Showing posts from November, 2014

Home Inspection vs Appraisal Inspection

What is the difference between an appraisal inspection and a home inspection? Often buyers and sellers may mistake one for the other but they are in fact two very separate inspections with separate purposes. Similarities: Performed by Licensed ProfessionalsInvolve a physical examination of the propertyPresent a written report Even though these two seem very similar they are very different in their purpose and function. Home Inspection: Purpose is for buyers and sellers to be well informed about the condition of a home and the operational systems within it.A home inspector will physically inspect the home and report on it. Per American Society of Home Inspectors:

5 Thankful Thoughts at Thanksgiving

It's Thanksgiving  and whether that means food, family & football or if its just another day for you,  we at the DW Slater Company wanted to share some thoughts of thankfulness:

1. Business- we are thankful for the opportunity to serve our clients with appraisal services.  We are thankful for all the wonderful people we have met and connected with in our business.  Whether it is for a pre-listing appraisal,conventional refinance, purchase, FHA or commercial appraisal we have enjoyed working with you.  We are also thankful for our social media connections.

2. Family-the reason we do what we do is for those that we love.  A family, whether the one who were born into or those that you created, can be your motivation and greatest source of strength.  We wish you all special time with your family this Thanksgiving. 
3. Friends-we have friends that we have known since grade school and friends that we have just met.  It is always great to have people in your life that care about you…

We paid $30,000 for a pool last year but the appraiser only valued it at $15,000?

You just had your home appraised and find out that the pool that you just put in last year is valued half of what you paid for it.  Why is that? Well appraised market value is not the same a cost.   You have to understand what an appraisal is and how the value is derived.   

When a real estate appraisal is performed on your property is it a value opinion of the property at a specific time most often the date of inspection.  Most real estate appraisals are for a financial lending institution.  If a mortgage is to made on a property then  most often an appraisal of the market value is required.  The definition of value as defined by the Fannie Mae is:  Market value is the most probable price that a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified…

Disappointed with the Appraisal? What Can You Do?

The appraisal came in and you were disappointed.  If you were buying or selling a home why would it not be valued at the sales price since you have a willing buyer and seller?  If you are refinancing and the value is lower than what you owe, how can this be?  We understand how frustrating it can be in these situations.  Here are a few things to help you understand how appraised value is derived and some things that you can do if your appraisal is lower than expected.
Things to know and understand

Appraisers Have Many Restrictions-You must understand the appraisers are bound by many guidelines and restrictions when they perform an appraisal.  FNMA has many guidelines and standards that appraisers follow.  If the appraisal is for FHA or VA financing, appraisers have additional restrictions and guidelines.  Appraisers are also bound by USPAP (Uniform Standards of Professional Appraisal Practice).  Many lenders will place additional requirements above these in order to protect their investm…

Helping Borrowers/Sellers Know What to Expect in an Appraisal Inspection

An appointment has been set for your appraiser to come to your home.  No need to stress!  We appraisers understand that it can be awkward to have someone come into your home especially if its your first appraisal inspection.  We'd like to ease your stress by giving you some information about what to expect when an appraiser comes for an inspection.  Here are a five things to know and expect when an appraiser comes to your home:Access:  You will need to provide access to all areas of your home. The appraiser has been asked by the lender to perform an appraisal of your property.  The appraiser will need to inspect both the interior and the exterior of your home.  The appraiser is required to inspect all rooms including, the garage, utility and attic. The appraiser will take pictures and write notes about his/her observations. Please note this inspection is not the same as a home inspection .  For more information about the difference between a home inspection and an appraisal inspec…

Number of Foreclosures Down- Denton, Cooke, Grayson, & Collin Counties

Number of Foreclosures Down- Denton, Cooke, Grayson, & Collin Counties October 28, 2014
The national news has been reporting that foreclosures sales at their lowest levels since Q1 2011. What are the numbers for our local area?