square foot home for $400,000, and another 3,000 square foot home for $300,000, and some home buyers and real estate agents do not understand why this can be. Real estate agents and buyers both like using the cost per square foot theory to compare and determine if the property that they are considering buying is within a "ball park" range. The first home was sold for $133.00 a square foot, and the second home sold for $100.00 a square foot. By this example, one can easily see why one should not use the square foot method for determining property values. It is certainly OK to use this method as a starting point, and nothing more.
So why the huge difference in values for homes with the same square footage?
Homes in Charlotte vary in design, appeal, and quality of construction. These are the main culprits that make homes differ in price. In new construction subdivisions, prices will vary mainly do the cost to construction of the home, and the amount of upgrades of the home. The cost of construction includes the pitch of the roof; the amount of corners and out sets of the home; brick veneer front, part or whole; exterior detail, and trim work; height of ceilings, number of rooms, and bathrooms. Next, is the amount of interior upgrades. A home buyer must be careful when choosing interior upgrades. Interior upgrades can add value to your home or detract value from the home. It is also important to realize the price point of other homes in the neighborhood, and determine if the upgrades will support and make sense at the price point of the property that you are considering buying.
For example, if the median price range for the neighborhood is $200,000, it would probably not be beneficial to add travertine tile in the kitchen, and all baths, and add exotic imported Italian marble to the counter tops. Although it may be beneficial to upgrade granite counters in the kitchen, and to add hardwood floors to the lower living area. The point is that a home buyer should study the market, take into consideration the price point of the neighborhood, consider the desirability of the area, and lastly make good upgrade selections. www.charlotte-appraiser.net
1. A appraiser Charlotte NC will consider the intended user and use.
2. A real estate appraiser Charlotte NC will discuss the scope of work with the potential clients.
3. Appraisers Charlotte NC will make a condition rating of the property that is being appraised.
4. An appraiser Charlotte NC will choose comparable sales that are substitute properties for the home being appraised.
5. Appraisers Charlotte North Carolina will take into consideration the quality of construction, condition, location, and size of both the property that is being appraised, and the selected sales.
Here is a preferred list of residential appraisers
1. Valuation Experts, Inc.
www.valuation-expert.com 704-989-7283
1. Real Estate Appraisal - Introduction
Until the recent news reports in many of the local newspapers, many of us was unaware of what a property appraiser in Charlotte, North Carolina does. So what does a property appraiser do?
The first step that the appraiser takes is to determine and discuss the scope of work with the potential client. The scope of work may include the appraiser measuring the property, or may not include measuring of the property. Other issues concerning the scope of work are: how much investigated work will the appraiser do, and to what extent? A appraisal can be done on any property, whether it's an 1900's Victorian, to a new home in a cookie cutter subdivision.
Next the appraiser will determine who the client is, and the intended use of the appraisal, and the intended user of the appraisal. The appraiser will have a contract with the client, and therefore can only discuss the appraisal results only to the client. If at the beginning of the appraisal process, the client instructed the appraiser to include other intended users, then and only then the appraiser can discuss with other individuals the appraisals results.
2. Why get a Real Estate Appraisal and What are the Benefits?
When real estate is appreciating, not much concern to the value of the property is taken into consideration. In these markets, buyers usually buy using more emotions, and wants, and they are not really concerned about the value of the property. Now that the markets are soft, and prices are declining in some areas, a real estate appraisal may help you from making a big financial mistake. A big misconception is that a home appraisal for a lending client, is for the benefit of the home buyer. This is simply untrue. The lender orders the appraisal for their sole benefit, not the buyer. The lender wants to know what the home is worth, so they can know how much to lend on, and determine the appropriate LTV.
In soft real estate markets, I urge home buyers to order their on separate real estate appraisal. By doing this, the home buyer will become the client, and therefore less pressure for a certain value for the appraiser to get will be lessened. Unfortunately, real estate appraisers are pressured to hit values from lenders, and again, in soft or declining real estate markets, the home buyer could loose big.
What are Some of the Items that Add Value?
A real estate appraiser will look at the entire structure, and property improvements to see if any contributory value is noted. For example, in some new subdivisions, there will be a 3,000 square foot home for $400,000, and another 3,000 square foot home for $300,000, and some home buyers and real estate agents do not understand why this can be. Real estate agents and buyers both like using the cost per square foot theory to compare and determine if the property that they are considering buying is within a "ball park" range. The first home was sold for $133.00 a square foot, and the second home sold for $100.00 a square foot. By this example, one can easily see why one should not use the square foot method for determining property values. It is certainly OK to use this method as a starting point, and nothing more.
So why the huge difference in values for homes with the same square footage?
Homes in Charlotte vary in design, appeal, and quality of construction. These are the main culprits that make homes differ in price. In new construction subdivisions, prices will vary mainly do the cost to construction of the home, and the amount of upgrades of the home. The cost of construction includes the pitch of the roof; the amount of corners and out sets of the home; brick veneer front, part or whole; exterior detail, and trim work; height of ceilings, number of rooms, and bathrooms. Next, is the amount of interior upgrades. A home buyer must be careful when choosing interior upgrades. Interior upgrades can add value to your home or detract value from the home. It is also important to realize the price point of other homes in the neighborhood, and determine if the upgrades will support and make sense at the price point of the property that you are considering buying.
For example, if the median price range for the neighborhood is $200,000, it would probably not be beneficial to add travertine tile in the kitchen, and all baths, and add exotic imported Italian marble to the counter tops. Although it may be beneficial to upgrade granite counters in the kitchen, and to add hardwood floors to the lower living area. The point is that a home buyer should study the market, take into consideration the price point of the neighborhood, consider the desirability of the area, and lastly make good upgrade selections. www.charlotte-appraiser.net
1. A appraiser Charlotte NC will consider the intended user and use.
2. A real estate appraiser Charlotte NC will discuss the scope of work with the potential clients.
3. Appraisers Charlotte NC will make a condition rating of the property that is being appraised.
4. An appraiser Charlotte NC will choose comparable sales that are substitute properties for the home being appraised.
5. Appraisers Charlotte North Carolina will take into consideration the quality of construction, condition, location, and size of both the property that is being appraised, and the selected sales.
Friday, October 17, 2008
FHA appraisers in Charlotte, North Carolina describe some of the changes to FHA appraisals
FHA appraisers in Charlotte, North Carolina describe some of the changes to FHA appraisals.
Many FHA appraisal requirements have changed in the past couple of years, and many real estate agents, and property appraisers are unawhare of these changes. The following are some of the new requirements from HUD/FHA and are from the Mortgagee Letter 48-05.
In September 2005, the Federal Housing Administration (FHA) issued Mortgagee Letter 2005-34, which announced the adoption of four of Fannie Mae’s revised appraisal reporting forms as well as the release of Revised Appendix D of Handbook 4150.2, CHG-1. This Mortgagee Letter provides additional guidance regarding FHA’s repair and inspection requirements for existing properties and the use of the Fannie Mae appraisal reporting forms. All appraisal guidance for new construction that serves as security for FHA-insured mortgages remains unchanged beyond the clarification in the Revised Appendix D that the appraiser may appraise a home that is under construction and that is 90% or more complete without benefit of plans and specifications.
In a continuing effort to reform and standardize its appraisal requirements, FHA has shifted from its historical emphasis on the repair of minor property deficiencies and now only requires repairs for those property conditions that rise above the level of cosmetic defects, minor defects or normal wear and tear. FHA Roster Appraisers are reminded to report all readily observable property deficiencies, as well as any adverse conditions discovered performing the research involved in completing the appraisal, within the appraisal reporting form. Lenders should use professional judgment and rely upon prudent underwriting practices in determining when a property condition poses a threat to the safety of an occupant and/or jeopardizes the soundness and structural integrity of the property, such that additional inspections and/or repairs are necessary.
Repair Requirements
As stated in Revised Appendix D, FHA now permits an “as-is” appraisal for existing properties that serve as security for FHA-insured mortgages when minor property deficiencies, which generally result from deferred maintenance and normal wear and tear, do not affect the safety of the occupants or the security and soundness of the property. FHA no longer requires repairs for these types of minor cosmetic deficiencies to bring a property into compliance with FHA Minimum Property Requirements. Specifically, the guidance provided in Handbook 4150.2, CHG-1, Chapter 3, Paragraph 3-6, A-7 referencing all-weather road surfaces; Paragraph 3-6, A-8 referencing poor workmanship; Paragraph 3-6, A-11 referencing debris and trash in crawl space; Paragraph 3-6, A-16 referencing steps without a handrail; Paragraph 3-6, C referencing bare floors, badly soiled carpeting and cracked plaster and sheetrock is no longer applicable. Additionally, the guidance provided in Handbook 4905.1, REV-1, Chapter 2, Paragraph 2-7, A-2 referencing all weather road surfaces; Paragraph 2-8 referencing poor workmanship and Paragraph 2-14, C referencing crawl spaces with debris and trash is no longer applicable. Any reference to the Valuation Condition form (form HUD-92564-VC) and protocol for its completion contained in Handbook 4150.2 is no longer applicable as well. Examples of minor property conditions that no longer require automatic repair for existing properties include, but are not limited to:
· Missing handrails
· Cracked or damaged exit doors that are otherwise operable
· Cracked window glass
· Defective paint surfaces in homes constructed post 1978
· Minor plumbing leaks (such as leaky faucets)
· Defective floor finish or covering (worn through the finish, badly soiled carpeting)
· Evidence of previous (non-active) Wood Destroying Insect/Organism damage where there is no evidence of unrepaired structural damage
· Rotten or worn out counter tops
· Damaged plaster, sheetrock or other wall and ceiling materials in homes constructed post- 1978
· Poor workmanship
· Trip hazards (cracked or partially heaving sidewalks, poorly installed carpeting)
· Crawl space with debris and trash
· Lack of an all weather driveway surface
If you need a home appraisal give Valuation Experts a call. We are FHA approved with the Department of Housing and Urban Development. www.valuation-expert.com
Our real estate FHA appraisers cover Mecklenburg County North Carolina, Union County North Carolina, Iredell County North Carolina, and Cabarrus County, North Carolina. Valuation Experts also offers appraisals in Charlotte NC, Pineville NC, Mint Hill NC, Indian Trail NC, Waxhaw NC, Monroe NC, Weddington NC, Matthews NC, Stallings NC, Marvin NC, Wesley Chapel NC, Huntersville NC, Davidson NC, Harrisburg NC, Mooresville NC, and Concord North Carolina.
www.charlotte-appraiser.net
For home inspections visit: www.charlottehomeinspection.net
For organic products visit www.groworganicnow.com
Many FHA appraisal requirements have changed in the past couple of years, and many real estate agents, and property appraisers are unawhare of these changes. The following are some of the new requirements from HUD/FHA and are from the Mortgagee Letter 48-05.
In September 2005, the Federal Housing Administration (FHA) issued Mortgagee Letter 2005-34, which announced the adoption of four of Fannie Mae’s revised appraisal reporting forms as well as the release of Revised Appendix D of Handbook 4150.2, CHG-1. This Mortgagee Letter provides additional guidance regarding FHA’s repair and inspection requirements for existing properties and the use of the Fannie Mae appraisal reporting forms. All appraisal guidance for new construction that serves as security for FHA-insured mortgages remains unchanged beyond the clarification in the Revised Appendix D that the appraiser may appraise a home that is under construction and that is 90% or more complete without benefit of plans and specifications.
In a continuing effort to reform and standardize its appraisal requirements, FHA has shifted from its historical emphasis on the repair of minor property deficiencies and now only requires repairs for those property conditions that rise above the level of cosmetic defects, minor defects or normal wear and tear. FHA Roster Appraisers are reminded to report all readily observable property deficiencies, as well as any adverse conditions discovered performing the research involved in completing the appraisal, within the appraisal reporting form. Lenders should use professional judgment and rely upon prudent underwriting practices in determining when a property condition poses a threat to the safety of an occupant and/or jeopardizes the soundness and structural integrity of the property, such that additional inspections and/or repairs are necessary.
Repair Requirements
As stated in Revised Appendix D, FHA now permits an “as-is” appraisal for existing properties that serve as security for FHA-insured mortgages when minor property deficiencies, which generally result from deferred maintenance and normal wear and tear, do not affect the safety of the occupants or the security and soundness of the property. FHA no longer requires repairs for these types of minor cosmetic deficiencies to bring a property into compliance with FHA Minimum Property Requirements. Specifically, the guidance provided in Handbook 4150.2, CHG-1, Chapter 3, Paragraph 3-6, A-7 referencing all-weather road surfaces; Paragraph 3-6, A-8 referencing poor workmanship; Paragraph 3-6, A-11 referencing debris and trash in crawl space; Paragraph 3-6, A-16 referencing steps without a handrail; Paragraph 3-6, C referencing bare floors, badly soiled carpeting and cracked plaster and sheetrock is no longer applicable. Additionally, the guidance provided in Handbook 4905.1, REV-1, Chapter 2, Paragraph 2-7, A-2 referencing all weather road surfaces; Paragraph 2-8 referencing poor workmanship and Paragraph 2-14, C referencing crawl spaces with debris and trash is no longer applicable. Any reference to the Valuation Condition form (form HUD-92564-VC) and protocol for its completion contained in Handbook 4150.2 is no longer applicable as well. Examples of minor property conditions that no longer require automatic repair for existing properties include, but are not limited to:
· Missing handrails
· Cracked or damaged exit doors that are otherwise operable
· Cracked window glass
· Defective paint surfaces in homes constructed post 1978
· Minor plumbing leaks (such as leaky faucets)
· Defective floor finish or covering (worn through the finish, badly soiled carpeting)
· Evidence of previous (non-active) Wood Destroying Insect/Organism damage where there is no evidence of unrepaired structural damage
· Rotten or worn out counter tops
· Damaged plaster, sheetrock or other wall and ceiling materials in homes constructed post- 1978
· Poor workmanship
· Trip hazards (cracked or partially heaving sidewalks, poorly installed carpeting)
· Crawl space with debris and trash
· Lack of an all weather driveway surface
If you need a home appraisal give Valuation Experts a call. We are FHA approved with the Department of Housing and Urban Development. www.valuation-expert.com
Our real estate FHA appraisers cover Mecklenburg County North Carolina, Union County North Carolina, Iredell County North Carolina, and Cabarrus County, North Carolina. Valuation Experts also offers appraisals in Charlotte NC, Pineville NC, Mint Hill NC, Indian Trail NC, Waxhaw NC, Monroe NC, Weddington NC, Matthews NC, Stallings NC, Marvin NC, Wesley Chapel NC, Huntersville NC, Davidson NC, Harrisburg NC, Mooresville NC, and Concord North Carolina.
www.charlotte-appraiser.net
For home inspections visit: www.charlottehomeinspection.net
For organic products visit www.groworganicnow.com
Tuesday, October 14, 2008
Waxhaw NC Appraisers
Order Waxhaw North Carolina Appraisal
The value of real estate in Waxhaw, North Carolina has risen dramatically in the past 20 years. Although as demand and supply fluctuates, not every property in Waxhaw will increase in value at the same rate. The real estate market in Waxhaw, NC has been appreciating on a linear scale. The major market forces are the population level, the strength of the national, and local economy, and the availability of financing.
