Just when you think things are going to calm down and you have learned all the new rules and procedures another change comes. You can be in real estate for 15 years and not have a clue what is going on in today's world. It is very important to keep updated on all the rules and changes of real estate around you. No one has the upper hand anymore we are all scrambling trying to learn new successful ways of making money in this bad economic times. The new HVCC guidelines have impacted alot of companies, lenders, mortgage brokers appraisers and realtors. Do I hear good things about the HVCC? More bad than good but we have to get used to it right? Now in 2010 FHA is going to be implementing some of the HVCC guidelines for theirselves. How do we keep up with all the rules and changes? I have mortgage brokers telling me not to proceed with the order they just gave me because they forgot the new rules and weren't allowed to order it yet. I hear how the new HVCC is bombing alot of deals and its all because of the imcompetent appraiser. The blame game gets old and its not our fault values have plummeted. Now is the time realtors, mortgage brokers and lenders should be looking at closed sales also. Whatever happened to realtors doing CMA's? Are they really that shocked when the appraisal comes back and the deal is not justified? If so I worry. Remember it is FAIR market value not the highest not the lowest. There are alot of hurdles just to get to closing. Sometimes its like running a non-ending marathon doing everything you can to get to the end for another obstacle to just slow you down. We sure are working hard for our money now. It will get better. Economists say to secure your job the unemployment rate is going to increase. With these words I will do my best as an appraiser and try to keep up with all the rules so I can spread the word.
Sincerely,
Kara L. Sedlak
The past few months have been slow. Is it because everyone is on vacation? Can people right now actually afford to go on vacations? Maybe people are saving for school supplies and school clothes. I know August can be a very stressful month to move. Homes are still getting foreclosed and not everyone can benefit from the new program Hope for Homeowners. My home doesn't even have a fannie mae or freddie mac loan and I am in an adjustable rate with no hope of value saving me. How is this fair? My home has declined approximately 30% and its not looking any better. I am not going to focus on all the negative things I am going to try to focus on positive things. What can I do to lower my expenses? How can I save money during these times? It seems like prices are going up and more costs are being implemented. Cash is king. My goal is to just survive.
Jay Appraisals, Inc.
Many appraisals requested are "as is" appraisals. The value is given to a property in its current condition. There are many times when an after repair value is requested. This is common with investors who are seeking to purchase homes, remodel them and resell in hopes of making a profit. Sometimes the investor may spend more than what the market is willing to pay for a remodeled home. A home can be over-improved and unneccesary money spent on improvements that give little or no return. Kitchens and bathrooms are a common improvement in today's market. However, an updated kitchen or bathroom may be expected in the subject's market area and no additional value is given. Sometimes, an after-repair value is requested just to determine what additional value will be gained if remodeled. Some neighborhoods have a big return while some areas its not feasible. I did read that siding was on the top ten of improvements that was feasible and brought back a return. With the oversupply of homes in the market area it is important to be competitive. An appraiser can appraise your property based on the hypothetical condition your property has been totally remodeled. This can sometimes save you alot of money in a long run. The cost of an appraisal is more feasible than spending alot of money on improvements you thought was going to bring you a bigger return or any return at all.
Kara Sedlak
After hearing all the fuss about Twitter. I have decided to join. You can find me by searching KARAKSCS. I am also on Facebook and Linkedin under kara@jayappraisals.com I do "twit" at least once a day and I try to give as much useful information in the 140 letters allowed. Believe it or not it is really hard to keep it under 140 letters! I believe networking is very important and through these websites I am meeting new companies, new people with alot of new and different ideas. You never know when you may require their services or know someone that needs their services.
I hope to meet more people and hope to have more people reading my blog. Next week I will cover more "appraisal stuff" and hope to answer common questions, myths and facts.
Kara L. Sedlak (karakscs)
JAY APPRAISALS, INC. serving Pasco, Pinellas, Hillsborough and Hernando counties in Florida.
During these times of declining values it is more difficult to get the job done. The real estate industry is a challenge for all appraisers, mortgage brokers and lending facilities. There are alot more guidelines and trying to help the seller or buyer is not as easy anymore. Together, we will help the market get back on track and without teamwork we will all fail. During this time we must trust each other to do his or her job effectively. Remember, we all have our own rules and regulations to follow and one must understand not only their duties but others as well. Teamwork is a must and together we will make it through these challenging times.
ay Appraisals, Inc.
My focus this month is the homeowner. Many homeowners are unaware of how an appraisal can save them money. Do you live in Pasco, Pinellas, Hernando or Hillsborough county in Florida? If so, I would like to help you in your valuation needs.
Insurance- Your home owner's insurance is based on replacement costs. If your house for example was in a fire how much would it cost to rebuild a similar structure. Do not confuse reproduction with replacement cost. Reproduction cost is an exact duplicate of your home. If your home was built in the 1900's your reproduction cost could be very expensive and supplies may be limited. Insurance companies and appraiser's use replacement costs. Insurance companies estimate of value of your home sometimes includes land. You are not insuring your land. Land does not depreciate.
Most real estate appraisals include the cost approach and include the replacement cost of your home. Citizens and other insurance companies can not argue the appraisal. These companies sometimes do not tell you what your options are they just want you to pay. There are options out there and sometimes can be very feasible to spend the money on an appraisal that ranges from $200-$350 and will save you on your homeowner's insurance.
How about your taxes? Do you feel your tax assessment is too high? You can have an appraisal done on your property and give to the county building to consider. There is a deadline to challenge your assessment so a phone call to your county property appraiser's office should be done. Pasco county's deadline is Nov. 30th of every year.
Jay Appraisals, Inc. is here to assist you in every way possible and we feel your property is out of our scope of work we will guide you to a list of other appraisal companies that may be able to assist you. Please check out our website at http://www.jayappraisals.com. 4:26:30 PM
President.
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