York County, PAPosted on: January 13, 2016, by : ScottW3
In York County, whenever someone makes a financial transaction (i.e., mortgage, equity loans) with their home, the issuing bank will want to see an appraisal to determine the conditions of the loan. In PA, appraisers and banks both refer to the Financial Institutions Reform, Recovery and Enforcement Act of 1989 (FIRREA) for their guidelines. Appraisers have to be independent, state licensed or certified and their appraisals must be completed in writing. Furthermore, they must be based solely on actual market values. The loan staff have to maintain limited communication with the appraiser making sure that they do not share information regarding the property. The bank’s loan staff is also prohibited from exchanging appraisal work for beefed up values. Additional information can be found in the Home Valuation Code of Conduct (HVCC).
With a population of 434,972, York County is made up of 92.76% White, 3.69% Black, .86% Asian and 1.10% Hispanic or Latino. With plenty of colleges, public schools, private schools and a median home price of $141,800, York County just may be the best place for you and your family.
Part of the appraisal is made up of a close evaluation of the inside and outside of the house noting the construction, condition and location. Appraisers are interested in the number of bathrooms, bedrooms and amenities including central AC and energy efficient appliances. There are some appraisers who consider proximity to public transportation, schools, shopping and curb appeal as amenities. Improvement and upgrades that may not be visible, need to be pointed out by the homeowner.
An extremely popular resource is the Multiple Listing Service (MLS) because it gives tax and zoning information on homes as well as information on comparable home sales. Some appraisers seek the advice of a local York County real estate attorney as well. When the appraiser is finished researching, they make a Highest & Best Use Analysis by using at least one of three approaches: Cost Approach, Income Approach and Market Data Approach. At Northeast Valuations, we want to make sure that you enjoy a fast and easy appraisal, so reach out to us today.