Snyder County, PAPosted on: January 13, 2016, by : ScottW3
When you apply for any kind of financial transaction involving your home (mortgage, equity loans, etc.), the bank issuing the loan will want an appraisal to determine the home’s worth and ultimately, the specifics of the loan. Pennsylvania uses the Financial Institutions Reform, Recovery and Enforcement Act of 1989 (FIRREA) as the guideline for appraisers and banks to use to ensure compliancy state wide. Appraisers need to be independent, state licensed or certified and their appraisals need to be submitted in writing under PA law. Also, appraisal values must be based on actual market values. The loan staff on the bank’s end is allowed only limited interaction with the appraiser. They are prohibited from giving the appraiser any information regarding the property. Guidelines and rules also exist keeping loan staff from exchanging the promise of additional appraisal work for higher values. More guidelines can be found in the Home Valuation Code of Conduct (HVCC).
With a population of 39,702, Snyder County is made up of 97.93% White, .82% Black, .42% Asian and .98% Hispanic or Latino. A variety of schools including Susquehanna University and a median home price of $164,700, could make Snyder County a good place for you to call home.
Most of the appraisal includes a thorough examination of the property’s interior and exterior with appraiser paying close attention to the quality and integrity of the home’s construction, condition and location. Some examples of other important factors include the number of bathrooms, bedrooms and upgrades or amenities such as
energy efficient appliances or central AC. Appraisers may also consider factors including the home’s proximity to public transit, schools as well as curb appeal. If there are upgrades or improvements that aren’t noticeable such as updated wiring or plumbing, they should be brought to the appraiser’s attention.
The Multiple Listing Service (MLS) is also a good resource that allows appraisers easy access to find out tax and zoning data and to review comparable sales. Some appraisers reach out to local Snyder County real estate lawyers for additional information. When they are satisfied with their findings, they will make their Highest & Best Use Analysis by using one or a combination of three different appraisal approaches: Cost Approach, Income Approach and Market Data Approach. At Northeast Valuations, our mission is to simplify the appraisal process for you so that you get on with what really matters in your life.