Wyoming County, PA

Posted on: January 13, 2016, by :

When somebody makes a financial transaction (i.e., mortgage, equity loans) in Wyoming County using their home, the bank will request that you have an appraisal done to decide how much money they can lend. Pennsylvania appraisers and banks use the Financial Institutions Reform, Recovery and Enforcement Act of 1989 (FIRREA) as their set guidelines. Appraisers must be independent as well as state licensed or certified. Their appraisals have to be submitted in writing and they have to be based only on current market trends. The loan staff at the bank need to maintain limited transactions the appraiser and they are prohibited from sharing any information about the house. They they are also not permitted to barter future appraisal work for inflated home values. You may find additional information in the Home Valuation Code of Conduct (HVCC).

With a population of 28,276, Wyoming County is made up of 98.28% White, .53% Black, .27% Asian and .67% Hispanic or Latino. With beautiful scenery, numerous public schools, a slightly lower than average cost of living and a median home price of $147,300, Wyoming County may be perfect for you.

The visual part of the appraisal is made up of a close evaluation of the inside and outside of the house looking for the quality of construction, condition as well as location. Appraisers also want to know how many bathrooms and bedrooms there are as well as what types of amenities the home has such as central AC and energy efficient appliances. The appraiser may also consider proximity to public transit, schools, shopping and even curb appeal as amenities. If there have been improvements or upgrades made that are not visible, they should be pointed out.

The Multiple Listing Service (MLS) is very helpful to appraisers as it provides tax data, zoning information and information on recent comparable home sales. Appraisers may seek the help of a local Wyoming County real estate lawyer for additional information. Once the appraiser is satisfied, they offer their Highest & Best Use Analysis of the house using one or more of three approaches: Cost Approach, Income Approach and Market Data Approach. Our goal at www.NortheastValuations.com, is to make certain that your appraisal experience is easy and pleasant so contact us today.