Home appraisers in Waxhaw, North Carolina examine the four forces that create value. For any real estate or commodity to have value, the four elements that create value must be present. These elements are demand, utility, scarcity, and transferability. The most common type of value that an property appraiser in Waxhaw, NC uses is market value. Home appraisers describe market value as "the most probale price which a property should bring in an open and competitive market. The buyer and seller must be motivated, and the sale must have been exposed to the market for a resonable amount of time. Furthermore, the sales must be an "arm's lenght transaction". Other values can also be used, such as, investment value, going concern value, liquadation value, etc.
Property appraisers in Waxhaw, North Carolina use basic value principles in their appraisal process. The principle of anticipation says that a property's value may be affected by an expectaion of a future event. Such as a residential property turning into a commercail use, or a new highway being built next to a residential subdivision. Appraisers in Mecklenburg must research and anlyaze future uses of other properties.
Real estate appraisers offering appraisals in Waxhaw, North Carolina must consider the theory or balance. Real estate in Waxhaw is unique, immovable product. Land will tend to be at its highest value when the four factors of production are in balance, which are land, labor, capital and management. With the appropriate proportion of residential, commerical, and industrail land uses, all properties in Waxhaw benifit by the ability of the area to attract and keep both residences and business.
All properties in Waxhaw are influenced by the economic theory of change. No pysical or econonmic condition remains constant. Natural changes, wear and tear, economic changes, all affect the market value of properties that are located in Waxhaw , North Carolina. Visit our website at www.charlotte-appraiser.net
The value of real estate in Waxhaw, North Carolina has risen dramatically in the past 20 years. Although as demand and supply fluctuates, not every property in Waxhaw will increase in value at the same rate. The real estate market in Waxhaw, NC has been appreciating on a linear scale. The major market forces are the population level, the strength of the national, and local economy, and the availability of financing.
Home appraisers in Waxhaw, North Carolina examine the four forces that create value. For any real estate or commodity to have value, the four elements that create value must be present. These elements are demand, utility, scarcity, and transferability. The most common type of value that an property appraiser in Waxhaw, NC uses is market value. Home appraisers describe market value as "the most probale price which a property should bring in an open and competitive market. The buyer and seller must be motivated, and the sale must have been exposed to the market for a resonable amount of time. Furthermore, the sales must be an "arm's lenght transaction". Other values can also be used, such as, investment value, going concern value, liquadation value, etc.
Property appraisers in Waxhaw, North Carolina use basic value principles in their appraisal process. The principle of anticipation says that a property's value may be affected by an expectaion of a future event. Such as a residential property turning into a commercail use, or a new highway being built next to a residential subdivision. Appraisers in Mecklenburg must research and anlyaze future uses of other properties.
Real estate appraisers offering appraisals in Waxhaw, North Carolina must consider the theory or balance. Real estate in Waxhaw is unique, immovable product. Land will tend to be at its highest value when the four factors of production are in balance, which are land, labor, capital and management. With the appropriate proportion of residential, commerical, and industrail land uses, all properties in Waxhaw benifit by the ability of the area to attract and keep both residences and business.
All properties in Waxhaw are influenced by the economic theory of change. No pysical or econonmic condition remains constant. Natural changes, wear and tear, economic changes, all affect the market value of properties that are located in Waxhaw , North Carolina. Visit our website at www.charlotte-appraiser.net
Friday, September 5, 2008
How to measure a home in Charlotte, NC
When real estate appraisers and real estate measure homes, they usually adhere to what is known as the ANSI Standard. In North Carolina, the Real Estate Commission developed what has become known as the "Yellow Book". These guidelines that were developed by the Commission, basically mirror the ANSI guidelines.
Some quick facts on how to measure a home, and what is included in the finished heated, living areas:
1. A home must be heated by a fixed system. This includes, but is not limited to: forced/ducted systems, radiant or solar heat, that is permantly attached to the dwelling. A portable heater is not considered as a coventional heating system.
A property does not have to have a A/C system.
2. A home should be finihsed with similar materials that are accepted by the market.
3. The ceiling height should be of atleast seven feet. Some exceptions apply.
4. For a room to be considered as living area, it has to be directly accessible through other heated, and finished living areas. For example, a room cannot be counted as a living area if it can only be accessed through the garage.
5. Any area that is below grade, cannot be counted as "above grade living area", no matter how good the quality of the finish is.
This does not mean that the area below grade is worth less than the area above grade. In some homes, the quality of constrcution is equal to, or better than the above grade living area. Although in some homes, mainly older homes, the quality is inferior with such items such as veneer panel walls, and drop ceilings.
So why does my square footage differ from the plans when purchased new, or the county tax records?
On average, the home will grow from when it is compared to the plan square footage. The appraiser or real estate agent should measure the home from the exterior, at the FACE OF THE WALL, not from the vertical trim pieces. While the county tax accessor does measure each and every home, they do round the numbers a little differantly than appraisers, and they have to measure every home in an entire city, so mistakes are bound to happen.
The American National Standards Institute (ANSI) adopted a standard for measuring single-family residences. This standard is known as Z765. This standard is reconized by architects, various state boards, Fannie Mae, and HUD/FHA.
Some quick facts on how to measure a home, and what is included in the finished heated, living areas:
1. A home must be heated by a fixed system. This includes, but is not limited to: forced/ducted systems, radiant or solar heat, that is permantly attached to the dwelling. A portable heater is not considered as a coventional heating system.
A property does not have to have a A/C system.
2. A home should be finihsed with similar materials that are accepted by the market.
3. The ceiling height should be of atleast seven feet. Some exceptions apply.
4. For a room to be considered as living area, it has to be directly accessible through other heated, and finished living areas. For example, a room cannot be counted as a living area if it can only be accessed through the garage.
5. Any area that is below grade, cannot be counted as "above grade living area", no matter how good the quality of the finish is.
This does not mean that the area below grade is worth less than the area above grade. In some homes, the quality of constrcution is equal to, or better than the above grade living area. Although in some homes, mainly older homes, the quality is inferior with such items such as veneer panel walls, and drop ceilings.
So why does my square footage differ from the plans when purchased new, or the county tax records?
On average, the home will grow from when it is compared to the plan square footage. The appraiser or real estate agent should measure the home from the exterior, at the FACE OF THE WALL, not from the vertical trim pieces. While the county tax accessor does measure each and every home, they do round the numbers a little differantly than appraisers, and they have to measure every home in an entire city, so mistakes are bound to happen.
The American National Standards Institute (ANSI) adopted a standard for measuring single-family residences. This standard is known as Z765. This standard is reconized by architects, various state boards, Fannie Mae, and HUD/FHA.
Thursday, September 4, 2008
Appraisal Types Offered Charlotte, NC
Valuation Experts offers more detail, research, and analysis in our base appraisal reports, as compared to our compettion.
Valuation Experts offers a variety of appraisal products in order to meet our clients needs. Many clients are under the impression that all appraisal products are the same, all appraisers do the same amount of research and anaylsis, and that all appraisers will come up with the same value conclusion. This is simply not true. The recent changes to USPAP now allows the appraiser to offer different types of appraisal products. This is called the Scope of Work rule.
Scope of Work: the type and extent of research and analysis in an assignment.
Scope of work includes, but is not limited to:
- the extent to which the property is identified;
- the extent to which tangible property is inspected;
- the type and extent of data researched; and
- the type and extent of analysis applied to arrive at opinions or conclusions.
An appraiser must be prepared to demonstrate that the scope of work is sufficient to produce credible assignment results, that credible assignment results require support by relevant evidence and logic, and that the credibility of assignment results is always measured in the context of the intended use.
Each written appraisal report must be prepared under one of the following options:
- Self-Contained Appraisal Report
- Summary Appraisal Report
- Restricted Use Appraisal Report
The most common type of reporting option is the Summary Appraisal Report. As noted by the name, this report is a summarization of the data, techniques, etc. used in the report. The majority of the data and techniques are kept in the appraisers work file.
We are a full service appraisal, consulting and real estate solutions provider located in Matthews, North Carolina. We are FHA approved, and specialize in high-end residential properties, golf course communities, and lake front properties. We also have extensive experience appraising REO/Foreclosure properties for Fannie Mae.
Our main areas for our appraisal services are: Mecklenburg County, Union County, Gaston County, Iredell County, and Cabarrus County.
The President of the company is a North Carolina native, and is a State Certified Appraiser, a State Licensed RE Broker, and a State Licensed General Contractor. Our President has extensive knowledge in the field of real estate, and construction. Our Family is very active in the development of residential subdivisions in Mecklenburg, Union County, and the surrounding areas.
We are proud of our history and look forward to a future that includes even more innovative ways to give our clients the competitive edge they require.
Our certified FHA appraisers are ready to serve you!!
Valuation Experts offers a variety of appraisal products in order to meet our clients needs. Many clients are under the impression that all appraisal products are the same, all appraisers do the same amount of research and anaylsis, and that all appraisers will come up with the same value conclusion. This is simply not true. The recent changes to USPAP now allows the appraiser to offer different types of appraisal products. This is called the Scope of Work rule.
Scope of Work: the type and extent of research and analysis in an assignment.
Scope of work includes, but is not limited to:
- the extent to which the property is identified;
- the extent to which tangible property is inspected;
- the type and extent of data researched; and
- the type and extent of analysis applied to arrive at opinions or conclusions.
An appraiser must be prepared to demonstrate that the scope of work is sufficient to produce credible assignment results, that credible assignment results require support by relevant evidence and logic, and that the credibility of assignment results is always measured in the context of the intended use.
Each written appraisal report must be prepared under one of the following options:
- Self-Contained Appraisal Report
- Summary Appraisal Report
- Restricted Use Appraisal Report
The most common type of reporting option is the Summary Appraisal Report. As noted by the name, this report is a summarization of the data, techniques, etc. used in the report. The majority of the data and techniques are kept in the appraisers work file.
We are a full service appraisal, consulting and real estate solutions provider located in Matthews, North Carolina. We are FHA approved, and specialize in high-end residential properties, golf course communities, and lake front properties. We also have extensive experience appraising REO/Foreclosure properties for Fannie Mae.
Our main areas for our appraisal services are: Mecklenburg County, Union County, Gaston County, Iredell County, and Cabarrus County.
The President of the company is a North Carolina native, and is a State Certified Appraiser, a State Licensed RE Broker, and a State Licensed General Contractor. Our President has extensive knowledge in the field of real estate, and construction. Our Family is very active in the development of residential subdivisions in Mecklenburg, Union County, and the surrounding areas.
We are proud of our history and look forward to a future that includes even more innovative ways to give our clients the competitive edge they require.
Our certified FHA appraisers are ready to serve you!!
Home Measuring Charlotte, Mecklenburg, Union, NC
Top Five Reasons for Getting a Home Measured:
1. Reduces the Liability for all parties.
2. Saves time!! Let's you do what you do best, and that is list and sell homes!!
3. Provides a potential buyer with a visualization tool. This in turn will save you time and money because it narrows down the choices and helps the potential buyer make a faster and more informed decision.
4. Improves the MLS data. Everyone knows how inaccurate the tax records are.
5. Less hassles. More than likely the lender will order a home appraisal. An appraiser will then measure the home to determine the square footage. If the home was listed at the incorrect square footage, the appraised value could be different than what was to be expected. This could cause the loan to fall through, and in turn, you could have a disgruntled seller and buyer. Home measuring Charlotte NC
Valuation Experts is a residential property appraising firm offering home appraisals in Charlotte and the surrounding areas. We have local expertise dedicated to providing appraisals and other real estate services through analytic discipline and a team approach. Our company's philosophy is to provide a objective appraisal to our clients in making informed lending, buying, and selling decisions. All of our appraisers are certified by the State of North Carolina
and are FHA approved appraisers.
Monday, August 25, 2008
Appraisal Charlotte NC
What is a Real Estate Appraisal in Charlotte, NC?
Order Appraisal Charlotte NC
Mecklenburg County is one of the fastest growing counties in North Carolina. This area has experienced a tremendous amount of growth. Property Appraisers in NC consider the principle of competition that says when the supply of property in the market place is low relative to the demand for such properties, creating excess profits for present property owners, the result is to attract more properties to the market place. If only a few properties are available in Union, NC those properties will command a much higher price than if there were many properties for sale.
A real estate appraiser located in Charlotte, NC may also consider the principles of conformity, progression and regression. In general, particular in residential areas of single-family houses in the area, buildings should follow the principle of conformity; that is, they should be similar in design, construction, age, condition, and market appeal to other homes in the neighborhood.
Nonconformity in Mecklenburg, NC may work to the advantage or disadvantage of the owner of the nonconforming property. A home appraiser in Cabarrus, North Carolina, describes progression, as “a house that has not been well maintained but is located in a neighborhood of well kept homes will benefit from the overall good impression created by the neighborhood and its probable desirability”. Regression is the exact opposite. Valuation Experts are FHA approved, and State Certified.
For example, a mansion home in Charlotte, NC that has been meticulously maintained but is in a neighborhood of homes that have not received regular repair will suffer from the generally unfavorable impression created. A home located in Union, NC on a small lot may benefit if the majority of the homes are located on much bigger lots. An appraiser must analyze all information that is readily available. FHA appraisers in Mecklenburg County, NC also consider several factors that affect the marketability of the subject property. A lender will ensure that an appraiser located in NC is a FHA Charlotte approved appraiser. Copyright 2007-2008. Valuation Experts, Inc. All rights reserved.
Order Appraisal Charlotte NC
Mecklenburg County is one of the fastest growing counties in North Carolina. This area has experienced a tremendous amount of growth. Property Appraisers in NC consider the principle of competition that says when the supply of property in the market place is low relative to the demand for such properties, creating excess profits for present property owners, the result is to attract more properties to the market place. If only a few properties are available in Union, NC those properties will command a much higher price than if there were many properties for sale.
A real estate appraiser located in Charlotte, NC may also consider the principles of conformity, progression and regression. In general, particular in residential areas of single-family houses in the area, buildings should follow the principle of conformity; that is, they should be similar in design, construction, age, condition, and market appeal to other homes in the neighborhood.
Nonconformity in Mecklenburg, NC may work to the advantage or disadvantage of the owner of the nonconforming property. A home appraiser in Cabarrus, North Carolina, describes progression, as “a house that has not been well maintained but is located in a neighborhood of well kept homes will benefit from the overall good impression created by the neighborhood and its probable desirability”. Regression is the exact opposite. Valuation Experts are FHA approved, and State Certified.
For example, a mansion home in Charlotte, NC that has been meticulously maintained but is in a neighborhood of homes that have not received regular repair will suffer from the generally unfavorable impression created. A home located in Union, NC on a small lot may benefit if the majority of the homes are located on much bigger lots. An appraiser must analyze all information that is readily available. FHA appraisers in Mecklenburg County, NC also consider several factors that affect the marketability of the subject property. A lender will ensure that an appraiser located in NC is a FHA Charlotte approved appraiser. Copyright 2007-2008. Valuation Experts, Inc. All rights reserved.
