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Appraisals Packages2019-04-14T20:41:03-04:00

Real Estate Appraisals

A home purchase can be the most serious investment some could ever consider. It doesn’t matter if a main residence, a second vacation home or one of many rentals, the purchase of real property is a complex transaction that requires multiple people working in concert to pull it all off.

Appraisals Start with the Inspection

Our first duty at Overson Appraisals is to inspect the property to ascertain its true status. We must actually view features, such as the number of bedrooms and bathrooms, the location, living areas, etc, to ensure they indeed are there and are in the shape a reasonable person would expect them to be. To ensure the stated square footage is accurate and illustrate the layout of the house, the inspection often requires creating a sketch of the floorplan. Most importantly, we look for any obvious amenities – or defects – that would have an impact on the value of the property.

After the inspection, an appraiser uses two or three approaches to determining the value of real property: sales comparison and, in the case of a rental property, an income approach.

Why do I need a professional appraisal?2019-04-14T20:40:31-04:00

Anytime the value of your home or other real property is being used to make a significant financial decision, an appraisal helps. If you’re selling your home, an appraisal helps you set the most appropriate value. If you’re buying, it makes sure you don’t overpay. If you’re engaged in an estate settlement or divorce, it ensures that property is divided fairly. A home is often the single, largest financial asset anybody owns. Knowing its true value means you can the right financial decisions.

Where does an appraiser get the information used to estimate value?2019-04-14T20:39:51-04:00

Gathering data is one of the primary roles of an appraiser. Data can be divided into Specific and General. Specific data is gathered from the home itself. Location, condition, amenities, size and other specific data are gathered by the appraiser during an inspection.

General data is gathered from a number of sources. Local Multiple Listing Services (MLS) provide data on recently sold homes that might be used as comparables. Tax records and other public documents verify actual sales prices in a market. Flood zone data is gathered from FEMA data outlets, such as Metro Appraisals’ InterFlood product. And most importantly, the appraiser gathers general data from his or her past experience in creating appraisals for other properties in the same market.

Who do appraisers work for?2019-04-14T20:38:53-04:00

Typically, appraisers are employed by lenders to estimate the value of real estate involved in a loan transaction. Appraisers also provide opinions in litigation cases, tax matters and investment decisions.

How are appraisers certified?2019-04-14T20:38:06-04:00

Regulations regarding licensing and certification of Real Estate Appraisers vary from state to state. However, licensing and certification is most often associated with many hours of coursework, tests and practical experience. Once an appraiser is licensed, he or she is required to take continuing education courses in order to keep the license current.

After completing the report, what assurance is there that the value indicated is valid?2019-04-14T20:37:21-04:00

In communicating an appraisal report, each appraiser must ensure the following:

  • That the information analysis utilized in the appraisal was appropriate.
  • That significant errors of omission or commission were not committed individually or collectively.
  • That appraisal services were not rendered in a careless or negligent manner.
  • That a credible, supportable appraisal report was communicated.

Most states require that real estate appraisers are state licensed or certified. The state licensed or certified appraiser is trained to render an unbiased opinion based upon extensive education and experience requirements. To become licensed or certified, appraisers must fulfill rigorous education and experience requirements. In addition, appraisers must abide by a strict industry code of ethics and comply with national standards of practice for real estate appraisal. The rules for developing an appraisal and reporting its results are insured by enforcement of the Uniform Standards of Professional Appraisal Practice (USPAP).

What does the appraisal report contain?2019-04-14T20:36:37-04:00

Each report must reflect a credible estimate of value and must identify the following:

  • The client and other intended users.
  • The intended use of the report.
  • The purpose of the assignment.
  • The type of value reported and the definition of the value reported.
  • The effective date of the appraiser’s opinions and conclusions.
  • Relevant property characteristics, including location attributes, physical attributes, legal attributes, economic attributes, the real property interest valued, and Non real estate items included in the appraisal, such as personal property, including trade fixtures and intangible items.
  • All known: easements, restrictions, encumbrances, leases, reservations, covenants, contracts, declarations, special assessments, ordinances, and other items of a similar nature.
  • Division of interest, such as fractional interest, physical segment and partial holding.
  • The scope of work used to complete the assignment.
What is the difference between an Appraisal and a Comparative Market Analysis (CMA)?2019-04-14T20:36:09-04:00

Honestly, they have nothing in common. The CMA depends on vague market trends. Appraisals use comparable sales which are verifiable resources. The appraisal report will also include location and construction prices. A CMA delivers a “ball park figure.” Being a documented and containing a carefully investigated opinion of value, appraisals are defensible and stand up in legal situations.

