Tioga County, PAPosted on: January 13, 2016, by : ScottW3
When someone uses their home to make a financial transaction (i.e., mortgage, equity loans), the bank will most likely request an appraisal to decide the house’s value and ultimately the conditions of the loan. Pennsylvania uses the Financial Institutions Reform, Recovery and Enforcement Act of 1989 (FIRREA) so appraisers as well as banks are following proper protocol state wide. It states that appraisers must be independent as well as state licensed or certified. They may only do their appraisals in writing and they have to base them on current market values. The bank’s loan staff must maintain limited interaction with appraiser and they’re not allowed to divulge any details about the property or barter future work for inflated values. More guidelines can be found in the Home Valuation Code of Conduct (HVCC).
With a population of 44,981, Tioga County is made up of 98.1% White, .6% Black, .30% Asian and 0.52% Hispanic or Latino. A wide variety of public and private schools, a cost of living 5.9% lower than the national average and a median home price of $143,800, could make Tioga County the perfect place for you and your family.
During the examination portion of the appraisal, the appraiser takes a close look at the inside and outside of the property. They pay particular attention to how the home is constructed, its condition and its location. The appraiser will likely note the number of bathrooms, bedrooms and any upgrades or amenities including energy efficient appliances. There are many appraisers who factor in the house’s proximity to public transportation, school districts and curb appeal. If the homeowner has made any improvements or upgrades that may not be apparent, they should point these out to the appraiser now.
The Multiple Listing Service (MLS) is a tremendous resource that appraisers use to gather tax data and zoning classification as well as to review comparable home sales. A local Tioga County real estate lawyer may also provide some information regarding the house. When they are finished gathering information, they offer their Highest & Best Use Analysis of the home using at least one of three distinct appraisal approaches: Cost Approach, Income Approach and Market Data Approach. At www.NortheastValuations.com, we want to simplify the appraisal process as much as possible. Reach out to us today.