Schuylkill County, PAPosted on: January 13, 2016, by : ScottW3
In Schuylkill County, when you apply for a financial transaction using your home (mortgage, equity loans, etc.), the issuing bank will more than likely request an appraisal to decide the value of the home and in turn, the conditions of the loan. PA has the Financial Institutions Reform, Recovery and Enforcement Act of 1989 (FIRREA) to use as the criteria appraisers and banks follow to ensure uniformity and compliancy. For appraisers, they must be independent as well as state licensed or certified and appraisals must be submitted in writing to be recognized under Pennsylvania law. In addition, appraisal values can only be based on actual market values. For the bank’s end, their loan staff can have only limited interaction with the appraiser and they are barred from offering any information about the property to the appraiser. There are also guidelines that keep them from promising future work in exchange for higher appraisal numbers. There are more guidelines located in the Home Valuation Code of Conduct (HVCC).
With a population of 148,289, Schuylkill County is part of the Pottsville, PA Micropolitan Statistical Area. Its residents are made up of 96.62% White, 2.09% Black, .42% Asian and 1.1% Hispanic or Latino. With a cost of living 6.8% lower than the national average, a wide selection of both public and private schools, and a median home price of $76,900, Schuylkill County may be a perfect place for you to call home.
The bulk of the appraisal entails a close examination of the home’s interior as well as exterior paying special attention to all the assets and detriments. Also noted are the integrity and quality of the home’s construction, its condition as well as its location. Examples of other key factors include how many bathrooms and bedrooms there are as well as amenities like energy efficient appliances. Appraisers also consider factors such as the home’s proximity to public transportation, school districts and curb appeal. Upgrades or improvements that may be “hidden” like new wiring or plumbing, should be pointed out.
The Multiple Listing Service (MLS) is a helpful resource that provides tax and zoning data as well as information on recently sold comparable sales. There are appraisers contact Local Schuylkill County real estate attorneys to help provide additional information. When they are finished researching, they offer their Highest & Best Use Analysis using one or more of the three different appraisal approaches: Cost Approach, Income Approach and Market Data Approach. At www.NortheastValuations.com, we understand how confusing the appraisal process can be which is why we are glad to streamline the process for you.