Sunday, August 17, 2008
Home Values Charlotte North Carolina
Valuation Experts is your local home appraiser. Unino County is one of the most desirable areas in North Carolina. And even further down the spectrum you see areas that are splendid where NC house values are strong. The best way to find out the accurate truth is to order an real estate home appraisal from Valuation Experts.
How can you determine Union County, North Carolina Property Values? By hiring a local property appraiser who has extensice experiance appraising Waxhaw, North Carolina Properties. Because of this, the appraiser's job holds great importance to anyone who seeks to buy or sell a home in Union County, as they are the ones who through extensive research determine Indian Trail property values.
Home value is very important in Monroe, as homes values could be deprecaiting. There is nothing more encouraging than knowing the actual property value of your Union, NC. Get your Home Value form a home appraiser who knows Marvin, NC well. Home value is determined by critically examining all of the available data related to a particular home. Many Weddington Realtors now have the ability to post all of the listings in the Carolina MLS on their own public websites. Most Multiple Listing Services also upload their inventory to national sites. These numbers can be misleading in a declining market.
A property coupled with an appraisal equates to Union County, home value. This is accomplished by taking recently sold sales, and active and pending listings of the Mecklenburg, County home and comparing it to an average set of standards, which are dictated by the Waxhaw, NC home values in the area. In its simplest form the home is compared to House A and to House B and from there an estimated home value is determined. Although this is a brief summary at best, it does help to illustrate the principles of home evaluation. Get fha appraisers in Mecklenburg, NC www.valuation-expert.com or www.charlotte-appraiser.net.
Get a real estate appraisal today by clicking on the “order appraisal tab”. In the world of Iredell County, North Carolina real estate there is nothing more important than a Cabarrus, County NC real estate FHA appraisal. Since this is the case, understanding some of the aspects that a real estate appraisal looks at should be a top priority for anyone wishing to buy or sell property because an educated consumer is most often a happy one. Determine your home value by ordering a real estate appraisal from Valuation Experts, in Matthews, Charlotte, Union County, North Carolina.
How can you determine Union County, North Carolina Property Values? By hiring a local property appraiser who has extensice experiance appraising Waxhaw, North Carolina Properties. Because of this, the appraiser's job holds great importance to anyone who seeks to buy or sell a home in Union County, as they are the ones who through extensive research determine Indian Trail property values.
Home value is very important in Monroe, as homes values could be deprecaiting. There is nothing more encouraging than knowing the actual property value of your Union, NC. Get your Home Value form a home appraiser who knows Marvin, NC well. Home value is determined by critically examining all of the available data related to a particular home. Many Weddington Realtors now have the ability to post all of the listings in the Carolina MLS on their own public websites. Most Multiple Listing Services also upload their inventory to national sites. These numbers can be misleading in a declining market.
A property coupled with an appraisal equates to Union County, home value. This is accomplished by taking recently sold sales, and active and pending listings of the Mecklenburg, County home and comparing it to an average set of standards, which are dictated by the Waxhaw, NC home values in the area. In its simplest form the home is compared to House A and to House B and from there an estimated home value is determined. Although this is a brief summary at best, it does help to illustrate the principles of home evaluation. Get fha appraisers in Mecklenburg, NC www.valuation-expert.com or www.charlotte-appraiser.net.
Get a real estate appraisal today by clicking on the “order appraisal tab”. In the world of Iredell County, North Carolina real estate there is nothing more important than a Cabarrus, County NC real estate FHA appraisal. Since this is the case, understanding some of the aspects that a real estate appraisal looks at should be a top priority for anyone wishing to buy or sell property because an educated consumer is most often a happy one. Determine your home value by ordering a real estate appraisal from Valuation Experts, in Matthews, Charlotte, Union County, North Carolina.
Monday, August 4, 2008
Things to do in Charlotte North Carolina
Weddington www.charlotte-appraiser.net
The Town of Weddington, North Carolina is located in Union County, and in the past four years has experianced a tremendous amount of growth. Property Appraisers in Weddington, NC consider the principle of competition that says when the supply of property in the market place is low relative to the demand for such properties, creating excess profits for present property owners, the result is to attract more properties to the market place. If only a few properties are available in Weddington, North Carolina those properties will command a much higher price than if there were many properties for sale.
Another great place to live in is Charlotte, North Carolina. Charlotte is a fast growing city with a great Downtown area. Charlotte NC has great places to eat and great real estate appraisers. For more information about Charlotte and the surrounding areas, go to www.valuation-expert.com
A real estate appraiser located in Weddington, North Carolina may also consider the principles of conformity, progression and regression. In general, particular in residential areas of single-family houses in Weddington, buildings should follow the principle of conformity; that is, they should be similar in design, construction, age, condition, and market appeal to other homes in the neighborhood.
Nonconformity in Weddington, NC may work to the advantage or disadvantage of the owner of the nonconforming property. A home appraiser in Weddington, North Carolina, describes progression, as “a house that has not been well maintained but is located in a neighborhood of well kept homes will benefit from the overall good impression created by the neighborhood and its probable desirability”. Regression is the exact opposite.
For example, a mansion home in Weddington, NC that has been meticulously maintained but is in a neighborhood of homes that have not received regular repair will suffer from the generally unfavorable impression created. A home located in Weddington, North Carolina on a small lot may benefit if the majority of the homes are located on much bigger lots. An appraiser must analyze all information that is readily available.
The Town of Weddington, North Carolina is located in Union County, and in the past four years has experianced a tremendous amount of growth. Property Appraisers in Weddington, NC consider the principle of competition that says when the supply of property in the market place is low relative to the demand for such properties, creating excess profits for present property owners, the result is to attract more properties to the market place. If only a few properties are available in Weddington, North Carolina those properties will command a much higher price than if there were many properties for sale.
Another great place to live in is Charlotte, North Carolina. Charlotte is a fast growing city with a great Downtown area. Charlotte NC has great places to eat and great real estate appraisers. For more information about Charlotte and the surrounding areas, go to www.valuation-expert.com
A real estate appraiser located in Weddington, North Carolina may also consider the principles of conformity, progression and regression. In general, particular in residential areas of single-family houses in Weddington, buildings should follow the principle of conformity; that is, they should be similar in design, construction, age, condition, and market appeal to other homes in the neighborhood.
Nonconformity in Weddington, NC may work to the advantage or disadvantage of the owner of the nonconforming property. A home appraiser in Weddington, North Carolina, describes progression, as “a house that has not been well maintained but is located in a neighborhood of well kept homes will benefit from the overall good impression created by the neighborhood and its probable desirability”. Regression is the exact opposite.
For example, a mansion home in Weddington, NC that has been meticulously maintained but is in a neighborhood of homes that have not received regular repair will suffer from the generally unfavorable impression created. A home located in Weddington, North Carolina on a small lot may benefit if the majority of the homes are located on much bigger lots. An appraiser must analyze all information that is readily available.
Sunday, August 3, 2008
How Appraisers Can Get More Business
Mecklenburg County www.valuation-expert.com
www.charlotte-appraiser.net
The value of real estate in Mecklenburg County, North Carolina has risen dramatically in the past 20 years. Although as demand and supply fluctuates, not every property in Mecklenburg will increase in value at the same rate. The real estate market in Mecklenburg, NC has been appreciating on a linear scale. The major market forces are the population level, the strength of the national, and local economy, and the availability of financing.
FHA Home appraisers in Mecklenburg County, North Carolina examine the four forces that create value. For any real estate or commodity to have value, the four elements that create value must be present. These elements are demand, utility, scarcity, and transferability. The most common type of value that an property appraiser in Mecklenburg County, NC uses is market value. Home appraisers describe market value as "the most probable price which a property should bring in an open and competitive market. The buyer and seller must be motivated, and the sale must have been exposed to the market for a reasonable amount of time. Furthermore, the sales must be an "arm's length transaction". Other values can also be used, such as, investment value, going concern value, liquidation value, etc.
FHA Property appraisers in Mecklenburg County, North Carolina use basic value principles in their appraisal process. The principle of anticipation says that a property's value may be affected by an expectation of a future event. Such as a residential property turning into a commercial use, or a new highway being built next to a residential subdivision. Appraisers in Mecklenburg must research and analyze future uses of other properties.
Real estate appraisers offering appraisals in Mecklenburg, North Carolina must consider the theory or balance. Real estate in Mecklenburg is unique, immovable product. Land will tend to be at its highest value when the four factors of production are in balance, which are land, labor, capital and management. With the appropriate proportion of residential, commercial, and industrial land uses, all properties in Mecklenburg benefit by the ability of the area to attract and keep both residences and business.
All properties in Mecklenburg County NC are influenced by the economic theory of change. No physical or economic condition remains constant. Natural changes, wear and tear, economic changes, all affect the market value of properties that are located in Mecklenburg County, North Carolina. Copyright 2007-2008. Valuation Experts, Inc. All rights reserved. Waxhaw NC, Indian Trail NC, Charlotte NC, Weddington NC, Matthews NC, Huntersville NC, Marvin NC. Make sure your appraiser is local, and experienced, and beware of those middle man management appraisal firms.
www.charlotte-appraiser.net
The value of real estate in Mecklenburg County, North Carolina has risen dramatically in the past 20 years. Although as demand and supply fluctuates, not every property in Mecklenburg will increase in value at the same rate. The real estate market in Mecklenburg, NC has been appreciating on a linear scale. The major market forces are the population level, the strength of the national, and local economy, and the availability of financing.
FHA Home appraisers in Mecklenburg County, North Carolina examine the four forces that create value. For any real estate or commodity to have value, the four elements that create value must be present. These elements are demand, utility, scarcity, and transferability. The most common type of value that an property appraiser in Mecklenburg County, NC uses is market value. Home appraisers describe market value as "the most probable price which a property should bring in an open and competitive market. The buyer and seller must be motivated, and the sale must have been exposed to the market for a reasonable amount of time. Furthermore, the sales must be an "arm's length transaction". Other values can also be used, such as, investment value, going concern value, liquidation value, etc.
FHA Property appraisers in Mecklenburg County, North Carolina use basic value principles in their appraisal process. The principle of anticipation says that a property's value may be affected by an expectation of a future event. Such as a residential property turning into a commercial use, or a new highway being built next to a residential subdivision. Appraisers in Mecklenburg must research and analyze future uses of other properties.
Real estate appraisers offering appraisals in Mecklenburg, North Carolina must consider the theory or balance. Real estate in Mecklenburg is unique, immovable product. Land will tend to be at its highest value when the four factors of production are in balance, which are land, labor, capital and management. With the appropriate proportion of residential, commercial, and industrial land uses, all properties in Mecklenburg benefit by the ability of the area to attract and keep both residences and business.
All properties in Mecklenburg County NC are influenced by the economic theory of change. No physical or economic condition remains constant. Natural changes, wear and tear, economic changes, all affect the market value of properties that are located in Mecklenburg County, North Carolina. Copyright 2007-2008. Valuation Experts, Inc. All rights reserved. Waxhaw NC, Indian Trail NC, Charlotte NC, Weddington NC, Matthews NC, Huntersville NC, Marvin NC. Make sure your appraiser is local, and experienced, and beware of those middle man management appraisal firms.
Wednesday, July 16, 2008
FHA Appraiser Program Charlotte, North Carolina
www.charlotte-appraiser.net
FHA/HUD News:
As you know, in response to the housing crisis, FHA has expanded its mission to help more Americans facing foreclosure refinance into safer, more affordable mortgages. In late August 2007, President Bush introduced a new product called FHASecure for homeowners who were unable to make their mortgage payments after their interest rate reset. Since then, more than 260,000 families have refinanced with FHA. Hundreds of thousands more will refinance with FHA by the end of the year.
Starting on July 14th, FHASecure will begin to provide additional assistance to subprime borrowers with adjustable rate mortgages, and help to restore liquidity and stability to the markets. It will assist families who have missed up to three monthly mortgage payments over the previous 12 months or have experienced temporary economic hardship, such as loss of overtime or medical needs, as well as those who were affected by payment shock. The expansion will also encourage lenders to voluntarily write down outstanding subprime mortgage principal.
We estimate this plan will help an additional 100,000 families refinance into more affordable FHA-insured loans by the end of the year.
The combination of all efforts under FHASecure will help a total of 500,000 families by year's end. Our monthly refinancings this fiscal year are already more than five times the level of 2006. It is clear people are coming to us as their solution for the future.
As part of this expansion, we are instituting a fairer, more flexible premium pricing structure at FHA. Like any other insurance company, FHA will begin pricing the insurance premiums for these borrowers according to their credit risk. This will eliminate a pricing inequity that treats applicants with a low risk of default the same as those with a high risk of default.
Risk-based pricing will benefit many borrowers, especially lower-income American families. In FHA's portfolio, families with the lower incomes actually have higher FICO scores. These are hard-working American families who live within their means and pay their bills on time. Pricing mechanisms should reflect that fact.
The bill currently moving through the Senate would place a moratorium on risk-based pricing. That would be a big mistake. FHA will have to increase premiums across the board on all borrowers or, alternatively, seek taxpayer funds in October to cover potential losses, or cut back on the program at the very time we are an island of hope for hundreds of thousands of Americans.
In addition to a possible moratorium on risk-based pricing, Congress may require FHA to accept mortgage insurance loans with seller-funded down payment assistance. The option for FHA not to insure such mortgages would be removed. This would not only be costly for FHA but could be expensive for taxpayers, too. Even if FHA raised premiums to a max of 2.25 percent upfront for all borrowers across the board, it would still need to seek an appropriation to cover the losses caused this practice.
We have issued a regulation to address seller-funded down payments. We are in a comment period right now, and I intend to look hard at those comments. Therefore, I do not want to discuss this matter in great detail. The comments are important to us and we will look at them carefully. But the reason for our efforts to regulate in this area is that FHA-backed mortgages with seller-funded down payments go into foreclosure at three times the rate of FHA's remaining portfolio. Because of a lack of equity, losses on these seller-funded down payment mortgages are significantly greater. We remain solvent and in good shape today. But no insurance company can continue to absorb losses of this magnitude.
At the end of the day, I hope reason will prevail. FHA is more important to the mortgage market now than it has been for many years. FHA's volume and market share continue to grow every month. I hope final legislation from Congress would put forward actions that can keep FHA solvent, self-financing, and responsibly able to help homeowners. Taxpayers should not have to absorb preventable, foreseeable losses.
We are looking for the Congress to pass responsible legislation that will help FHA continue to provide stability for the housing market and provide government-backed mortgages for low-and-moderate income families.
Thank you.
This letter is provided via RSS feed from www.valuation-expert.com
FHA/HUD News:
As you know, in response to the housing crisis, FHA has expanded its mission to help more Americans facing foreclosure refinance into safer, more affordable mortgages. In late August 2007, President Bush introduced a new product called FHASecure for homeowners who were unable to make their mortgage payments after their interest rate reset. Since then, more than 260,000 families have refinanced with FHA. Hundreds of thousands more will refinance with FHA by the end of the year.
