Sullivan County, PAPosted on: January 13, 2016, by : ScottW3
Whenever someone makes a financial transaction pertaining to their home (mortgage, equity loans, etc.), the bank extending the loan will request that you have an appraisal so they can decide how much to loan as well as the borrowing conditions.
In Pennsylvania, the Financial Institutions Reform, Recovery and Enforcement Act of 1989 (FIRREA) is what appraisers and banks use to ensure uniformity state wide. Appraisers must be independent, state licensed or certified and their appraisals must be submitted in writing in addition to their values being based on actual market values. The bank’s loan staff is limited where communication with the appraiser is concerned. They cannot release any information about the house to the appraiser and they are not permitted to hinge future work on higher values. You may find additional guidelines in the Home Valuation Code of Conduct (HVCC). With a population of just 6,428, there’s nothing small about Sullivan County’s natural beauty as they are home to two Pennsylvania state parks: Rickets Glen and Worlds End. A 2.2% lower cost of living than the national average and a median home price of $144,300, could make Sullivan County the ideal place for you.
The bulk of the visual appraisal entails a careful examination of both the inside and outside paying special attention to the construction, condition and location of the home. Appraisers also pay attention to how many bathrooms and bedrooms there are and to upgrades and amenities such as energy efficient appliances. There are also appraisers who consider other factors such as the proximity to public transportation, local schools and even curb appeal. If there are upgrades made that may not be visible during the walk through, they should be disclosed by the homeowner.
Appraisers also use the Multiple Listing Service (MLS) as a resource to review tax, zoning as well as comparable home sales data. Some enlist the insight of local Sullivan County real estate lawyers too. When they’re finished compiling information, they will make their Highest & Best Use Analysis using one or a combination of three distinct appraisal approaches: Cost Approach, Income Approach and Market Data Approach. Our goal at Northeast Valuations, is to simplify the appraisal process for you. Reach out to us today.