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What’s My Home Worth?...

Understanding an Appraisal and What an Appraiser Looks For... An Appraisal is an exercise that involves as much art as it does science, as any appraiser acknowledges. The more unique or luxurious a property, the harder it is to accurately value. "Imported” marble and a view of the ocean are going to be more or less valuable depending on market conditions. Where does an appraiser get the information needed to complete an appraisal? The appraiser gets his or her information from a wide variety of sources, including the local Multiple Listing Service, local tax assessors records, local real estate professionals, county courthouse records, private public record data vendors, interviews with sellers and buyers, appraisal data co-operatives and his or her own personal knowledge or office files from previous appraisals. The quality and reliability of each piece of information is considered by the appraiser. What does the appraiser look for? Typically, an appraiser needs to document the condition of the property, both inside and out, from the layout and features to degree of modernization including any updates as well as the overall quality of construction. This information will help to assist the appraiser throughout the valuation and comparison process. The Five main items for a property appraisal, they are: 1. The Structure: Foundation, siding, roofing for materials, quality, construction and condition. 2. Interior: Drywall, paint and finish, flooring, windows, doors, permanent fixtures installed, appliances, plumbing, heating and cooling systems, lighting and electrical for materials, quality, construction and condition. 3. Amenities: The amenities installed in your home have a significant impact on the home’s value. The appraiser will note what features your house does--and does not--have. These include modern conveniences, such as central air conditioning, baseboard heating, smoke detectors and a detached garage. If your home lacks these features, the appraiser will likely value your home slightly less. He will look for additional features as well, such as a fireplace, a security and/or intercom system and solar panels. And they will consider outdoor amenities, such as an in-ground pool or a gazebo. 4. Upgrades: One often-overlooked aspect of an appraisal is the work you've done on your home since you took ownership. Any remodeling completed can influence the appraised value of your home, usually in a positive way. The appraiser will examine upgrades to the kitchen, including the stove, oven, sink and faucet, counter tops and other built-in appliances. Bathrooms are next on the appraiser's check-list--bathtubs/showers, toilets, sinks, faucets and lighting fixtures. If you did remodeling work on your home or hired a contractor to complete it for you, list the upgrades and the old appliances and fixtures they replaced and leave these for the appraisers access. 5. Front and Back Yards: Your front and back yards are almost as important to the overall value of your home as the house itself. The foremost aspect the house appraiser will consider is the size--the larger your plot, the higher your appraisal will be. The appraiser will look for and consider landscaping, permanent fixtures (like an in-ground sprinkler system) and other features. Although mere appearance has little to do with your home’s overall value, your front yard in the first thing the appraiser will see. An unkempt, overgrown yard strewn with broken- down vehicles and garbage could influence her appraisal. It has the same effect on buyers! So focus your time, attention and money on checking, repairing and/or upgrading, if necessary, what the appraiser will inspect. You can ignore anything you would take with you, because the appraiser will ignore those things too. But the Devil can be in the details, so there are many documents and records to examine: Property Record Background of Home Property Type Previous Owners Tax Records Property Evaluations Financial Liability Off-Site Property Detractors The appraiser estimates the square footage (GLA - gross living area), by measuring the exterior of the home. Non-living areas, such as garages or covered porches, aren't included in GLA, but are accounted for and considered in value separately. Finished basements are also calculated separately from the above-ground GLA. The local market will dictate the contributory value of the finished basement, which can be influenced by governmental regulations, the degree of modernization, the quality of the finish, and other factors. The difference in finish, lighting and walk-out basement or enclosed basement and access can make an immense difference. The appraiser will generally consider only permanent fixtures and real property. Because many above- ground swimming pools and small sheds are not permanent structures, they typically usually aren't included in the valuation. Depending on the specific installation process and local custom, however, an above ground pool or small shed might be considered part of the real property. Short form "2055" Vs. "URAR Fannie Mae" Form Appraisal Report A "Fannie Mae" - URAR form report has many items required by the secondary mortgage lending market, that are not necessarily needed in a simple report to find the market value. Both primarily rely on a direct sales comparison or market approach with a comparison grid (see below) to determine the market value of the subject property. The lenders report has many additional arbitrary requirements which have little bearing on the value found by a report needed for many other purposes. The traditional "lender" reports need census tract & smsa information for tracking lending patterns. Some lender reports require a lot of the appraisers effort to determine and substantiate how much additional rental income is available to support a higher mortgage. In addition, a great deal of detail is required to help the lender determine what if any, necessary repairs might be needed before the property meets their underwriting requirements. All of these things and much more, may be quite important for a lender, but probably are useless for most people, who just want to know what a property is worth for a variety of reasons. The Appraisal Process The appraisal process is an orderly and concise method of reaching an estimate of value. The process has six major steps which include: definition of the problem, preliminary survey and appraisal plan, data collection and analysis, application of the three approaches to value, reconciliation’s of value indications, final estimate of defined value. This process assists the appraiser in reaching a sound conclusion. Uniform Standards of Professional Appraisal Practice Appraisal Standards Board (ASB) The ASB sets forth the rules for developing an appraisal and reporting its results. In addition, it promotes the use, understanding and enforcement of the Uniform Standards of Professional Appraisal Practice (USPAP). FIRREA requires that real estate appraisals used in conjunction with federally-related transactions be performed in accordance with USPAP. More than 80,000 state certified and licensed appraisers are currently required to adhere to USPAP. USPAP contains the recognized standards of practice for real estate, personal property and business appraisal. Source: http://quickval.com/appraisal/ Know Everything, Know Faster and Know when you need it most…

