Warren County, PAPosted on: January 13, 2016, by : ScottW3
When someone uses their home or property to make a financial transaction (mortgage, equity loans) in Warren County, the bank requests an appraisal to determine the specifics of the loan. Pennsylvania appraisers and banks use the Financial Institutions Reform, Recovery and Enforcement Act of 1989 (FIRREA) as their guideline. Mandates for appraisers include that they be independent, state licensed or certified and that they complete their appraisals in writing. Also, values can be based only by using current market values. For the bank, their loan staff must have limited interaction with an appraiser and they’re not allowed to release any information to the appraiser that pertains to the property. Also, under no circumstance are they allowed to offer more work in exchange for an inflated home value. The Home Valuation Code of Conduct (HVCC) is also a helpful resource.
With a population of 41,815, Warren County is part of the Warren, PA Micropolitan Statistical Area. It is made up of 98.68% White, .21% Black, .27% Asian and .34% Hispanic or Latino. With two national forests, a cost of living 7.1% lower than the nation’s average and a median home price of $91,200, Warren County could be the just the place for your family.
The appraisal entails a close look at both the property’s inside and outside. Consideration is given to the quality of construction, condition and location of the home. Appraisers are looking for the number of bathrooms, bedrooms and any amenities including energy efficient appliances. Appraisers may also consider the home’s proximity to city transportation, highways, schools and stores as well as curb appeal as amenities. Any improvements made or upgrades should be brought the appraiser’s attention at this time.
There are also additional resources like the Multiple Listing Service (MLS) that is used to gather tax data, zoning information as well as recent comparable sales. There are also occasions when a local Warren County real estate attorney can offer some insight. Once the appraiser has collected what they need, they make their Highest & Best Use Analysis of the home using one or more of three approaches: Cost Approach, Income Approach and Market Data Approach. At www.NortheastValuations.com, we want you to get the most out of your appraisal experience. Contact us today.