Washington County, PA

Posted on: January 13, 2016, by :
If someone wishes to use their home to make a financial transaction (i.e., mortgage, equity loans) in Washington County, the bank they are dealing with will request an appraisal to decide the conditions of the loan. PA appraisers as well as banks refer to the Financial Institutions Reform, Recovery and Enforcement Act of 1989 (FIRREA) as their main guideline. FIRREA provides mandates for appraisers including that they are independent, state licensed or certified and that their appraisals be completed in writing only. Moreover, all of their values must be based solely on current market values. On the bank’s end, loan staff must limit their interaction with appraisers; specifically that they are not permitted to share information regarding the property with the appraiser. They are also never permitted to leverage additional appraisal work for a higher values. Another useful resource is the Home Valuation Code of Conduct (HVCC).

With a population of 207,820, Washington County is part of the Pittsburgh Metropolitan Area. It is made up of 95.27% White, 3.26% Black, .36% Asian and .58% Hispanic or Latino. With numerous colleges and schools to choose from, a cost of living 6.0% lower than the nation’s average and a median home price of $111,700, Washington County could be an ideal place for you to settle down in.

The appraisal consists of a careful examination of both the inside and outside of the property. There is consideration given to the construction, condition and location of the property as well as the number of bathrooms, bedrooms and amenities like energy efficient appliances. Some appraisers consider proximity to city transportation, schools and stores and curb appeal as amenities. If there are any upgrades not visible, they should be pointed out by the homeowner.

Resources like the Multiple Listing Service (MLS) offer tax and zoning information and information on recent comparable sales. Sometimes, appraisers contact a local Washington County real estate attorney for additional insight. When the appraiser is satisfied with what they collected, they offer their Highest & Best Use Analysis by using at least one of three approaches: Cost Approach, Income Approach and Market Data Approach. The purpose of www.NortheastValuations.com, is to help you get the most out of your appraisal experience, so contact us today.