Have A Seller’s Market Advantage with Stephanie

Start Here for an Up-To-Date

ACCUPRO Market Report

If your home is currently listed with a real estate broker, this message is not intended to be a solicitation of the listing. Each Keller Williams franchised office is independently owned and operated. Keller Williams is a federally registered trademark owned by Keller Williams. All other trademarks are the property of their respective owners. REALTOR is a federally registered collective membership mark which identifies a real estate professional who is a member of the NATIONAL ASSOCIATION OF REALTORS and subscribes to its strict Code Of Ethics. Any information or tools on the web site are provided for educational and illustrative purposes only. The accuracy of the calculations and their applicability to your circumstances are not guaranteed. For personal advice regarding your financial situation, please consult with a financial advisor.

I am excited to help you in your quest to sell your home and Net the Highest Dollar for your home as I specialize

in listings in the following Bergen County neighborhoods: Wyckoff, Allendale, Franklin Lakes, Mahwah, Oakland,

Ramsey,Ridgewood, Saddle River, Upper Saddle River, Waldwick, Glen Rock, HoHokus and

Passaic County’s Hawthorne, Wayne and North Haledon

Keller Williams Town Life 25 Washington St, Tenafly, NJ 07670 Main Office Phone 201-894-8004 Fax 201-399-7669
The Seller’s Advantage You deserve to have an advantage, there is a lot of competition in any market. Don’t miss an opportunity to get your Seller’s Market Advantage: www.findmyhomesworth.com Call Stephanie Now and Demand It! 201-774-3216
SOLD!
Immediate Download You can download a FNMA Appraisal Form 1004 for greater insight of the detail necessary Here

Or Call 201-774-3216

List My Home  & Sell Fast

What’s My Home

Worth?...

