Westmoreland County, PAPosted on: January 13, 2016, by : ScottW3
Whenever someone uses their home as the basis of a financial transaction (i.e., mortgage, equity loans) in Westmoreland County, the issuing bank will need an appraisal to establish the specifics of the loan. In PA, appraisers and banks refer to the Financial Institutions Reform, Recovery and Enforcement Act of 1989 (FIRREA) as it provides guideline for both appraisers and banks. For appraisers, this means that they need to be independent and state licensed or certified. Also, appraisals must be completed in writing to be valid in Pennsylvania and values must be based on current market values. The bank’s loan staff must limit their interaction with the appraiser. For instance, they can’t share information regarding the property and they are not allowed to promise other work for higher values. Other information can be found in The Home Valuation Code of Conduct (HVCC).
With a population of 365,169, Westmoreland County is part of the Pittsburgh Metropolitan Area. It is made up of 96.58% White, 2.01% Black, .52% Asian and .51% Hispanic or Latino. With your choice of school districts, private schools, a 7.8% lower cost of living than the national average and a median home price of $98,200, Westmoreland County just may be the ideal place for you and your family.
The bulk of the appraisal consists of a careful examination of both the inside and outside of the property paying close attention to the quality of the home’s construction, its overall condition and location. They also note how many bathrooms and bedrooms there are in addition to amenities like central AC and energy efficient appliances. There are appraisers that consider how close the home is to public transportation, schools, local stores and may even consider curb appeal as additional amenities. Improvements made that are not easily seen need to be pointed out to the appraiser.
There are other valuable resources like the Multiple Listing Service (MLS) that provide tax data and zoning information as well as data on recent comparable sales. Some appraisers even enlist the help of a local Westmoreland County real estate attorney. When the appraiser is finished gathering all of their information, they are ready to make their Highest & Best Use Analysis. They use at least one of three approaches: Cost Approach, Income Approach and Market Data Approach. At www.NortheastValuations.com, our goal is to ensure that your appraisal process is as easy, fast and pleasant as possible so reach out to us today.