Wayne County, PAPosted on: January 13, 2016, by : ScottW3
When somebody use their house as part of a financial transaction (i.e., mortgage, equity loans) in Wayne County, the bank will more than likely request an appraisal to determine exactly how much they can loan as well as the conditions of the loan. Pennsylvania appraisers and banks use the Financial Institutions Reform, Recovery and Enforcement Act of 1989 (FIRREA) as their general guideline as it provides mandates for appraisers and banks. Some of these mandates for appraisers include that they be independent as well as state licensed or certified and their appraisals need to be done in writing only. In addition, their home values can only be based on the current market trend. For the bank, their loan staff has to limit their communication with appraisers. For example, they are not allowed to divulge any information about the property to the appraiser. Furthermore, they can never leverage appraisal work in exchange for inflated values. The Home Valuation Code of Conduct (HVCC) is also a helpful resource.
With a population of 52,822, Wayne County is part of the Pittsburgh Metropolitan Area. It is made up of 96.73% White, 1.59% Black, .38% Asian and 1.7% Hispanic or Latino. With a variety of public and private schools to choose from and a median home price of $152,900, Wayne County could be an ideal place for you to settle down in.
The visual portion of the appraisal entails a close examination of the inside and outside of the home with extra consideration paid to the integrity of construction, condition as well as location of the home. The amount of bathrooms, bedrooms as well as amenities such as energy efficient appliances is also important. Many appraisers take into consideration the home’s proximity to public transportation, schools, stores, even curb appeal. Upgrades not easily seen should be brought to the appraiser’s attention.
Resources such as the Multiple Listing Service (MLS) provide tax and zoning data as well as information about recent comparable sales. Appraisers will also reach out to a local Wayne County real estate lawyer for more insight. Once the appraiser is satisfied with their information, they make their Highest & Best Use Analysis using one or more of three approaches: Cost Approach, Income Approach and Market Data Approach. At Northeast Valuations, we want to take the stress out of the appraisal process. Reach out to us today.