Starting on July 14th, FHASecure will begin to provide additional assistance to subprime borrowers with adjustable rate mortgages, and help to restore liquidity and stability to the markets. It will assist families who have missed up to three monthly mortgage payments over the previous 12 months or have experienced temporary economic hardship, such as loss of overtime or medical needs, as well as those who were affected by payment shock. The expansion will also encourage lenders to voluntarily write down outstanding subprime mortgage principal.
We estimate this plan will help an additional 100,000 families refinance into more affordable FHA-insured loans by the end of the year.
The combination of all efforts under FHASecure will help a total of 500,000 families by year's end. Our monthly refinancings this fiscal year are already more than five times the level of 2006. It is clear people are coming to us as their solution for the future.
As part of this expansion, we are instituting a fairer, more flexible premium pricing structure at FHA. Like any other insurance company, FHA will begin pricing the insurance premiums for these borrowers according to their credit risk. This will eliminate a pricing inequity that treats applicants with a low risk of default the same as those with a high risk of default.
Risk-based pricing will benefit many borrowers, especially lower-income American families. In FHA's portfolio, families with the lower incomes actually have higher FICO scores. These are hard-working American families who live within their means and pay their bills on time. Pricing mechanisms should reflect that fact.
The bill currently moving through the Senate would place a moratorium on risk-based pricing. That would be a big mistake. FHA will have to increase premiums across the board on all borrowers or, alternatively, seek taxpayer funds in October to cover potential losses, or cut back on the program at the very time we are an island of hope for hundreds of thousands of Americans.
In addition to a possible moratorium on risk-based pricing, Congress may require FHA to accept mortgage insurance loans with seller-funded down payment assistance. The option for FHA not to insure such mortgages would be removed. This would not only be costly for FHA but could be expensive for taxpayers, too. Even if FHA raised premiums to a max of 2.25 percent upfront for all borrowers across the board, it would still need to seek an appropriation to cover the losses caused this practice.
We have issued a regulation to address seller-funded down payments. We are in a comment period right now, and I intend to look hard at those comments. Therefore, I do not want to discuss this matter in great detail. The comments are important to us and we will look at them carefully. But the reason for our efforts to regulate in this area is that FHA-backed mortgages with seller-funded down payments go into foreclosure at three times the rate of FHA's remaining portfolio. Because of a lack of equity, losses on these seller-funded down payment mortgages are significantly greater. We remain solvent and in good shape today. But no insurance company can continue to absorb losses of this magnitude.
At the end of the day, I hope reason will prevail. FHA is more important to the mortgage market now than it has been for many years. FHA's volume and market share continue to grow every month. I hope final legislation from Congress would put forward actions that can keep FHA solvent, self-financing, and responsibly able to help homeowners. Taxpayers should not have to absorb preventable, foreseeable losses.
We are looking for the Congress to pass responsible legislation that will help FHA continue to provide stability for the housing market and provide government-backed mortgages for low-and-moderate income families.
Thank you.
This letter is provided via RSS feed from www.valuation-expert.com
Tuesday, July 15, 2008
Home, Property Appraiser Iredell County, North Carolina
www.valuation-expert.com and www.charlotte-appraiser.net
The value of real estate in Iredell County, North Carolina has risen dramatically in the past 20 years. Although as demand and supply fluctuates, not every property in Iredell will increase in value at the same rate. The real estate market in Iredell, NC has been appreciating on a linear scale. The major market forces are the population level, the strength of the national, and local economy, and the availability of financing.
Home appraisers in Iredell County, North Carolina examine the four forces that create value. For any real estate or commodity to have value, the four elements that create value must be present. These elements are demand, utility, scarcity, and transferability. The most common type of value that an property appraiser in Iredell County, NC uses is market value. Home appraisers describe market value as "the most probale price which a property should bring in an open and competitive market. The buyer and seller must be motivated, and the sale must have been exposed to the market for a resonable amount of time. Furthermore, the sales must be an "arm's lenght transaction". Other values can also be used, such as, investment value, going concern value, liquadation value, etc.
Property appraisers in Iredell, North Carolina use basic value principles in their appraisal process. The principle of anticipation says that a property's value may be affected by an expectaion of a future event. Such as a residential property turning into a commercail use, or a new highway being built next to a residential subdivision. Appraisals in Iredell must research and anlyaze future uses of other properties.
Real estate appraisers offering appraisals in Iredell, North Carolina must consider the theory or balance. Real estate in Iredell is unique, immovable product. Land will tend to be at its highest value when the four factors of production are in balance, which are land, labor, capital and management. With the appropriate proportion of residential, commerical, and industrail land uses, all properties in Iredell benifit by the ability of the area to attract and keep both residences and business. This might be noted in the appraisal report.
All properties in Iredell are influenced by the economic theory of change. No pysical or econonmic condition remains constant. Natural changes, wear and tear, economic changes, all affect the market value of properties that are located in Iredell County, North Carolina.
The value of real estate in Iredell County, North Carolina has risen dramatically in the past 20 years. Although as demand and supply fluctuates, not every property in Iredell will increase in value at the same rate. The real estate market in Iredell, NC has been appreciating on a linear scale. The major market forces are the population level, the strength of the national, and local economy, and the availability of financing.
Home appraisers in Iredell County, North Carolina examine the four forces that create value. For any real estate or commodity to have value, the four elements that create value must be present. These elements are demand, utility, scarcity, and transferability. The most common type of value that an property appraiser in Iredell County, NC uses is market value. Home appraisers describe market value as "the most probale price which a property should bring in an open and competitive market. The buyer and seller must be motivated, and the sale must have been exposed to the market for a resonable amount of time. Furthermore, the sales must be an "arm's lenght transaction". Other values can also be used, such as, investment value, going concern value, liquadation value, etc.
Property appraisers in Iredell, North Carolina use basic value principles in their appraisal process. The principle of anticipation says that a property's value may be affected by an expectaion of a future event. Such as a residential property turning into a commercail use, or a new highway being built next to a residential subdivision. Appraisals in Iredell must research and anlyaze future uses of other properties.
Real estate appraisers offering appraisals in Iredell, North Carolina must consider the theory or balance. Real estate in Iredell is unique, immovable product. Land will tend to be at its highest value when the four factors of production are in balance, which are land, labor, capital and management. With the appropriate proportion of residential, commerical, and industrail land uses, all properties in Iredell benifit by the ability of the area to attract and keep both residences and business. This might be noted in the appraisal report.
All properties in Iredell are influenced by the economic theory of change. No pysical or econonmic condition remains constant. Natural changes, wear and tear, economic changes, all affect the market value of properties that are located in Iredell County, North Carolina.
Monday, July 14, 2008
Property Appraisers Union County, North Carolina
For a local, professional appraiser in Union County, Waxhaw, Indian Trail, Weddington, Monroe, Matthews, North Carolina, visit www.charlotte-appraiser.net or www.valuation-expert.com
Valuation Experts is your local home appraiser. Oftentimes rural areas that suddenly experience population growth spurts will see extraordinary increases in UNION, North Carolina house values. On the other hand, areas that seem to stagnate when it comes to growth don't see home values rise all that much unless the area is a highly-desirable area, such as Weddington, Waxhaw, Marvin, Indian Trail, North Carolina. And even further down the spectrum you see areas that are splendid where NC house values are strong. The best way to find out the accurate truth is to order an real estate home appraisal from Valuation Experts.
How can you determine UNION, North Carolina Property Values? By hiring a local property appraiser who has extensice experiance appraising UNION, North Carolina Properties. Because of this, the appraiser's job holds great importance to anyone who seeks to buy or sell a home in Union County, as they are the ones who through extensive research determine UNION, North Carolina property value.
Home value is very important in UNION, North Carolina as homes values could be deprecaiting. There is nothing more encouraging than knowing the actual property value of your UNION, North Carolina home. Get your Home Value form a home appraiser who knows UNION County, NC well. Home value is determined by critically examining all of the available data related to a particular home. Many UNION, North Carolina Realtors now have the ability to post all of the listings in the Carolina MLS on their own public websites. Most Multiple Listing Services also upload their inventory to national sites. These numbers can be misleading in a declining market.
A property coupled with an home appraisal equates to UNION County, North Carolina home value. This is accomplished by taking recently sold sales, and active and pending listings of the UNION, County NC home and comparing it to an median set of standards, which are dictated by the NC home values in the area. In its simplest form the home is compared to one House and to another house and from there an estimated home value is determined. Although this is a brief summary at best, it does help to illustrate the principles of home evaluation. Get appraisers in UNION, NC www.valuation-expert.com or www.charlotte-appraiser.net.
Valuation Experts is your local home appraiser. Oftentimes rural areas that suddenly experience population growth spurts will see extraordinary increases in UNION, North Carolina house values. On the other hand, areas that seem to stagnate when it comes to growth don't see home values rise all that much unless the area is a highly-desirable area, such as Weddington, Waxhaw, Marvin, Indian Trail, North Carolina. And even further down the spectrum you see areas that are splendid where NC house values are strong. The best way to find out the accurate truth is to order an real estate home appraisal from Valuation Experts.
How can you determine UNION, North Carolina Property Values? By hiring a local property appraiser who has extensice experiance appraising UNION, North Carolina Properties. Because of this, the appraiser's job holds great importance to anyone who seeks to buy or sell a home in Union County, as they are the ones who through extensive research determine UNION, North Carolina property value.
Home value is very important in UNION, North Carolina as homes values could be deprecaiting. There is nothing more encouraging than knowing the actual property value of your UNION, North Carolina home. Get your Home Value form a home appraiser who knows UNION County, NC well. Home value is determined by critically examining all of the available data related to a particular home. Many UNION, North Carolina Realtors now have the ability to post all of the listings in the Carolina MLS on their own public websites. Most Multiple Listing Services also upload their inventory to national sites. These numbers can be misleading in a declining market.
A property coupled with an home appraisal equates to UNION County, North Carolina home value. This is accomplished by taking recently sold sales, and active and pending listings of the UNION, County NC home and comparing it to an median set of standards, which are dictated by the NC home values in the area. In its simplest form the home is compared to one House and to another house and from there an estimated home value is determined. Although this is a brief summary at best, it does help to illustrate the principles of home evaluation. Get appraisers in UNION, NC www.valuation-expert.com or www.charlotte-appraiser.net.
Sunday, July 13, 2008
Home Appraisers Charlotte, Indian Trail, Weddington, Waxhaw, NC
http://www.valuation-expert.com/Charlotte.html
www.valuation-expert.com
www.charlotte-appraiser.net
Home appraisers in CHARLOTTE, North Carolina examine the site of of the property that is being appraised. The purpose of the site analysis of properties that are located in CHARLOTTE is to identify the various site characteristics that affect the marketability of homes prices in CHARLOTTE.
Some of the site analysis that property appraisers in CHARLOTTE identify are:
- appraisers determine the desirability and the utility of sites in CHARLOTTE, NC.
- in real estate appraisal reports, one should find any external or functional problems with a site
that is located in CHARLOTTE, NC
- appraisers also examine supply and demand for sites in CHARLOTTE, NC
- home appraisers in CHARLOTTE, NC should appraise the current situation and have knowledge of the various trends that could affect the valuation of sites in CHARLOTTE, North Carolina.
The principal of change is fundamental to appraising homes in CHARLOTTE, North Carolina, and to properly analyze a site. Value is created and modified in CHARLOTTE, North Carolina by economic, social, and governmental changes that occur outside sites that are located in CHARLOTTE, NC. Property appraisers should evaluate the direction of these trends and determine their effect, if any, on the market values in CHARLOTTE, North Carolina.
Property appraisers in CHARLOTTE, NC observe and report on economic trends. The home appraiser must give consideration to, and include in the value analysis, the economic trends of CHARLOTTE, North Carolina, including:
- price and wage levels, the purchasing power of CHARLOTTE home buyer's
- employment characteristics of CHARLOTTE, North Carolina
- home appraisers must examine the current supply and demand for residential dwellings
- Charlotte tax levels, population changes
The CHARLOTTE home appraiser will consider three approaches to value. The most common approach used to value residential properties in CHARLOTTE, North Carolina is the sales comparison approach. Property appraisers in CHARLOTTE, NC use the sales comparison approach to value as an analysis of comparable sales, contract offerings, and current and expired listings of properties located in CHARLOTTE, NC. Real estate appraisers in CHARLOTTE, North Carolina, analysis of the properties that are most similar to the subject property, and takes into account all factors that have an effect on value, and recognizing that a well-informed or well-advised purchaser will pay no more for a property than the price they would pay for a similar property in CHARLOTTE, NC of equal desirability and without undue delay.
www.valuation-expert.com
www.charlotte-appraiser.net
Home appraisers in CHARLOTTE, North Carolina examine the site of of the property that is being appraised. The purpose of the site analysis of properties that are located in CHARLOTTE is to identify the various site characteristics that affect the marketability of homes prices in CHARLOTTE.
Some of the site analysis that property appraisers in CHARLOTTE identify are:
- appraisers determine the desirability and the utility of sites in CHARLOTTE, NC.
- in real estate appraisal reports, one should find any external or functional problems with a site
that is located in CHARLOTTE, NC
- appraisers also examine supply and demand for sites in CHARLOTTE, NC
- home appraisers in CHARLOTTE, NC should appraise the current situation and have knowledge of the various trends that could affect the valuation of sites in CHARLOTTE, North Carolina.
The principal of change is fundamental to appraising homes in CHARLOTTE, North Carolina, and to properly analyze a site. Value is created and modified in CHARLOTTE, North Carolina by economic, social, and governmental changes that occur outside sites that are located in CHARLOTTE, NC. Property appraisers should evaluate the direction of these trends and determine their effect, if any, on the market values in CHARLOTTE, North Carolina.
Property appraisers in CHARLOTTE, NC observe and report on economic trends. The home appraiser must give consideration to, and include in the value analysis, the economic trends of CHARLOTTE, North Carolina, including:
- price and wage levels, the purchasing power of CHARLOTTE home buyer's
- employment characteristics of CHARLOTTE, North Carolina
- home appraisers must examine the current supply and demand for residential dwellings
- Charlotte tax levels, population changes
The CHARLOTTE home appraiser will consider three approaches to value. The most common approach used to value residential properties in CHARLOTTE, North Carolina is the sales comparison approach. Property appraisers in CHARLOTTE, NC use the sales comparison approach to value as an analysis of comparable sales, contract offerings, and current and expired listings of properties located in CHARLOTTE, NC. Real estate appraisers in CHARLOTTE, North Carolina, analysis of the properties that are most similar to the subject property, and takes into account all factors that have an effect on value, and recognizing that a well-informed or well-advised purchaser will pay no more for a property than the price they would pay for a similar property in CHARLOTTE, NC of equal desirability and without undue delay.
