How to Get the Best Appraisal

Many home sellers question what is the best way to improve the look of their home to get the highest appraisal. This can be a big issue since appraisals have been getting a lot of attention recently, and a very low appraisal can ruin the sale of a home.

There are people who feel that making a last-minute effort to clean up a home will sway the decision of an appraiser to give the home a higher value. What really is most important in determining the value of a home is the sales prices of recently sold nearby comparable homes. Other factors that are considered are the size of the house and lot, the age and condition of the property as well as the major amenities in the home.

In summary, if your house has major issues like holes in the walls or leaky plumbing, an appraiser will notice this before dirty windows or walls. Avoid completing home repairs in a short period of time before the arrival of an appraiser. Plan ahead and keep your home well-maintained throughout the time you are living there.

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If you have been patiently waiting to buy a Hoboken home, now is the time to do it while the home buyer’s tax credit is still in effect. All of the key factors are in place to ensure that your home purchase will be a major, positive life changing event.  With low mortgage rates available, along with the recent passing of the new tax credits, this is the opportunity you have been waiting for. Please click on tax credit information for more details.  Make 2010 the year you purchase your dream home. For more information contact Eddie Perez, Broker-REALTOR, CDPE. Eddie’s market includes Hoboken, Jersey City, Weehawken and Union City.  Eddie can be reached at eddie@InvestHoboken.com or 201-344-2886.

What Must Never be Overlooked in a Home Inspection

1. Choose A Home Inspection Company With Top Credentials

 As a first time home buyer you have goals, you want to be well informed, and you want to make a wise investment. Choose a home inspection company that understands your needs and will work with you to help you meet your goals. If you want your home inspection conducted by a Licensed Professional Engineer (P.E.), be sure that your home inspection report will be stamped with the home inspectors licensed P.E. seal. The practice of engineering is State regulated and licensed; the P.E. seal on the home inspection report is the key to your protection.

2. Don’t Pay Twice For A Home Inspection

 First time home buyers who retain the services of a home inspector who is not a P.E., may be faced with paying a second home inspection fee if the home inspector uncovers a problem, such as a structural defect, that requires the opinion of a Licensed Professional Engineer. Shouldn’t you retain the services of an inspection company licensed to practice engineering right from the start?



3. Be Sure To Obtain A Written Home Inspection Report

 Be sure that your home inspection report will be a detailed written report, not a hand written checklist that is given to you at the end of the home inspection. A checklist may be void of details and may not provide all of the information and engineering advice first time home buyers need.



4. Ask About Important Professional Affiliations

 Be sure that the home inspection company you retain has professional affiliations, such as NABIE (National Academy Of Building Inspection Engineers) and NSPE (National Society Of Professional Engineers). Unlike home inspection trade societies, NABIE and NSPE accept only Licensed Professional Engineers as members. Members of NABIE need to meet tough entrance requirements, are highly qualified in the home inspection profession, and adhere to a strict code of ethics
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5. Don’t Be Confused By Home Inspector “Certifications”

 Don’t be confused by home inspector “certifications” offered by, or sold by trade societies or companies, or obtained via home inspection home study courses, certifications are available to anybody, a high school diploma is not a requirement and certifications can be readily purchased.

For more information regarding appraisals please go to What do Appraisers Really

Do?

If you are looking for assistance in finding the perfect home in Hoboken, contact Eddie Perez at (201) 344-2886 or go to Hoboken Condo Expert.

WHAT DO APPRAISERS REALLY DO?

Homebuyers and sellers may be surprised to find out the truth about an appraiser’s loyalty. An appraiser is one of the most important people in a home-buying transaction. Yet few homebuyers or sellers understand the facts about who appraisers are or what they do.

The most common misperception is that the appraiser represents the homebuyer. That mistaken idea is understandable since the buyer typically pays for the appraisal. But in fact, appraisers are hired by lenders, and appraisals typically are done not to make sure the buyer doesn’t overpay for the home, but to assure the lender that the home won’t be mortgaged for more than a certain percentage of its value. An appraisal isn’t a hist

orical record or prediction of the home’s value. Nor is it an inspection of the home’s condition. An appraiser may consider house price trends or identify obviously hazardous conditions inside the home, but the appraiser’s main focus is on the home’s overall appeal and salability, and how it compares with other homes in the area.

An appraisal contingency, which allows the buyer to cancel the deal if the appraised value of the home isn’t equal to or more than the purchase price, is a wise precaution. The contingency must be written into the sales contract to be enforceable.

Buyers should request a copy of the appraiser’s report and be sure they understand it. Some lenders provide a copy automatically; others do so only if the borrower completes a form.

Appraisers are regulated by state law, which requires them to meet certain qualifications, conform to certain standards and be licensed. Licensure typically requires many hours of education and experience, plus an exam.

The lender’s power to choose the appraiser has been controversial because some lenders have been accused of putting undue pressure on appraisers to modify their reports to fit the lender’s purposes. A proposed Home Valuation Code of Conduct would attempt to remedy that situation by forcing lenders to hire appraisers through appraisal management companies or perhaps state government agencies, which supposedly would hand out assignments on an impartial basis.

The proposed code is part of an agreement between New York Attorney General Andrew Cuomo and Fannie Mae and Freddie Mac, the two quasi-governmental corporations that buy most U.S. mortgages. But it is controversial as well. How the code will be implemented and whether it will be applied nationally are issues of great concern to appraisers today.

Source: cyberhomes.com