Sunday, November 2, 2008

FHA Appraiser Charlotte NC

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!!!

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.