Friday, June 20, 2008
Home Appraiser Charlotte, NC
Home Appraiser Charlotte, Mecklenburg, Union, North Carolina
www.valuation-expert.com or www.charlotte-appraiser.net
Property Appraisals Monroe, Huntersville, Mooresville, Pineville, Waxhaw, Indian Trail, Matthews, Weddington, Marvin, NC
Provided by Valuation Experts via RSS feed
FHA REACHING OUT TO 675,000 AT-RISK HOMEOWNERS IN SECOND PHASE OF DIRECT MAIL CAMPAIGN
Hundreds of thousands of homeowners urged to consider safer, more affordable FHA-backed mortgages
WASHINGTON - This week, HUD's Federal Housing Administration (FHA) is mailing hundreds of thousands of letters to homeowners at risk of losing their homes through foreclosure and urging them to consider a safer, more affordable alternative to the high-cost mortgages they are currently paying. The first round of 280,000 letters was mailed in February. FHA's public awareness campaign will continue through September, ultimately reaching 850,000 distressed homeowners.
"This letter might be the most important piece of mail many of these families will receive all year," said HUD Secretary Steve Preston. "This information could not only help save their current home, it could help provide them with long term financial security. This outreach campaign will ensure families are aware of the safe mortgage alternative offered by FHA."
Letters are being sent to homeowners who have already faced or are experiencing the first reset of their adjustable rate mortgages. Through the end of the year, FHA can insure home loans valued between $271,050 and $729,750. Normally these loan limits are set between $200,160 and $362,790 but were expanded through President Bush's Economic Stimulus Package. Bipartisan FHA Modernization legislation awaiting final action by the Senate and House of Representatives would permanently increase the loan limits to an acceptable level.
FHA-insured loans are backed by the full faith and credit of the government, which typically allows lenders to offer mortgage products at a lower, more affordable interest rate. More than 90 percent of FHA-backed mortgages are 30-year, fixed rate products. FHA also provides a one-of-a-kind loss mitigation program that helps protect borrowers against foreclosure. Finally, FHASecure, which allows borrowers who are current and delinquent on their loans to refinance with the FHA, is saving tens of thousands of families on average $400 a month compared to their exotic subprime loans.
Below is a copy of the letter being sent to homeowners.
-----
Dear Homeowner,
Do you need help with your mortgage?
Your area is experiencing a disturbing home foreclosure rate that has accelerated in recent months. News reports cite the damaging effects of "sub prime loans" as a major factor in the unsettled market. By focusing on education and safe mortgage alternatives, though, the Federal Housing Administration (FHA) of the United States Department of Housing and Urban Development (HUD) is working diligently to address this unacceptable foreclosure trend.
Over the past few months, FHA has worked with mortgage loan servicers to identify solutions for the crisis facing current homeowners. Your current mortgage does not have to be FHA insured for you to benefit from our help. If you are facing financial difficulties due to a recent or imminent mortgage reset, or other housing-related difficulty, I urge you to contact us at 1 (800) CALL-FHA or to visit www.fha.gov. There you will have the opportunity to learn about foreclosure prevention, legal rights, and credit counseling, among other topics.
Many homeowners may also be able to take advantage of our recently announced FHASecure program. This new program allows eligible homeowners to refinance into a secure, fixed-rate FHA loan even if they are in default.
Additionally, a new partnership between mortgage companies and non-profit housing counselors called HOPE NOW is available to you. Their mission is simple: reach out to homeowners who may be having difficulty paying their mortgages. For more information or to see if your mortgage company is a member of this caring coalition please go to www.hopenow.com.
Again, please contact us at 1 (800) CALL-FHA (800-225-5342) or go to www.fha.gov. As part of the federal government, the Federal Housing Administration wants to help you protect and preserve the American dream - your home.
Sincerely,
Brian D. Montgomery
Assistant Secretary for Housing
Federal Housing Commissioner
###
HUD is the nation's housing agency committed to increasing homeownership, particularly among minorities; creating affordable housing opportunities for low-income Americans; and supporting the homeless, elderly, people with disabilities and people living with AIDS. The Department also promotes economic and community development, and enforces the nation's fair housing laws. More information about HUD and its programs is available on the Internet at www.hud.gov and espanol.hud.gov. For more information about FHA products, please visit www.fha.gov.
www.valuation-expert.com or www.charlotte-appraiser.net
Property Appraisals Monroe, Huntersville, Mooresville, Pineville, Waxhaw, Indian Trail, Matthews, Weddington, Marvin, NC
Provided by Valuation Experts via RSS feed
FHA REACHING OUT TO 675,000 AT-RISK HOMEOWNERS IN SECOND PHASE OF DIRECT MAIL CAMPAIGN
Hundreds of thousands of homeowners urged to consider safer, more affordable FHA-backed mortgages
WASHINGTON - This week, HUD's Federal Housing Administration (FHA) is mailing hundreds of thousands of letters to homeowners at risk of losing their homes through foreclosure and urging them to consider a safer, more affordable alternative to the high-cost mortgages they are currently paying. The first round of 280,000 letters was mailed in February. FHA's public awareness campaign will continue through September, ultimately reaching 850,000 distressed homeowners.
"This letter might be the most important piece of mail many of these families will receive all year," said HUD Secretary Steve Preston. "This information could not only help save their current home, it could help provide them with long term financial security. This outreach campaign will ensure families are aware of the safe mortgage alternative offered by FHA."
Letters are being sent to homeowners who have already faced or are experiencing the first reset of their adjustable rate mortgages. Through the end of the year, FHA can insure home loans valued between $271,050 and $729,750. Normally these loan limits are set between $200,160 and $362,790 but were expanded through President Bush's Economic Stimulus Package. Bipartisan FHA Modernization legislation awaiting final action by the Senate and House of Representatives would permanently increase the loan limits to an acceptable level.
FHA-insured loans are backed by the full faith and credit of the government, which typically allows lenders to offer mortgage products at a lower, more affordable interest rate. More than 90 percent of FHA-backed mortgages are 30-year, fixed rate products. FHA also provides a one-of-a-kind loss mitigation program that helps protect borrowers against foreclosure. Finally, FHASecure, which allows borrowers who are current and delinquent on their loans to refinance with the FHA, is saving tens of thousands of families on average $400 a month compared to their exotic subprime loans.
Below is a copy of the letter being sent to homeowners.
-----
Dear Homeowner,
Do you need help with your mortgage?
Your area is experiencing a disturbing home foreclosure rate that has accelerated in recent months. News reports cite the damaging effects of "sub prime loans" as a major factor in the unsettled market. By focusing on education and safe mortgage alternatives, though, the Federal Housing Administration (FHA) of the United States Department of Housing and Urban Development (HUD) is working diligently to address this unacceptable foreclosure trend.
Over the past few months, FHA has worked with mortgage loan servicers to identify solutions for the crisis facing current homeowners. Your current mortgage does not have to be FHA insured for you to benefit from our help. If you are facing financial difficulties due to a recent or imminent mortgage reset, or other housing-related difficulty, I urge you to contact us at 1 (800) CALL-FHA or to visit www.fha.gov. There you will have the opportunity to learn about foreclosure prevention, legal rights, and credit counseling, among other topics.
Many homeowners may also be able to take advantage of our recently announced FHASecure program. This new program allows eligible homeowners to refinance into a secure, fixed-rate FHA loan even if they are in default.
Additionally, a new partnership between mortgage companies and non-profit housing counselors called HOPE NOW is available to you. Their mission is simple: reach out to homeowners who may be having difficulty paying their mortgages. For more information or to see if your mortgage company is a member of this caring coalition please go to www.hopenow.com.
Again, please contact us at 1 (800) CALL-FHA (800-225-5342) or go to www.fha.gov. As part of the federal government, the Federal Housing Administration wants to help you protect and preserve the American dream - your home.
Sincerely,
Brian D. Montgomery
Assistant Secretary for Housing
Federal Housing Commissioner
###
HUD is the nation's housing agency committed to increasing homeownership, particularly among minorities; creating affordable housing opportunities for low-income Americans; and supporting the homeless, elderly, people with disabilities and people living with AIDS. The Department also promotes economic and community development, and enforces the nation's fair housing laws. More information about HUD and its programs is available on the Internet at www.hud.gov and espanol.hud.gov. For more information about FHA products, please visit www.fha.gov.
Tuesday, June 10, 2008
FHA OFFICALS SEEK TO BAN SELLER ASSISTED DOWN PAYMENTS
THE WALL STREET JOURNAL via RSS feed
Federal housing officials are trying again to ban seller-assisted down payments on federally insured mortgages, amid concerns about mounting losses tied to these loans.
The Federal Housing Administration has reopened a public-comment period on a proposed rule on such assistance, which the agency says leads to higher-than-normal foreclosure rates.
Under the seller-funding practice, a third party -- typically a charity -- provides the down payment for the buyer and is then reimbursed by the home seller, often a home builder. This can help home sellers close deals with buyers who can't come up with down payments on their own.
FHA Commissioner Brian Montgomery said Monday that the government-backed loans made to borrowers who receive down-payment assistance go into foreclosure at three times the rate of loans in which borrowers pay for their own down payment. Loans with seller-assisted down payments make up about 35% of the FHA's loan portfolio, up from only 5% in 2001.
After a recent evaluation, the FHA estimates it will incur an additional $4.6 billion in unanticipated long-term losses, primarily due to loans involving seller-funded down-payment gifts.
"We are concerned about this business, because the substantial losses affect FHA's bottom line and FHA's ability to serve American citizens who need access to prime-rate home loans," Mr. Montgomery said during a speech at the National Press Club.
FHA-insured mortgages, which require down payments, have become more popular amid the shrinking of the subprime-mortgage market.
Last year, a federal judge in the District of Columbia, issued a preliminary injunction against an earlier ban on seller-assisted down-payment gifts proposed by the Department of Housing and Urban Development. The judge ruled that HUD "failed to provide a rational basis in support" of the ban.
HUD spokesman Brian Sullivan said in an interview that the agency, "lost on a technicality. The court gave us a good road map for how to get it done."
Since the 1970s, HUD has permitted buyers to use gifts from family members, employers or charities for down payments.
"We have tried to work cooperatively with HUD to try and ensure that working families have access to homeownership through this model," says Scott Syphax, chief executive of Nehemiah Corp. of America, one of the nation's largest down-payment-gifting groups. "HUD has shut us down every step of the way."
For example, Mr. Syphax says HUD officials have refused to consider Nehemiah's suggestions that they scrutinize appraisals in an effort to prevent sellers from inflating home prices by including gift costs. Mr. Sullivan declined to comment on that criticism. "We are allowing the public-comment period as the appropriate forum for them to express any reservation they have about our rule," Mr. Sullivan says.
Mr. Syphax says his group would oppose the latest effort to ban the down-payment gifts. "We will use all legal means at our disposal in order to protect this portal to homeownership for the families who are underserved in an ever-worsening credit market." he says.
For an experienced FHA property appraiser in Charlotte, Mecklenburg, Union, NC, visit out website at www.valuation-expert.com or www.charlotte-appraiser.net
Federal housing officials are trying again to ban seller-assisted down payments on federally insured mortgages, amid concerns about mounting losses tied to these loans.
The Federal Housing Administration has reopened a public-comment period on a proposed rule on such assistance, which the agency says leads to higher-than-normal foreclosure rates.
Under the seller-funding practice, a third party -- typically a charity -- provides the down payment for the buyer and is then reimbursed by the home seller, often a home builder. This can help home sellers close deals with buyers who can't come up with down payments on their own.
FHA Commissioner Brian Montgomery said Monday that the government-backed loans made to borrowers who receive down-payment assistance go into foreclosure at three times the rate of loans in which borrowers pay for their own down payment. Loans with seller-assisted down payments make up about 35% of the FHA's loan portfolio, up from only 5% in 2001.
After a recent evaluation, the FHA estimates it will incur an additional $4.6 billion in unanticipated long-term losses, primarily due to loans involving seller-funded down-payment gifts.
"We are concerned about this business, because the substantial losses affect FHA's bottom line and FHA's ability to serve American citizens who need access to prime-rate home loans," Mr. Montgomery said during a speech at the National Press Club.
FHA-insured mortgages, which require down payments, have become more popular amid the shrinking of the subprime-mortgage market.
Last year, a federal judge in the District of Columbia, issued a preliminary injunction against an earlier ban on seller-assisted down-payment gifts proposed by the Department of Housing and Urban Development. The judge ruled that HUD "failed to provide a rational basis in support" of the ban.
HUD spokesman Brian Sullivan said in an interview that the agency, "lost on a technicality. The court gave us a good road map for how to get it done."
Since the 1970s, HUD has permitted buyers to use gifts from family members, employers or charities for down payments.
"We have tried to work cooperatively with HUD to try and ensure that working families have access to homeownership through this model," says Scott Syphax, chief executive of Nehemiah Corp. of America, one of the nation's largest down-payment-gifting groups. "HUD has shut us down every step of the way."
For example, Mr. Syphax says HUD officials have refused to consider Nehemiah's suggestions that they scrutinize appraisals in an effort to prevent sellers from inflating home prices by including gift costs. Mr. Sullivan declined to comment on that criticism. "We are allowing the public-comment period as the appropriate forum for them to express any reservation they have about our rule," Mr. Sullivan says.
Mr. Syphax says his group would oppose the latest effort to ban the down-payment gifts. "We will use all legal means at our disposal in order to protect this portal to homeownership for the families who are underserved in an ever-worsening credit market." he says.
For an experienced FHA property appraiser in Charlotte, Mecklenburg, Union, NC, visit out website at www.valuation-expert.com or www.charlotte-appraiser.net
Saturday, May 17, 2008
New FHA Program
www.valuation-expert.com
The Bush administration has unveiled a plan that would expand the FHASecure program to help up to 100,000 more at-risk homeowners by the end of 2008. The program expansion would allow the FHA to insure new mortgages if a lender voluntarily wrote down the mortgage principal to a maximum of either 90 percent or 97 percent of the new value, depending on the borrower's risk profile, according to Federal Housing Administration Commissioner Brian Montgomery.
Montgomery’s comments came at an April 9 House Financial Services Committee hearing, which was held in response to a broader proposal by panel Chairman Barney Frank, D-Mass. Frank’s proposal would have the FHA back from $300 billion to $400 billion in restructured loans for distressed borrowers if lenders were willing to take a substantial loss on the mortgages. Frank estimated that his proposal would reach between 1 million and 2 million borrowers.
The legislation first announced by Frank in March, was divided into two measures: H.R. 5830, the FHA Housing and Homeowner Retention Act, and H.R. 5818, the Neighborhood Stabilization Act of 2008.
H.R. 5818, introduced by Subcommittee on Housing and Community Opportunity Chairwoman Maxine Waters, D-Calif., would provide loans and grants to states and cities to deal with problems associated with large numbers of foreclosures in neighborhoods across the country.