Understanding an Appraisal and What an Appraiser Looks For... An Appraisal is an exercise that involves as much art as it does science, as any appraiser acknowledges. The more unique or luxurious a property, the harder it is to accurately value. "Imported” marble and a view of the ocean are going to be more or less valuable depending on market conditions. Where does an appraiser get the information needed to complete an appraisal? The appraiser gets his or her information from a wide variety of sources, including the local Multiple Listing Service, local tax assessors records, local real estate professionals, county courthouse records, private public record data vendors, interviews with sellers and buyers, appraisal data co-operatives and his or her own personal knowledge or office files from previous appraisals. The quality and reliability of each piece of information is considered by the appraiser. What does the appraiser look for? Typically, an appraiser needs to document the condition of the property, both inside and out, from the layout and features to degree of modernization including any updates as well as the overall quality of construction. This information will help to assist the appraiser throughout the valuation and comparison process. The Five main items for a property appraisal, they are: 1. The Structure: Foundation, siding, roofing for materials, quality, construction and condition. 2. Interior: Drywall, paint and finish, flooring, windows, doors, permanent fixtures installed, appliances, plumbing, heating and cooling systems, lighting and electrical for materials, quality, construction and condition. 3. Amenities: The amenities installed in your home have a significant impact on the home’s value. The appraiser will note what features your house does--and does not--have. These include modern conveniences, such as central air conditioning, baseboard heating, smoke detectors and a detached garage. If your home lacks these features, the appraiser will likely value your home slightly less. He will look for additional features as well, such as a fireplace, a security and/or intercom system and solar panels. And they will consider outdoor amenities, such as an in-ground pool or a gazebo. 4. Upgrades: One often-overlooked aspect of an appraisal is the work you've done on your home since you took ownership. Any remodeling completed can influence the appraised value of your home, usually in a positive way. The appraiser will examine upgrades to the kitchen, including the stove, oven, sink and faucet, counter tops and other built-in appliances. Bathrooms are next on the appraiser's check-list--bathtubs/showers, toilets, sinks, faucets and lighting fixtures. If you did remodeling work on your home or hired a contractor to complete it for you, list the upgrades and the old appliances and fixtures they replaced and leave these for the appraisers access. 5. Front and Back Yards: Your front and back yards are almost as important to the overall value of your home as the house itself. The foremost aspect the house appraiser will consider is the size--the larger your plot, the higher your appraisal will be. The appraiser will look for and consider landscaping, permanent fixtures (like an in- ground sprinkler system) and other features. Although mere appearance has little to do with your home’s overall value, your front yard in the first thing the appraiser will see. An unkempt, overgrown yard strewn with broken- down vehicles and garbage could influence her appraisal. It has the same effect on buyers! So focus your time, attention and money on checking, repairing and/or upgrading, if necessary, what the appraiser will inspect. You can ignore anything you would take with you, because the appraiser will ignore those things too. But the Devil can be in the details, so there are many documents and records to examine: Property Record Background of Home Property Type Previous Owners Tax Records Property Evaluations Financial Liability Off-Site Property Detractors The appraiser estimates the square footage (GLA - gross living area), by measuring the exterior of the home. Non-living areas, such as garages or covered porches, aren't included in GLA, but are accounted for and considered in value separately. Finished basements are also calculated separately from the above-ground GLA. The local market will dictate the contributory value of the finished basement, which can be influenced by governmental regulations, the degree of modernization, the quality of the finish, and other factors. The difference in finish, lighting and walk-out basement or enclosed basement and access can make an immense difference. The appraiser will generally consider only permanent fixtures and real property. Because many above-ground swimming pools and small sheds are not permanent structures, they typically usually aren't included in the valuation. Depending on the specific installation process and local custom, however, an above ground pool or small shed might be considered part of the real property. Short form "2055" Vs. "URAR Fannie Mae" Form Appraisal Report A "Fannie Mae" - URAR form report has many items required by the secondary mortgage lending market, that are not necessarily needed in a simple report to find the market value. Both primarily rely on a direct sales comparison or market approach with a comparison grid (see below) to determine the market value of the subject property. The lenders report has many additional arbitrary requirements which have little bearing on the value found by a report needed for many other purposes. The traditional "lender" reports need census tract & smsa information for tracking lending patterns. Some lender reports require a lot of the appraisers effort to determine and substantiate how much additional rental income is available to support a higher mortgage. In addition, a great deal of detail is required to help the lender determine what if any, necessary repairs might be needed before the property meets their underwriting requirements. All of these things and much more, may be quite important for a lender, but probably are useless for most people, who just want to know what a property is worth for a variety of reasons. The Appraisal Process The appraisal process is an orderly and concise method of reaching an estimate of value. The process has six major steps which include: definition of the problem, preliminary survey and appraisal plan, data collection and analysis, application of the three approaches to value, reconciliation’s of value indications, final estimate of defined value. This process assists the appraiser in reaching a sound conclusion. Uniform Standards of Professional Appraisal Practice Appraisal Standards Board (ASB) The ASB sets forth the rules for developing an appraisal and reporting its results. In addition, it promotes the use, understanding and enforcement of the Uniform Standards of Professional Appraisal Practice (USPAP). FIRREA requires that real estate appraisals used in conjunction with federally-related transactions be performed in accordance with USPAP. More than 80,000 state certified and licensed appraisers are currently required to adhere to USPAP. USPAP contains the recognized standards of practice for real estate, personal property and business appraisal. Source: http://quickval.com/appraisal/ Know Everything, Know Faster and Know when you need it most…

Have A Seller’s Market Advantage with Stephanie

Start Here for an Up-To-Date

ACCUPRO Market Report

I If your home is currently listed with a real estate broker, this message is not intended to

be a solicitation of the listing. Each Keller Williams franchised office is independently owned

and operated. Keller Williams is a federally registered trademark owned by Keller Williams. All

other trademarks are the property of their respective owners. REALTOR is a federally registered

collective membership mark which identifies a real estate professional who is a member of the

NATIONAL ASSOCIATION OF REALTORS and subscribes to its strict Code Of Ethics. Any information

or tools on the web site are provided for educational and illustrative purposes only. The accuracy

of the calculations and their applicability to your circumstances are not guaranteed. For

personal advice regarding your financial situation, please consult with a financial advisor.

I am excited to help you in your quest to sell your home and Net

the Highest Dollar for your home as I specialize in listings in the

following Bergen County neighborhoods: Wyckoff, Allendale,

Franklin Lakes, Mahwah, Oakland, Ramsey, Ridgewood, Saddle

River, Upper Saddle River, Waldwick, Glen Rock, HoHokus and

Passaic County’s Hawthorne, Wayne and North Haledon

Keller Williams Town Life 25 Washington St, Tenafly, NJ 07670 Main Office Phone 201-894-8004 Fax 201-399-7669
The Seller’s Advantage You deserve to have an advantage, there is a lot of competition in any market. Don’t miss an opportunity to get your Seller’s Market Advantage: www.findmyhomesworth.com Call Stephanie Now and Demand It! 201-774-3216
SOLD!
Immediate Download You can download a FNMA Appraisal Form 1004 for greater insight of the detail necessary Here

Or Call

201-774-3216