Eight Ways To Improve Your Appraisal (cont.)
Barli & Associates always tryies to provide useful information and today, we will continue with the 8 ways you can improve your appraisal. The entire article is written by Lou Carlozo and can be read here:
Here are more ways you can bolster your appraisal:
4) DOCUMENT YOUR FIX-UPS
If you've put money into the house, prove it, says Salem.
"Before-and-after photos, along with a well-defined spreadsheet of what was spent on each renovation, should persuade an appraiser to turn in a number that far exceeds what he or she first called out."
Don't forget to highlight all-important structural improvements to electrical systems, heating and cooling systems - which are harder to see, but can dramatically boost an appraisal. Show receipts.
5) TALK UP YOUR TOWN
If your town has recently seen exciting developments, such as upscale restaurants, museums, parks or other amenities, make sure your appraiser knows about them, says Craig Silverman, principal and chief appraiser at Silverman & Co. in Newtown, Pennsylvania.
6) DISTINGUISH BETWEEN UPSTAIRS AND DOWNSTAIRS
Many homeowners covet that refinished basement, but that doesn't mean appraisers look at it the same way. "Improvements and additions made below grade, such as a finished basement, do not add to the overall square footage of your house," says John Walsh, president of Total Mortgage Services in New York. "So they don't add anywhere near as much value as improvements made above grade."
According to Remodeling magazine, a basement renovation that cost $63,000 in 2011-12 will recoup roughly 66 percent of that in added home value. That's not as good as an attic bedroom, which will recoup 73 percent of its cost. Even similar bedrooms typically count for more if they are upstairs instead of downstairs.
We will provide the last two in the next few days. Let us know how we can help you with the purchase or sale of your home.
-Daniel Barli, Esq.
http://www.barlilaw.com
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Wednesday, February 27, 2013
Sunday, February 17, 2013
Another satisfied customer:
"Dear Mike and Dan!
My wife and I just wanted to thank you again for all of your help and efforts in working on the refinance of our mortgage last night. My wife enjoyed speaking with all of you, and the thank you gift was the “cherry on the top” of the experience. We both talked about it in the car after we left, that it was definitely the happiest time we have ever refinanced the home…period!
I was so inspired, I was already talking with several people in my office about discussing refinancing with you, and it is certainly a question on the top of my tongue, when I am reviewing coverages with my clients. So I hope to have more referrals going to both of you in the near future.
Once again, thank you again for your professional, knowledgeable, and most importantly…cheerful services! J
Sincerely,
Robert"
Let us help you with the refinance, purchase or sale of your home to ensure you have a great experience!
-Daniel Barli, Esq.
Wednesday, February 13, 2013
Eight Ways To Improve Your Appraisal
Here at Barli & Associates, we are always trying to provide useful information and today, we will continue with the 8 ways you can improve your appraisal. The entire article is written by Lou Carlozo and can be read here:
Here are eight ways you can bolster your appraisal:
1) MAKE SURE APPRAISER KNOWS YOUR NEIGHBORHOOD
Is the appraiser from within a 10-mile radius of your property? "This is one of the first questions you should ask the appraiser," says Ben Salem, a real estate agent with Rodeo Realty in Beverly Hills, California.
He recalled a recent case where an appraiser visited an unfamiliar property in nearby Orange County and produced an appraisal that Salem said was $150,000 off. "If the appraiser doesn't know the area intimately, chances are the appraisal will not come back close to what a property is really worth."
You can request that your lender send a local appraiser; if that still doesn't happen, supply as much information as you can about the quality of your neighborhood.
2) PROVIDE YOUR OWN COMPARABLES
Provide your appraiser with at least three solid and well-priced comparable properties. You will save her some work, and insure that she is getting price information from homes that really are similar to yours.
Websites including Realtor.com, Zillow and Trulia offer recent sales prices and details such as the number of bedrooms and bathrooms in a home.
3) KNOW WHAT ADDS THE MOST VALUE
If you're going to do minor renovations, start with your kitchen and bathrooms, says G. Stacy Sirmans, a professor of real estate at Florida State University. He reviewed 150 variables that affect home values for a study sponsored by the National Association of Realtors. Wood floors, landscaping and an enclosed garage can also drive up appraisals.
We will provide the rest of them in the next few days. Let us know how we can help you with the purchase or sale of your home.
-Daniel Barli, Esq.
http://www.barlilaw.com
Follow us on Facebook
Connect with us on LinkedIn
Follow us on Twitter
Here at Barli & Associates, we are always trying to provide useful information and today, we will continue with the 8 ways you can improve your appraisal. The entire article is written by Lou Carlozo and can be read here:
Here are eight ways you can bolster your appraisal:
1) MAKE SURE APPRAISER KNOWS YOUR NEIGHBORHOOD
Is the appraiser from within a 10-mile radius of your property? "This is one of the first questions you should ask the appraiser," says Ben Salem, a real estate agent with Rodeo Realty in Beverly Hills, California.
He recalled a recent case where an appraiser visited an unfamiliar property in nearby Orange County and produced an appraisal that Salem said was $150,000 off. "If the appraiser doesn't know the area intimately, chances are the appraisal will not come back close to what a property is really worth."
You can request that your lender send a local appraiser; if that still doesn't happen, supply as much information as you can about the quality of your neighborhood.
2) PROVIDE YOUR OWN COMPARABLES
Provide your appraiser with at least three solid and well-priced comparable properties. You will save her some work, and insure that she is getting price information from homes that really are similar to yours.
Websites including Realtor.com, Zillow and Trulia offer recent sales prices and details such as the number of bedrooms and bathrooms in a home.
3) KNOW WHAT ADDS THE MOST VALUE
If you're going to do minor renovations, start with your kitchen and bathrooms, says G. Stacy Sirmans, a professor of real estate at Florida State University. He reviewed 150 variables that affect home values for a study sponsored by the National Association of Realtors. Wood floors, landscaping and an enclosed garage can also drive up appraisals.
We will provide the rest of them in the next few days. Let us know how we can help you with the purchase or sale of your home.
-Daniel Barli, Esq.
http://www.barlilaw.com
Follow us on Facebook
Connect with us on LinkedIn
Follow us on Twitter
Sunday, February 10, 2013
FHA to hike premiums on mortgages
1/31/13 -
Government-insured mortgages are about to get more expensive.
The Federal Housing Administration, which is the largest insurer of low-down payment mortgages, announced Wednesday that it will raise premiums by 10 basis points, or 0.1%, on most of the new mortgages it insures.
A borrower opting for a 30-year, fixed-rate mortgage who puts 5% or more down will now pay an annual insurance premium of 1.3% of their outstanding balance. And someone who puts less than 5% down will pay a premium of 1.35%.
The agency said it will also raise premiums for borrowers with jumbo loans -- or loans of $625,000 or more -- by 5 basis points, or 0.05%, and increase the minimum down payment requirement on these loans to 5% from 3..5%.
You can read the rest of the article here. As always, do not hesitate to contact us for legal protection in your purchase or sale of your home. We look forward to working with you.
-Daniel Barli, Esq.
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