Appraisers look at the quality and condition of materials (counters, cabinetry, flooring, lighting, fixtures, hardware, trim, finishes, etc). They will also look at the site/lot, views, design, roof, walls, landscape, and external influences (proximity to a park or a gas station for example).
The short answer is that your home is worth what the market will pay for it. If you are looking for a magic button that will give an accurate value estimate for your house, you will be disappointed. Online estimates are not going to be very accurate. Real details are needed for an accurate estimate.
There are many sources you can use to figure out the fair market value for an inherited property including tax records, publications (RE ads), real estate agents, and appraisers. Obtaining an appraisal report from a licensed appraiser is the most formal way for an inherited property to be valued.
An appraisal can help you figure what repairs would be most beneficial to make before selling your home. It can be a fine line between spending enough to maximize your potential sale price, and overspending on items that won't get you the return you want.
Besides assigning a specific appraised value to the home, an appraisal can help you determine the best pricing strategy, most beneficial list price, the most likely sale price range, assist in your buyer negotiations, and accurately reflect your current competition.
An appraisal can help protect you as the executor of an estate by documenting your due diligence in distribution of the assets. Often times a sibling may want to "buy out" the other beneficiaries. Obtaining a fair market value real estate appraisal ensures a fair representation of the asset.
To be considered a bedroom in Florida the room must have a closet, be at least 70 square feet, have an outside wall, have one window of at least 24 inches tall & 20 inches wide (with at least 5.7 sf of total opening space), there must be an entry door or entrance for a door.
The 5 most common issues we have seen are rotten wood, roof issues including ceiling water stains, paint condition, water heater issues & electrical problems. Any issues that impact the safety or health of occupants, or those that are considered to be structural soundness issues are likely "flags".
Some of the more relevant HUD guidelines specific to South Florida include air conditioning, roof condition, and crawl spaces.
The primary difference between FHA and conventional loan appraisals is that FHA loans REQUIRE appraiser "flagged" issues to be corrected in order for the loan to process. With Conventional loans an appraisal may be submitted as "subject to repairs".
The best way to encourage the use of a FSBO closed sale as a comp is to make it convenient for them to confirm the terms of sale. The appraiser will need to confirm if the deed transfer you have found is truly an "Arm's Length Sale".
An appraiser will typically "strip away" market reaction to other home attributes when determining what their GLA (Gross Living Area) adjustment might be. This is the primary difference between the way an appraiser looks at GLA, and the way most realtors look at GLA.
You may want to prepare a list of any recent improvements, description and/or receipts for major maintenance replacements & ages (AC/Roof/Water Heater/Appliances), and any information you have about recent renovations. You should also do your best to make sure the home is clean and clutter free.
No. Appraisal reports are either given directly to you as the client, or directly to your lender as the client.
Conventional loans and any government backed loans of any kind will usually require a 1004 appraisal report form.
An appraiser will typically use Paired Sales Analysis to determine how much value a pool will contribute to the total property value. The process is usually the same for a pool, garage space, lot size, view, kitchen renovation, bath renovation, etc.
Although the Multiple Listing Service (MLS) is the primary research tool used by appraisers in Palm Beach County, the use of sales that are not in MLS in an appraisal can be perfectly acceptable. The main reason appraisers use MLS is because they need to confirm the terms of sale for the comparable.
Primary requirements: The room must be at least 70 square feet, have at least one wall must be along the exterior of the structure, there must be at least one window of at least 24" tall and 20" wide with at least 5.7 square feet of total opening space, there must be a door or entrance for a door.
Paying for an appraisal will be worth the cost if you need an accurate, unbiased, independent, unconflicted estimate of what your home's value is. However, appraisals typically cost hundreds of dollars and there can sometimes be alternative ways to accomplish your goals.
We are often asked how much a home's value will increase by remodeling a kitchen, remodeling a bath, adding a bath, or adding a pool. The value that will be added is very specific to your submarket, so there is no blanket answer.
The most common appraisal report we provide to private individuals for residential property is the General Purpose Appraisal Report (GPAR). This form has multiple options so that it may be used for no-inspection, exterior-inspection, or interior-inspection assignments.