H.R. 5830 would expand the FHA program to help refinance at-risk borrowers into viable mortgages and also requires the Federal Reserve Board to conduct a study on the need for an auction or bulk refinancing mechanism. Specifically, H.R. 5830 would institute a voluntary program that would permit FHA to provide up to $300 billion in new guarantees to help refinance at-risk borrowers into viable mortgages. To be eligible for such monies, existing mortgage holders/investors must accept their losses – taking substantial write-downs sufficient to: (1) establish a 3 percent loan loss reserve for the FHA; (2) pay the origination and closing costs for the new loan up to 2 percent; and (3) bring the loan-to-value ratio on the new FHA-guaranteed loan down to no greater than 90 percent of property’s current appraised value, resulting in a substantial reduction in debt service to the borrower. Accordingly, to qualify mortgage holders would need to accept a substantial write-down, accepting as payment in full no more than 85 percent of the property’s current appraised value.
As for new FHA-insured loans, they would have to be properly underwritten and based on current appraised value of the house and borrower’s documented income (borrowers with higher – but not disqualifying – debt levels would need to make six months of timely payments at the new payment level to qualify for the guarantee).
A committee mark-up session and vote on the two measures was scheduled for April 30 and May 1st. Results were not available at press time, but will be forthcoming in subsequent issues of Appraiser News Online.
The Bush administration has unveiled a plan that would expand the FHASecure program to help up to 100,000 more at-risk homeowners by the end of 2008. The program expansion would allow the FHA to insure new mortgages if a lender voluntarily wrote down the mortgage principal to a maximum of either 90 percent or 97 percent of the new value, depending on the borrower's risk profile, according to Federal Housing Administration Commissioner Brian Montgomery.
Montgomery’s comments came at an April 9 House Financial Services Committee hearing, which was held in response to a broader proposal by panel Chairman Barney Frank, D-Mass. Frank’s proposal would have the FHA back from $300 billion to $400 billion in restructured loans for distressed borrowers if lenders were willing to take a substantial loss on the mortgages. Frank estimated that his proposal would reach between 1 million and 2 million borrowers.
The legislation first announced by Frank in March, was divided into two measures: H.R. 5830, the FHA Housing and Homeowner Retention Act, and H.R. 5818, the Neighborhood Stabilization Act of 2008.
H.R. 5818, introduced by Subcommittee on Housing and Community Opportunity Chairwoman Maxine Waters, D-Calif., would provide loans and grants to states and cities to deal with problems associated with large numbers of foreclosures in neighborhoods across the country.
H.R. 5830 would expand the FHA program to help refinance at-risk borrowers into viable mortgages and also requires the Federal Reserve Board to conduct a study on the need for an auction or bulk refinancing mechanism. Specifically, H.R. 5830 would institute a voluntary program that would permit FHA to provide up to $300 billion in new guarantees to help refinance at-risk borrowers into viable mortgages. To be eligible for such monies, existing mortgage holders/investors must accept their losses – taking substantial write-downs sufficient to: (1) establish a 3 percent loan loss reserve for the FHA; (2) pay the origination and closing costs for the new loan up to 2 percent; and (3) bring the loan-to-value ratio on the new FHA-guaranteed loan down to no greater than 90 percent of property’s current appraised value, resulting in a substantial reduction in debt service to the borrower. Accordingly, to qualify mortgage holders would need to accept a substantial write-down, accepting as payment in full no more than 85 percent of the property’s current appraised value.
As for new FHA-insured loans, they would have to be properly underwritten and based on current appraised value of the house and borrower’s documented income (borrowers with higher – but not disqualifying – debt levels would need to make six months of timely payments at the new payment level to qualify for the guarantee).
A committee mark-up session and vote on the two measures was scheduled for April 30 and May 1st. Results were not available at press time, but will be forthcoming in subsequent issues of Appraiser News Online.
New FHA Program
www.valuation-expert.com
A bipartisan amendment that would ensure an independent and competently performed appraisal process has been added to pending foreclosure prevention legislation. On April 24, the House Financial Services Committee agreed by voice vote to add the amendment to H.R. 5830, the Federal Housing Administration Housing Stabilization and Homeowner Retention Act. The amendment, backed by the Appraisal Institute, prohibits all parties involved in a real estate transaction from improperly influencing an appraiser and requires all appraisals in connection with this legislation to be performed by qualified appraisers who have demonstrated a high level of valuation competency, according to the Uniform Standards of Professional Appraisal Practice.
H.R. 5830 authorizes the FHA to guarantee billions of dollars worth of refinanced loans if lenders reduce loan amounts to reflect reduced home values. The measure would require banks to make less money on the loans but it would also reduce their credit exposure, while helping families stay in their homes.
The amendment, offered by Reps. Paul Kanjorski, D-Pa., and Judy Biggert, R-Ill., was also sponsored by Reps. Gwen Moore, D-Wisc., and Andre Carson, D-Ind.
“We applaud the leadership of the amendment sponsors for recognizing the importance of accurate appraisals in the pending foreclosure prevention legislation,” said Bill Garber, Appraisal Institute director of government and external relations. “This legislation has real potential to help both homeowners and financial institutions facing distress, and much of the proposal hinges on competent and reliable appraisals. When many local areas find themselves in declining markets, it is absolutely essential that Congress require the use of competent appraisers.”
The bill was expected to be on the House floor for final vote on Wednesday, April 30. Results were not available by press time. Discussions are underway in the Senate on companion legislation to H.R. 5830, where several other questions will likely be addressed at the committee level, including what property standards (FHA or conventional) will be applied to the appraisals and who will actually order the appraisal. Given the uniqueness of the program, whereby lenders are encouraged to write down the balance of loans to current appraised values, some have questioned the viability of allowing lenders to order the appraisal, or whether that function would best be performed by the FHA
A bipartisan amendment that would ensure an independent and competently performed appraisal process has been added to pending foreclosure prevention legislation. On April 24, the House Financial Services Committee agreed by voice vote to add the amendment to H.R. 5830, the Federal Housing Administration Housing Stabilization and Homeowner Retention Act. The amendment, backed by the Appraisal Institute, prohibits all parties involved in a real estate transaction from improperly influencing an appraiser and requires all appraisals in connection with this legislation to be performed by qualified appraisers who have demonstrated a high level of valuation competency, according to the Uniform Standards of Professional Appraisal Practice.
H.R. 5830 authorizes the FHA to guarantee billions of dollars worth of refinanced loans if lenders reduce loan amounts to reflect reduced home values. The measure would require banks to make less money on the loans but it would also reduce their credit exposure, while helping families stay in their homes.
The amendment, offered by Reps. Paul Kanjorski, D-Pa., and Judy Biggert, R-Ill., was also sponsored by Reps. Gwen Moore, D-Wisc., and Andre Carson, D-Ind.
“We applaud the leadership of the amendment sponsors for recognizing the importance of accurate appraisals in the pending foreclosure prevention legislation,” said Bill Garber, Appraisal Institute director of government and external relations. “This legislation has real potential to help both homeowners and financial institutions facing distress, and much of the proposal hinges on competent and reliable appraisals. When many local areas find themselves in declining markets, it is absolutely essential that Congress require the use of competent appraisers.”
The bill was expected to be on the House floor for final vote on Wednesday, April 30. Results were not available by press time. Discussions are underway in the Senate on companion legislation to H.R. 5830, where several other questions will likely be addressed at the committee level, including what property standards (FHA or conventional) will be applied to the appraisals and who will actually order the appraisal. Given the uniqueness of the program, whereby lenders are encouraged to write down the balance of loans to current appraised values, some have questioned the viability of allowing lenders to order the appraisal, or whether that function would best be performed by the FHA
Appraisal Standards
Administration Unveils Proposal to Expand FHA Loan Program
The Bush administration has unveiled a plan that would expand the FHASecure program to help up to 100,000 more at-risk homeowners by the end of 2008. The program expansion would allow the FHA to insure new mortgages if a lender voluntarily wrote down the mortgage principal to a maximum of either 90 percent or 97 percent of the new value, depending on the borrower's risk profile, according to Federal Housing Administration Commissioner Brian Montgomery.
Montgomery’s comments came at an April 9 House Financial Services Committee hearing, which was held in response to a broader proposal by panel Chairman Barney Frank, D-Mass. Frank’s proposal would have the FHA back from $300 billion to $400 billion in restructured loans for distressed borrowers if lenders were willing to take a substantial loss on the mortgages. Frank estimated that his proposal would reach between 1 million and 2 million borrowers.
The legislation first announced by Frank in March, was divided into two measures: H.R. 5830, the FHA Housing and Homeowner Retention Act, and H.R. 5818, the Neighborhood Stabilization Act of 2008.
H.R. 5818, introduced by Subcommittee on Housing and Community Opportunity Chairwoman Maxine Waters, D-Calif., would provide loans and grants to states and cities to deal with problems associated with large numbers of foreclosures in neighborhoods across the country. Appraiser Charlotte, Mecklenburg, Union Counties.
H.R. 5830 would expand the FHA program to help refinance at-risk borrowers into viable mortgages and also requires the Federal Reserve Board to conduct a study on the need for an auction or bulk refinancing mechanism. Specifically, H.R. 5830 would institute a voluntary program that would permit FHA to provide up to $300 billion in new guarantees to help refinance at-risk borrowers into viable mortgages. To be eligible for such monies, existing mortgage holders/investors must accept their losses – taking substantial write-downs sufficient to: (1) establish a 3 percent loan loss reserve for the FHA; (2) pay the origination and closing costs for the new loan up to 2 percent; and (3) bring the loan-to-value ratio on the new FHA-guaranteed loan down to no greater than 90 percent of property’s current appraised value, resulting in a substantial reduction in debt service to the borrower. Accordingly, to qualify mortgage holders would need to accept a substantial write-down, accepting as payment in full no more than 85 percent of the property’s current appraised value.
As for new FHA-insured loans, they would have to be properly underwritten and based on current appraised value of the house and borrower’s documented income (borrowers with higher – but not disqualifying – debt levels would need to make six months of timely payments at the new payment level to qualify for the guarantee).
The program will run for 2 years (with flexibility for additional 6 month extensions not to exceed 2 more years). For more information on H.R.
A committee mark-up session and vote on the two measures was scheduled for April 30 and May 1st. Results were not available at press time, but will be forthcoming in subsequent issues of Appraiser News Online.
For an FHA approved appraiser in your area, contact www.valuation-expert.com
The Bush administration has unveiled a plan that would expand the FHASecure program to help up to 100,000 more at-risk homeowners by the end of 2008. The program expansion would allow the FHA to insure new mortgages if a lender voluntarily wrote down the mortgage principal to a maximum of either 90 percent or 97 percent of the new value, depending on the borrower's risk profile, according to Federal Housing Administration Commissioner Brian Montgomery.
Montgomery’s comments came at an April 9 House Financial Services Committee hearing, which was held in response to a broader proposal by panel Chairman Barney Frank, D-Mass. Frank’s proposal would have the FHA back from $300 billion to $400 billion in restructured loans for distressed borrowers if lenders were willing to take a substantial loss on the mortgages. Frank estimated that his proposal would reach between 1 million and 2 million borrowers.
The legislation first announced by Frank in March, was divided into two measures: H.R. 5830, the FHA Housing and Homeowner Retention Act, and H.R. 5818, the Neighborhood Stabilization Act of 2008.
H.R. 5818, introduced by Subcommittee on Housing and Community Opportunity Chairwoman Maxine Waters, D-Calif., would provide loans and grants to states and cities to deal with problems associated with large numbers of foreclosures in neighborhoods across the country. Appraiser Charlotte, Mecklenburg, Union Counties.
H.R. 5830 would expand the FHA program to help refinance at-risk borrowers into viable mortgages and also requires the Federal Reserve Board to conduct a study on the need for an auction or bulk refinancing mechanism. Specifically, H.R. 5830 would institute a voluntary program that would permit FHA to provide up to $300 billion in new guarantees to help refinance at-risk borrowers into viable mortgages. To be eligible for such monies, existing mortgage holders/investors must accept their losses – taking substantial write-downs sufficient to: (1) establish a 3 percent loan loss reserve for the FHA; (2) pay the origination and closing costs for the new loan up to 2 percent; and (3) bring the loan-to-value ratio on the new FHA-guaranteed loan down to no greater than 90 percent of property’s current appraised value, resulting in a substantial reduction in debt service to the borrower. Accordingly, to qualify mortgage holders would need to accept a substantial write-down, accepting as payment in full no more than 85 percent of the property’s current appraised value.
As for new FHA-insured loans, they would have to be properly underwritten and based on current appraised value of the house and borrower’s documented income (borrowers with higher – but not disqualifying – debt levels would need to make six months of timely payments at the new payment level to qualify for the guarantee).
The program will run for 2 years (with flexibility for additional 6 month extensions not to exceed 2 more years). For more information on H.R.
A committee mark-up session and vote on the two measures was scheduled for April 30 and May 1st. Results were not available at press time, but will be forthcoming in subsequent issues of Appraiser News Online.
For an FHA approved appraiser in your area, contact www.valuation-expert.com
Wednesday, April 16, 2008
Real Estate Appraiser Waxhaw, Weddington, Marvin, Indian Trail North Carolina
www.valuation-expert.com
A real estate appraiser will develop an opinion of market value for your property. The lender will order the appraisal. The appraiser will check for certain items of your home to make sure it meets FHA standards. You should insist that the lenders hire local and experienced real estate appraisers. If you need a local, professional appraiser, visit our website at http://www.charlotte-appraiser.net/ or http://www.valuation-expert.com/
Before you ask your financial institution for a standard, conventional home loan, consider asking about a Federal Housing Administration (FHA) loan instead. In this article we'll cover the basics of an FHA loan, why you should ask for one and how they measure up to conventional home loans. Keep reading to learn more. What is an FHA home loan? An FHA home loan is still issued by a private financial provider, but it's insured by the Federal Housing Administration (FHA). Essentially, this provides the lender with greater security and you with lower monthly payments. Why should I ask for an FHA loan instead of a conventional loan? 1. It's easier to qualify for an FHA loan. Because the mortgage is insured by the FHA and the U.S. Department of Housing and Urban Development, lenders are more likely to issue the loan. 2. You can still qualify with poor credit. Even with past credit problems like a bankruptcy, an FHA loan is easier to qualify for than a conventional mortgage. 3. A lower down payment. An FHA loan only asks for a 3% down payment, which is significantly lower than some banks' requirements of 10-20%. 4. The loan costs less in the long term than a conventional loan. Because the FHA can offer more competitive interest rates, you'll often receive lower rates which will save you a lot of money over the term of your loan. 5. FHA offers foreclosure protection. Unlike many lending institutions, the FHA doesn't want to see your mortgage foreclosed. So, they have a number of programs designed to help homeowners who are in trouble. This can be a great resource if you hit hard times. 6. Energy efficiency credits. The FHA allows prospective homeowners to include the cost of energy efficiency upgrades into their mortgage, meaning you can get extra cash to make your new home more energy efficient. How do I qualify for an FHA loan? 1. You must meet the basic FHA credit rating requirements. While these are lower than most banks and lending institutions that offer conventional loans, you'll still be subject to a credit check. 2. Your mortgage must not exceed the maximum amount available in your county. On their web site at www.hud.gov, the U.S. Department of Housing and Urban Development maintains a list of maximum amounts sorted by county. 3. The property you're buying must not exceed four units. 4. The potential property must be appraised and inspected. An FHA appraiser will be ordered through the lender. You can subtract the cost for this from your down payment requirements. All in all, an FHA loan works out to a much better borrower's deal than a conventional loan.
