Potter County, PAPosted on: January 13, 2016, by : ScottW3
In Potter County, if you apply for a financial transaction involving your home (mortgage, equity loans, etc.) the bank extending the loan will likely need an appraisal to determine the home’s worth as well as the specifics of the contract. Pennsylvania uses the Financial Institutions Reform, Recovery and Enforcement Act of 1989 (FIRREA) as the guideline appraisers and banks alike must follow to make sure there is compliancy. Appraisers need to be independent, state licensed or certified and their appraisals have to be completed in writing according to PA law. Appraisal values must also be based on current market values. The bank’s loan staff needs to maintain a more limited relationship with the appraiser in that they are prohibited from giving details regarding the home to appraiser. Additional guidelines prohibit them from exchanging work for higher appraisal values. Similar guidelines may be located in the Home Valuation Code of Conduct (HVCC).
With a population of just 17,457, Potter County is part of the Allegheny Plateau Region. Its residents are made up of 98.06% White, .29% Black, .50% Asian and .57% Hispanic or Latino. With a cost of living 5.4% lower than the national average, a wide selection of both public and private schools, and a median home price of $107,600, Potter County may be an ideal place for you.
A good deal of the appraisal includes a careful examination of the home’s interior and exterior noting all assets and detriments. The integrity and quality of the home’s construction, condition and location are also noted. Other key factors are the number of bathrooms and bedrooms as well as amenities such as energy efficient appliances and the proximity to access public transportation. If there are upgrades or improvements that cannot be seen like wiring or plumbing, you should point them out.
The Multiple Listing Service (MLS) allows for tax and zoning as well as comparable sales reviews. Some appraiser even reach out to Local Potter County real estate lawyers to help fill in any gaps. When they’re satisfied, they submit a Highest & Best Use Analysis employing one or a combination of three different appraisal approaches: Cost Approach, Income Approach and Market Data Approach. When you use Northeast Valuations, much of the complication is erased and you can enjoy a more streamlined appraisal process.