A true appraisal is not going to be free, but you can typically get a Comparative Market Analysis (CMA) from real estate agents. You can also obtain free computer generated value estimates from a range of websites including Zillow, Redfin, Realtor.com
Appraisers are expected to be familiar with the location being appraised, or they are expected to spend sufficient time to understand the nuances of the local market as well as supply and demand factors relating to the specific property type.
If you disagree with your Palm Beach County property tax assessment you have two main options. We recommend you first contact the Property Appraiser's office for an informal review. If you are not satisfied with their informal review results, you can file a petition with the Value Adjustment Board.
You will need to contact your loan servicer to find out how you can remove your Mortgage Insurance. In many instances the lender or servicer will request that you obtain an appraisal report from a Certified Residential Appraiser in order to prove your equity position.
MI or PMI stands for Private Mortgage Insurance. MI protects the lender against a loss, but does not protect you personally in the event of a default. The PMI portion of your payment is wasted from your perspective, so removing it is one of the best things you can do to reduce your mortgage payment.
The most common appraisal for Asset Division use is an interior inspection General Purpose Appraisal Report. A Certified Residential Appraiser is typically obtained to estimate fair market value of any residential real estate when the asset is intended to be divided between two or more parties.
Residential homes are often owned by multiple parties. In this type of ownership, the owners each have a partial interest. If the 100% value of the asset is spread out among multiple owners, then an appraisal may be obtained to determine the partial interest value.
There are multiple programs within the U.S. Citizenship and Immigration Services (USCIS) agency which may consider an appraisal in their application process. An appraisal that reflects the true equity in your home can increase the likelihood of passing a financial status or public charge review.
A General Purpose Appraisal Report written by a Certified Residential Appraiser is the most common form used for most immigration matters.
In most instances a General Purpose Appraisal Report will suffice for accounting or financial planning documentation requirements associated with residential property.
In most instances a General Purpose Appraisal Report will suffice for accounting or financial planning documentation requirements associated with residential property.
Accountants are typically looking for a full interior General Purpose Appraisal Report written by a Certified Residential Appraiser. This is the most complete basic form that is typically acceptable for accounting purposes for normal residential properties.
The IRS will accept a variety of report types depending on the scope of the assignment. It is best to discuss your specific requirements with the appraiser. The General Purpose Appraisal Report is usually sufficient, but there are also more economical options that may be more appropriate.
Generally speaking, appraisers will quote a fee based on the amount of time and expertise that will be involved in the assignment. Estimating the complexity of the assignment involves a review of home attributes, site characteristics, locational factors, and a myriad of various market drivers.
A retrospective appraisal has an "effective date" of some point in the past. This type of appraisal is often needed for tax purposes, or to support the value of a transfer of ownership due to death or inheritance at a specific point in time.
A Date of Death Appraisal is a retrospective appraisal that is written with an "effective date" at some point in the past. This type of appraisal is often needed for tax purposes, or to support the value of a transfer of ownership due to death or inheritance at a specific point in time.
The most common appraisal used for a residential home for Estate use is a General Purpose Appraisal Report written by a Certified Residential Appraiser. Estate appraisals are sometimes required for proof of value and we have decades of experience writing these types of reports.
The most common appraisal form used for Probate purposes is a General Purpose Appraisal Report. Probate appraisals are sometimes required for proof of value for court purposes and we have decades of experience writing these types of reports for residential properties in Palm Beach County.
An interior inspection General Purpose Appraisal Report written by a Certified Residential Appraiser is the most typical way to show proof of value in divorce proceedings.
Our appraisal clients typically decide to pay for an appraisal if they want to be sure they are getting an accurate, unbiased and independent valuation that is free from any conflicts of interest or future commitments. However, appraisals can be expensive and there are other options.
Residential real estate appraisals typically cost between $300-800 in Palm Beach County in our experience.
FHA appraisals are not generally appraised for a lower value, at least not in any way that can be proven reliably and not for any valid reason that we can think of.