A real estate appraiser will develop an opinion of market value for your property. The lender will order the appraisal. The appraiser will check for certain items of your home to make sure it meets FHA standards. You should insist that the lenders hire local and experienced real estate appraisers. If you need a local, professional appraiser, visit our website at http://www.charlotte-appraiser.net/ or http://www.valuation-expert.com/
Before you ask your financial institution for a standard, conventional home loan, consider asking about a Federal Housing Administration (FHA) loan instead. In this article we'll cover the basics of an FHA loan, why you should ask for one and how they measure up to conventional home loans. Keep reading to learn more. What is an FHA home loan? An FHA home loan is still issued by a private financial provider, but it's insured by the Federal Housing Administration (FHA). Essentially, this provides the lender with greater security and you with lower monthly payments. Why should I ask for an FHA loan instead of a conventional loan? 1. It's easier to qualify for an FHA loan. Because the mortgage is insured by the FHA and the U.S. Department of Housing and Urban Development, lenders are more likely to issue the loan. 2. You can still qualify with poor credit. Even with past credit problems like a bankruptcy, an FHA loan is easier to qualify for than a conventional mortgage. 3. A lower down payment. An FHA loan only asks for a 3% down payment, which is significantly lower than some banks' requirements of 10-20%. 4. The loan costs less in the long term than a conventional loan. Because the FHA can offer more competitive interest rates, you'll often receive lower rates which will save you a lot of money over the term of your loan. 5. FHA offers foreclosure protection. Unlike many lending institutions, the FHA doesn't want to see your mortgage foreclosed. So, they have a number of programs designed to help homeowners who are in trouble. This can be a great resource if you hit hard times. 6. Energy efficiency credits. The FHA allows prospective homeowners to include the cost of energy efficiency upgrades into their mortgage, meaning you can get extra cash to make your new home more energy efficient. How do I qualify for an FHA loan? 1. You must meet the basic FHA credit rating requirements. While these are lower than most banks and lending institutions that offer conventional loans, you'll still be subject to a credit check. 2. Your mortgage must not exceed the maximum amount available in your county. On their web site at www.hud.gov, the U.S. Department of Housing and Urban Development maintains a list of maximum amounts sorted by county. 3. The property you're buying must not exceed four units. 4. The potential property must be appraised and inspected. An FHA appraiser will be ordered through the lender. You can subtract the cost for this from your down payment requirements. All in all, an FHA loan works out to a much better borrower's deal than a conventional loan.
Tuesday, April 15, 2008
Appraiser Waxhaw, Union, Indian Trail, Monroe, Weddington, NC
HUD Press Release
The Bush Administration today announced additional mortgage assistance for subprime borrowers who are at risk of foreclosure. The plan, which is designed to help address the adverse economic conditions affecting many communities across America, will help break the cycle of house price depreciation that is being caused by an increasing number of foreclosures and the overall contraction in the credit market. Under the new plan, HUD's Federal Housing Administration (FHA) would have the added flexibility to insure more mortgages, including those for borrowers who were late on a few payments and/or received a voluntary mortgage principal write-down from their lender.
This FHASecure expansion will help more homeowners who are struggling to keep up with mortgage payments on their high-cost subprime loans. With this expansion of FHASecure, the Administration expects about 500,000 families to refinance into prime-rate FHA-insured mortgages in total by the end of this year.
"Our plan will help hundreds of thousands of desperate families who have no place else to turn for safer, lower cost ways to keep their homes," said Federal Housing Commissioner-Assistant Secretary for Housing Brian D. Montgomery at a hearing of the House Financial Services Committee. "We want to be able to help families who are in the right house, but the wrong mortgage."
In August 2007, FHA modified its refinancing program to help creditworthy homeowners who missed payments after their teaser rates reset. Now, FHASecure is expanding its eligibility standards. Homeowners who believe they meet this additional eligibility criteria must fall into one of the following categories:
Borrowers with adjustable rate mortgages who were late on two consecutive monthly mortgage payments or at two different times over the previous twelve months. FHA will require a 97 percent loan-to-value (LTV) ratio for these borrowers to refinance, the same LTV as FHA's current standard.
Borrowers with adjustable rate mortgages who were late on three consecutive monthly mortgage payments or at three different times over the past 12 months. FHA will require a 90 percent LTV ratio for these borrowers to refinance.
With these new criteria, the expanded FHASecure can help additional borrowers access a more viable refinancing option and will offer lenders an alternative to foreclosing on these individuals. Lenders may voluntarily write down the outstanding subprime mortgage principal balances to a 97 percent or 90 percent LTV ratio depending on the borrowers' circumstances. FHA will also encourage lenders to make other arrangements, such as subordinate financing, to "fill the gap" between the existing loan balances and the FHA-insurable loan amount. The refinanced loan amount backed by the FHA would be based upon a new appraisal, performed by an FHA-approved appraiser.
FHA will insure new, more affordable mortgages in exchange for this equity cushion, which will protect FHA's insurance fund, and thus the taxpayer, against risk. Currently, FHA's insurance fund is self-sustaining, meaning that it requires no appropriation of taxpayer dollars because homeowners pay for the product themselves. Further, any new FHASecure loans will continue to meet FHA's no-nonsense underwriting standards. Lenders will be required to ensure borrowers have the capacity to repay their mortgages; show a reasonable credit history; employment history; and fully document and verify their incomes.
Like all FHA-insured loans, borrowers will be required to pay upfront and annual premiums on their loans, which directly contribute to the soundness of FHA's insurance fund and protect taxpayers. FHA will also be simultaneously updating the pricing policy for these premiums. The new policy will base premiums on the individual borrower's credit risk profile. More than 90 percent of FHA-backed loans are 30-year fixed rate mortgages. Homeowners currently using FHASecure are saving $400 a month on average compared to their previous subprime loans.
"More homeowners continue to turn to FHA to find mortgage terms they can afford. We're keeping families in their homes while doing what's in the best interest of future generations who will rely on the safety and soundness of FHA to put a roof over their heads. The modifications to the existing FHASecure product offer a prudent, yet appropriate, way to help more families refinance without putting the government or taxpayers at risk. Consistent with FHA's historical mission, the changes are designed to help FHA provide additional liquidity and stabilize local real estate markets."
Since September 2007, FHA has helped pump nearly $68 billion of much-needed mortgage activity into the housing market, $28.5 billion of which was through FHASecure. FHASecure has helped more than 150,000 homeowners who are current or past due on their loans avoid foreclosure, and, with today's announcement, it is expected to assist 500,000 total families by December 31, 2008.
HUD is the nation's housing agency committed to increasing homeownership, particularly among minorities; creating affordable housing opportunities for low-income Americans; and supporting the homeless, elderly, people with disabilities and people living with AIDS. The Department also promotes economic and community development, and enforces the nation's fair housing laws. More information about HUD and its programs is available on the Internet at www.hud.gov and espanol.hud.gov. For more information about FHA products, please visit www.fha.gov.
For an FHA approved appraiser in Charlotte, Union, Weddington, Waxhaw, North Carolina, visit
www.valuation-expert.com or www.charlotte-appraiser.net
The Bush Administration today announced additional mortgage assistance for subprime borrowers who are at risk of foreclosure. The plan, which is designed to help address the adverse economic conditions affecting many communities across America, will help break the cycle of house price depreciation that is being caused by an increasing number of foreclosures and the overall contraction in the credit market. Under the new plan, HUD's Federal Housing Administration (FHA) would have the added flexibility to insure more mortgages, including those for borrowers who were late on a few payments and/or received a voluntary mortgage principal write-down from their lender.
This FHASecure expansion will help more homeowners who are struggling to keep up with mortgage payments on their high-cost subprime loans. With this expansion of FHASecure, the Administration expects about 500,000 families to refinance into prime-rate FHA-insured mortgages in total by the end of this year.
"Our plan will help hundreds of thousands of desperate families who have no place else to turn for safer, lower cost ways to keep their homes," said Federal Housing Commissioner-Assistant Secretary for Housing Brian D. Montgomery at a hearing of the House Financial Services Committee. "We want to be able to help families who are in the right house, but the wrong mortgage."
In August 2007, FHA modified its refinancing program to help creditworthy homeowners who missed payments after their teaser rates reset. Now, FHASecure is expanding its eligibility standards. Homeowners who believe they meet this additional eligibility criteria must fall into one of the following categories:
Borrowers with adjustable rate mortgages who were late on two consecutive monthly mortgage payments or at two different times over the previous twelve months. FHA will require a 97 percent loan-to-value (LTV) ratio for these borrowers to refinance, the same LTV as FHA's current standard.
Borrowers with adjustable rate mortgages who were late on three consecutive monthly mortgage payments or at three different times over the past 12 months. FHA will require a 90 percent LTV ratio for these borrowers to refinance.
With these new criteria, the expanded FHASecure can help additional borrowers access a more viable refinancing option and will offer lenders an alternative to foreclosing on these individuals. Lenders may voluntarily write down the outstanding subprime mortgage principal balances to a 97 percent or 90 percent LTV ratio depending on the borrowers' circumstances. FHA will also encourage lenders to make other arrangements, such as subordinate financing, to "fill the gap" between the existing loan balances and the FHA-insurable loan amount. The refinanced loan amount backed by the FHA would be based upon a new appraisal, performed by an FHA-approved appraiser.
FHA will insure new, more affordable mortgages in exchange for this equity cushion, which will protect FHA's insurance fund, and thus the taxpayer, against risk. Currently, FHA's insurance fund is self-sustaining, meaning that it requires no appropriation of taxpayer dollars because homeowners pay for the product themselves. Further, any new FHASecure loans will continue to meet FHA's no-nonsense underwriting standards. Lenders will be required to ensure borrowers have the capacity to repay their mortgages; show a reasonable credit history; employment history; and fully document and verify their incomes.
Like all FHA-insured loans, borrowers will be required to pay upfront and annual premiums on their loans, which directly contribute to the soundness of FHA's insurance fund and protect taxpayers. FHA will also be simultaneously updating the pricing policy for these premiums. The new policy will base premiums on the individual borrower's credit risk profile. More than 90 percent of FHA-backed loans are 30-year fixed rate mortgages. Homeowners currently using FHASecure are saving $400 a month on average compared to their previous subprime loans.
"More homeowners continue to turn to FHA to find mortgage terms they can afford. We're keeping families in their homes while doing what's in the best interest of future generations who will rely on the safety and soundness of FHA to put a roof over their heads. The modifications to the existing FHASecure product offer a prudent, yet appropriate, way to help more families refinance without putting the government or taxpayers at risk. Consistent with FHA's historical mission, the changes are designed to help FHA provide additional liquidity and stabilize local real estate markets."
Since September 2007, FHA has helped pump nearly $68 billion of much-needed mortgage activity into the housing market, $28.5 billion of which was through FHASecure. FHASecure has helped more than 150,000 homeowners who are current or past due on their loans avoid foreclosure, and, with today's announcement, it is expected to assist 500,000 total families by December 31, 2008.
HUD is the nation's housing agency committed to increasing homeownership, particularly among minorities; creating affordable housing opportunities for low-income Americans; and supporting the homeless, elderly, people with disabilities and people living with AIDS. The Department also promotes economic and community development, and enforces the nation's fair housing laws. More information about HUD and its programs is available on the Internet at www.hud.gov and espanol.hud.gov. For more information about FHA products, please visit www.fha.gov.
For an FHA approved appraiser in Charlotte, Union, Weddington, Waxhaw, North Carolina, visit
www.valuation-expert.com or www.charlotte-appraiser.net
Thursday, April 3, 2008
2008 Revaluation in Union Co. North Carolina
It's that time of the year again!! Do you disagree with your local tax assessor about the market value of your property?
2008 Revaluation Information
"North Carolina law requires each county to complete a property revaluation at least once every eight years. The primary purpose of a revaluation is to equalize the tax burden among all classes of property. The 2008 revaluation in Union County is being performed to ensure assessments reflect current market value and that taxation is fair and equitable for each of our citizens.
The Union County Tax Administrator’s Office does not dictate value. The marketplace is interpreted by analyzing real estate transactions and comparing a property to similar properties that have sold. If a taxpayer disagrees with the assessed value, they may file an informal appeal. It is recommended that the taxpayer have supporting information on which to base an appeal."
Call us to see if we can help. We are located in Indian Trail, North Carolina, and specialize in high-end residential properties. We have already helped many with their tax appeals in Union County. We are also FHA approved real estate appraisers in Charlotte, Mecklenburg, and Union County, North Carolina.Visit our website at: http://www.charlotte-appraiser.net or http://www.valuation-expert.com/
2008 Revaluation Information
"North Carolina law requires each county to complete a property revaluation at least once every eight years. The primary purpose of a revaluation is to equalize the tax burden among all classes of property. The 2008 revaluation in Union County is being performed to ensure assessments reflect current market value and that taxation is fair and equitable for each of our citizens.
The Union County Tax Administrator’s Office does not dictate value. The marketplace is interpreted by analyzing real estate transactions and comparing a property to similar properties that have sold. If a taxpayer disagrees with the assessed value, they may file an informal appeal. It is recommended that the taxpayer have supporting information on which to base an appeal."
Call us to see if we can help. We are located in Indian Trail, North Carolina, and specialize in high-end residential properties. We have already helped many with their tax appeals in Union County. We are also FHA approved real estate appraisers in Charlotte, Mecklenburg, and Union County, North Carolina.Visit our website at: http://www.charlotte-appraiser.net or http://www.valuation-expert.com/
Wednesday, February 27, 2008
Appraisers located in Charlotte, North Carolina
Appraisers in Charlotte, Mecklenburg providing appraisals in Charlotte, NC.
WASHINGTON - U.S. Housing and Urban Development Secretary Alphonso Jackson today announced that HUD's FHASecure product has helped 100,000 homeowners refinance their mortgages and avoid foreclosure. Since September 2007, FHASecure has enabled tens of thousands of families - who are current on their home loans or past due because their teaser rates reset - to close on loans refinanced through HUD's Federal Housing Administration (FHA), which is backed by the full faith and credit of the government. www.valuation-expert.com
The following is a statement by Secretary Jackson:
"FHASecure has helped more than 100,000 families stay in their homes. Homeowners are cutting their monthly mortgage payments by an average of $400 a month compared to their exotic subprime loans. They no longer have anxiety about finding foreclosure notices in their mailboxes, thanks to the safe mortgage alternative that FHASecure offers.
