Venango County, PAPosted on: January 13, 2016, by : ScottW3
Whenever a home or property is used in a financial transaction (mortgage, equity loans), the bank needs an appraisal to decide how much they can extend for the loan. In PA, appraisers and banks turn to the Financial Institutions Reform, Recovery and Enforcement Act of 1989 (FIRREA) for guidelines. FIRREA mandates that appraisers are independent, state licensed or certified and that appraisals are completed in writing. They can only be based on current market values. The bank’s loan staff must maintain limited contact with the appraiser and they are prohibited from giving information about the property to the appraiser. They are also not allowed to exchange work for a more beefed up home value. You can also find additional rules in the Home Valuation Code of Conduct (HVCC).
With a population of 54,984, Venango County is part of the Pittsburgh Media Market. With many colleges, public and private schools to choose from, a cost of living 9.7% lower than the nation’s average and a median home price of $72,600, Venango County could be the perfect place for your family.
The appraisal includes an examination of the property’s inside and outside paying attention to the integrity of construction, condition as well as location. They are interested in the number of bathrooms, bedrooms as well as amenities such as energy efficient appliances. There are many appraisers that consider the house’s proximity to public transportation, access to highways, schools, stores and curb appeal as amenities. If you have made any improvements or upgrades, now is the time to bring them to the appraiser’s attention.
There are also helpful resources including the Multiple Listing Service (MLS) that appraisers use to review tax data, zoning classifications and recent comparable sales. Sometimes a local Venango County real estate lawyer can offer some assistance. When they’ve collected all of their information, they’re ready to make a Highest & Best Use Analysis of the property by using at least one of three different appraisal approaches: Cost Approach, Income Approach and Market Data Approach. At www.NortheastValuations.com, we get how confusing an appraisal can seem which is why we have simplified the process. Reach out to us today.