FHASecure has given homeowners an opportunity to hold onto their American Dream without putting their financial future at risk. Over the past five months, FHASecure has helped about 500 families a day close on their new government-backed loans. www.charlotte-appraiser.net
Hundreds of people are taking advantage of refinancing into a safer, more secure FHA-backed loan everyday. From September to December 2007, FHA helped pump nearly $45 billion of much-needed mortgage activity into the housing market, more than $13 billion of which was through FHASecure. FHASecure remains on pace to offer refinancing to 300,000 families by the end of this year who are making on time payments or cannot afford their payments now that their teaser rates reset." www.appraisercharlotte.com
WASHINGTON - U.S. Housing and Urban Development Secretary Alphonso Jackson today announced that HUD's FHASecure product has helped 100,000 homeowners refinance their mortgages and avoid foreclosure. Since September 2007, FHASecure has enabled tens of thousands of families - who are current on their home loans or past due because their teaser rates reset - to close on loans refinanced through HUD's Federal Housing Administration (FHA), which is backed by the full faith and credit of the government. www.valuation-expert.com
The following is a statement by Secretary Jackson:
"FHASecure has helped more than 100,000 families stay in their homes. Homeowners are cutting their monthly mortgage payments by an average of $400 a month compared to their exotic subprime loans. They no longer have anxiety about finding foreclosure notices in their mailboxes, thanks to the safe mortgage alternative that FHASecure offers.
FHASecure has given homeowners an opportunity to hold onto their American Dream without putting their financial future at risk. Over the past five months, FHASecure has helped about 500 families a day close on their new government-backed loans. www.charlotte-appraiser.net
Hundreds of people are taking advantage of refinancing into a safer, more secure FHA-backed loan everyday. From September to December 2007, FHA helped pump nearly $45 billion of much-needed mortgage activity into the housing market, more than $13 billion of which was through FHASecure. FHASecure remains on pace to offer refinancing to 300,000 families by the end of this year who are making on time payments or cannot afford their payments now that their teaser rates reset." www.appraisercharlotte.com
Thursday, February 21, 2008
Mecklenburg Appraisal NC
Property in Mecklenburg, NC foreclosure, of course, present special challenges. They may be unwilling to allow an inspection of the property. If they have abandoned the property already, they may have neglected care of the home for some time -- or worse, caused damage. We have the experience and training to deal with the special dynamics of a foreclosure/FHA appraisal, and you should not hesitate to rely on us. www.charlotte-appraiser.net
For a property that has already reverted to Real Estate Owned, you likewise will be interested in a quick disposition. But you may want to know and compare three values: As-is, as repaired, and "quick sale." (Mecklenburg, Charlotte) These represent the value of the property without any work done to it, with the work required to make the property marketable to full market value commensurate with competing properties in the area, and, somewhere in-between, with minimal investment in repairs -- selling the property quickly, probably as a "fixer-upper." Again, we understand your timeline and the unique circumstances of an REO property, as well as the special information you'll need -- competing listings, market trends, and the like. www.valuation-expert.com Mecklenburg, Charlotte, Union, NC.
For a property that has already reverted to Real Estate Owned, you likewise will be interested in a quick disposition. But you may want to know and compare three values: As-is, as repaired, and "quick sale." (Mecklenburg, Charlotte) These represent the value of the property without any work done to it, with the work required to make the property marketable to full market value commensurate with competing properties in the area, and, somewhere in-between, with minimal investment in repairs -- selling the property quickly, probably as a "fixer-upper." Again, we understand your timeline and the unique circumstances of an REO property, as well as the special information you'll need -- competing listings, market trends, and the like. www.valuation-expert.com Mecklenburg, Charlotte, Union, NC.
Tuesday, February 19, 2008
This final rule explicitly conforms the eligibility requirements for applicants to the Federal Housing Administration (FHA) Appraiser Roster to longstanding HUD practices, as well
as to existing nationwide industry practice. Only appraisers on the roster may perform required appraisals of properties that are to serve as security for FHA-insured single-family mortgages. Among other requirements, the current regulations require that an applicant must be a state-licensed or state-certified appraiser and pass a HUD examination on FHA appraisal methods
and reporting. This final rule codifies HUD’s longstanding practice and the nationwide practice that such certification or licensing comply with national criteria for education, experience, and passage of a stateadministered examination. This final rule also eliminates the requirement for
applicants www.charlotte-appraiser.net (further info) to pass a HUD test on FHA appraisal methods and reporting, because the test has become duplicative of the national examination requirements for state licensure and certification and, therefore, unnecessary. Valuation Experts is a residential appraisal firm located in Charlotte, NC, providing FHA appraisals in Mecklenburg, Union, Iredell and Cabarrus, North Carolina.
as to existing nationwide industry practice. Only appraisers on the roster may perform required appraisals of properties that are to serve as security for FHA-insured single-family mortgages. Among other requirements, the current regulations require that an applicant must be a state-licensed or state-certified appraiser and pass a HUD examination on FHA appraisal methods
and reporting. This final rule codifies HUD’s longstanding practice and the nationwide practice that such certification or licensing comply with national criteria for education, experience, and passage of a stateadministered examination. This final rule also eliminates the requirement for
applicants www.charlotte-appraiser.net (further info) to pass a HUD test on FHA appraisal methods and reporting, because the test has become duplicative of the national examination requirements for state licensure and certification and, therefore, unnecessary. Valuation Experts is a residential appraisal firm located in Charlotte, NC, providing FHA appraisals in Mecklenburg, Union, Iredell and Cabarrus, North Carolina.
Sunday, February 17, 2008
FHA Approved Appraiser, Mecklenburg, Charlotte, North Carolina
Beginning this week, HUD's Federal Housing Administration (FHA) is mailing hundreds of thousands of letters to at-risk homeowners who need a more affordable alternative to the high-cost mortgages they are currently paying. The first round of 280,000 letters was sent this week with another 570,000 letters to be sent through September 2008.
These letters are being sent to homeowners who have already faced or are experiencing the first reset of their adjustable rate mortgages, and live within geographic locations that are currently subject to FHA loan limits nationwide. Currently, FHA can insure home loans valued between $200,160 and $362,790. Bipartisan legislation has passed both the U.S. Senate and U.S. House of Representatives that would increase the loan limits, allowing FHA to insure bigger mortgages in high-cost states. Once this bill is reconciled and signed by President Bush, approximately 250,000 more families could be helped this year at no cost to the taxpayer.
FHA-insured loans are backed by the full faith and credit of the government, which typically allows lenders to offer mortgage products at a lower, more affordable interest rate. More than 90 percent of FHA-backed mortgages are 30-year, fixed rate products. FHA also provides a one-of-a-kind loss mitigation program that helps protect borrowers against foreclosure. Finally, FHASecure, which allows borrowers who are current and delinquent on their loans to refinance with the FHA, is saving tens of thousands of families on average $400 a month compared to their exotic subprime loans.
For more infomation go to www.hud.gov or www.charlotte-appraiser.net
Valuation Experts is an FHA approved appraiser located in Charlotte, NC, providing appraisals in Mecklenburg, Union, Iredell, Carbarrus, NC.
These letters are being sent to homeowners who have already faced or are experiencing the first reset of their adjustable rate mortgages, and live within geographic locations that are currently subject to FHA loan limits nationwide. Currently, FHA can insure home loans valued between $200,160 and $362,790. Bipartisan legislation has passed both the U.S. Senate and U.S. House of Representatives that would increase the loan limits, allowing FHA to insure bigger mortgages in high-cost states. Once this bill is reconciled and signed by President Bush, approximately 250,000 more families could be helped this year at no cost to the taxpayer.
FHA-insured loans are backed by the full faith and credit of the government, which typically allows lenders to offer mortgage products at a lower, more affordable interest rate. More than 90 percent of FHA-backed mortgages are 30-year, fixed rate products. FHA also provides a one-of-a-kind loss mitigation program that helps protect borrowers against foreclosure. Finally, FHASecure, which allows borrowers who are current and delinquent on their loans to refinance with the FHA, is saving tens of thousands of families on average $400 a month compared to their exotic subprime loans.
For more infomation go to www.hud.gov or www.charlotte-appraiser.net
Valuation Experts is an FHA approved appraiser located in Charlotte, NC, providing appraisals in Mecklenburg, Union, Iredell, Carbarrus, NC.
Monday, February 11, 2008
Valuation Experts is Located in Charlotte, North Carolina. Real Estate Appraiser
Well it's another day appraising here in Charlotte, and by the lasted statistics that I have gathered, Charlotte is still seeing some appreciation. Has your real estate appraiser been following the market?
According to the article, Charlotte was one of the only few in the U.S. see healthy appreciation rates. Although days on market has steadily risen in the past six months. As I ride in the new construction neighborhoods, all I see is for sale signs, empty lots, and sad RE agents. Other real estate appraisers here in Charlotte are reporting these same things.
So it makes you wonder how long Charlotte can a float. I know this one appraiser, in his own statistics has Charlotte down about -0.01%. Valuation Experts has been watching the market very carefully, and has been reporting their findings at http://www.valuation-expert.com/
According to the article, Charlotte was one of the only few in the U.S. see healthy appreciation rates. Although days on market has steadily risen in the past six months. As I ride in the new construction neighborhoods, all I see is for sale signs, empty lots, and sad RE agents. Other real estate appraisers here in Charlotte are reporting these same things.
So it makes you wonder how long Charlotte can a float. I know this one appraiser, in his own statistics has Charlotte down about -0.01%. Valuation Experts has been watching the market very carefully, and has been reporting their findings at http://www.valuation-expert.com/
Monday, February 4, 2008
Market Value in a Real Estate Appraisal
Types of value
There are several types and definitions of value sought by a real estate appraisal. Some of the most common are:
Market Value – The price at which an asset would trade in a competitive. Market Value is usually interchangeable with Open Market Value or Fair Value.Market Value is the estimated amount for which a property should exchange on the date of valuation between a willing buyer and a willing seller in an arms-length transaction after proper marketing wherein the parties had each acted knowledgably, prudently, and without compulsion. Appraiser Charlotte for more info.
Value-in-use – The net present value (NPV) of a cash flow that an asset generates for a specific owner under a specific use. Value-in-use is the value to one particular user, and is usually below the market value of a property.
Investment value - is the value to one particular investor, and is usually higher than the market value of a property.
Insurable value - is the value of real property covered by an insurance policy. Generally it does not include the site value.
Liquidation value -- may be analyzed as either a forced liquidation or an orderly liquidation and is a commonly sought standard of value in bankruptcy proceedings. It assumes a seller who is compelled to sell after an exposure period which is less than the market-normal timeframe.
For more in info click here: Appraiser Charlotte, NC
www.charlotte-appraiser.net
There are several types and definitions of value sought by a real estate appraisal. Some of the most common are:
Market Value – The price at which an asset would trade in a competitive. Market Value is usually interchangeable with Open Market Value or Fair Value.Market Value is the estimated amount for which a property should exchange on the date of valuation between a willing buyer and a willing seller in an arms-length transaction after proper marketing wherein the parties had each acted knowledgably, prudently, and without compulsion. Appraiser Charlotte for more info.
Value-in-use – The net present value (NPV) of a cash flow that an asset generates for a specific owner under a specific use. Value-in-use is the value to one particular user, and is usually below the market value of a property.
Investment value - is the value to one particular investor, and is usually higher than the market value of a property.
Insurable value - is the value of real property covered by an insurance policy. Generally it does not include the site value.
Liquidation value -- may be analyzed as either a forced liquidation or an orderly liquidation and is a commonly sought standard of value in bankruptcy proceedings. It assumes a seller who is compelled to sell after an exposure period which is less than the market-normal timeframe.
For more in info click here: Appraiser Charlotte, NC
www.charlotte-appraiser.net
Thursday, January 31, 2008
Record Drop of Homes Sales/Prices
Lastet Real Estate News
WASHINGTON (AP) -- Sales of new homes plunged by a record amount in 2007 while prices posted the weakest showing in 16 years, demonstrating the troubles builders are facing with a huge backlog of unsold homes.
The government reported that the median price of a new home barely budged last year, edging up a slight 0.2 percent to $246,900, the poorest showing since prices fell by 2.4 percent during the 1991 housing downturn.
The new report reinforced the view that housing is currently undergoing its worst downturn in more than two decades, with the slump threatening to surpass in some ways the severe housing recession of the early 1980s.
The housing weakness has dragged down overall growth and sent shockwaves through the rest of the economy including the financial sector, which is dealing with billions of dollars in losses in subprime mortgages. Some analysts are worried that the fallout could become so severe it will drag the entire country into a recession.
Appraiser Charlotte NC
WASHINGTON (AP) -- Sales of new homes plunged by a record amount in 2007 while prices posted the weakest showing in 16 years, demonstrating the troubles builders are facing with a huge backlog of unsold homes.
The government reported that the median price of a new home barely budged last year, edging up a slight 0.2 percent to $246,900, the poorest showing since prices fell by 2.4 percent during the 1991 housing downturn.
The new report reinforced the view that housing is currently undergoing its worst downturn in more than two decades, with the slump threatening to surpass in some ways the severe housing recession of the early 1980s.
The housing weakness has dragged down overall growth and sent shockwaves through the rest of the economy including the financial sector, which is dealing with billions of dollars in losses in subprime mortgages. Some analysts are worried that the fallout could become so severe it will drag the entire country into a recession.
Appraiser Charlotte NC
Housing Slump Mecklenburg NC
"Home building and sales are falling more sharply in the Charlotte area than nationally, a sign the housing slump is worsening in what has been one of the country's stronger markets"
Some of the causes:
Multiple market forces at work
High foreclosure rates, tougher lending practices and rising prices for gas, food and other goods have slashed housing sales nationwide. The slowdown has threatened to push the economy into recession and prompted proposals for billions of dollars in tax rebates and other steps to stimulate spending.Some cities, including Miami, San Diego and Las Vegas, also have seen double-digit declines in housing prices, according to the S&P/Case-Shiller Home Price Index released Tuesday. Others were hurt further by regional economic woes, such as Detroit's fallout from the ailing domestic auto industry.
Double-digit housing declines
Appraiser Charlotte North Carolina
Some of the causes:
Multiple market forces at work
High foreclosure rates, tougher lending practices and rising prices for gas, food and other goods have slashed housing sales nationwide. The slowdown has threatened to push the economy into recession and prompted proposals for billions of dollars in tax rebates and other steps to stimulate spending.Some cities, including Miami, San Diego and Las Vegas, also have seen double-digit declines in housing prices, according to the S&P/Case-Shiller Home Price Index released Tuesday. Others were hurt further by regional economic woes, such as Detroit's fallout from the ailing domestic auto industry.
Double-digit housing declines
Appraiser Charlotte North Carolina
Free Building Cost Estimator Tool
Here is a free building cost estimator that I would like to share
http://www.building-cost.net
You can develop a home construction or replacement cost that considers all the important variables: materials used, design features, quality, size, shape, heating, cooling and geographic area.
If your wondering how much that new house will cost to build, or need a replacement value for insurance purposes, give this a try.
http://www.building-cost.net
You can develop a home construction or replacement cost that considers all the important variables: materials used, design features, quality, size, shape, heating, cooling and geographic area.
If your wondering how much that new house will cost to build, or need a replacement value for insurance purposes, give this a try.
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