But the biggest difference is the person creating the report. A CMA is created by a real estate agent who may or may not have a true grasp of the market or valuation concepts. The appraisal is created by a licensed, certified professional who has made a career out of valuing properties. Further, the appraiser is an independent voice, with no vested interest in the value of a home, unlike the real estate agent, whose income is tied to the value of the home.

What is the difference between an appraisal and a home inspection?2019-04-14T20:35:37-04:00

Home inspectors do not come to an opinion of value and do not use the same forms as appraisers. An inspection is a third-party evaluation of the livable structure and appliances of a home, from the roof to the foundation. Generally, a home inspection report will explain the amenities and the requirements of the house: air conditioning (weather permitting), electrical services, the condition of the heating system, the plumbing; then the structural integrity of the home such as the attic, exposed insulation, walls, floors, ceilings, windows, then the foundation, basement and other visible structures.

Why would a person need a home appraisal?2019-04-14T20:34:57-04:00

There are many reasons to get an appraisal with the usual reason being real estate and mortgage transactions. Other reasons for getting an appraisal report include:
• To receive a loan.
• To lower your property taxes.
• To establish the replacement cost of PMI.
• To contest high property taxes.
• If you need to take care of an estate.
• To provide you a negotiating tool when purchasing real estate.
• To determine an honest price when selling real estate.
• To protect your rights in a condemnation case.
• Because a government agency such as the IRS requires it.
• If you are ever involved in a lawsuit.

What does an appraiser do?2019-04-14T20:34:16-04:00

A key party in finding the cost of a residence, an appraiser makes an unbiased opinion on the worth of a property used in a real estate sale. Appraisers show their formal analysis in appraisal reports.

Valuation Using the Income Approach2019-04-14T18:16:58-04:00

A third way of valuing a house is sometimes used when a neighborhood has a measurable number of renter occupied properties. In this scenario, the amount of revenue the property produces is factored in with income produced by comparable properties to determine the current value.

Reconciliation2019-04-14T18:16:30-04:00

Combining information from all applicable approaches, the appraiser is then ready to state an estimated market value for the property at hand. It is important to note that while this amount is probably the strongest indication of what a property is worth, it probably will not be the final sales price. Depending on the specific circumstances of the buyer or seller, their level of urgency or a buyer’s desire for that exact property, the closing price of a home can always be driven up or down.But the appraised value is typically employed as a guideline for lenders who don’t want to loan a buyer more money than the property is actually worth. The bottom line is, an appraiser from Overson Appraisals will help you attain the most fair and balanced property value, so you can make wise real estate decisions.

Paired Sales Analysis2019-04-14T18:16:50-04:00

Appraisers get to know the neighborhoods in which they work. They innately understand the value of particular features to the people of that area. Then, the appraiser looks up recent sales in close proximity to the subject and finds properties which are ‘comparable’ to the subject at hand. Using knowledge of the value of certain items such as square footage, additional bathrooms, hardwood floors, fireplaces or view lots (just to name a few), we add or subtract from each comparable’s sales price so that they more accurately portray the features of subject.

  • For example, if the comparable property has an extra half bath that the subject does not, the appraiser may deduct the value of that half bath from the sales price of the comparable.
  • If the subject has an extra half-bathroom and the comparable does not, the appraiser might add a certain amount to the comparable property.

An opinion of what the subject could sell for can only be determined once all differences between the comps and the subject have been evaluated. When it comes to knowing the true value of features of homes in San Antonio and Comal, Overson Appraisals is second to none. The sales comparison approach to value is commonly awarded the most weight when an appraisal is for a real estate sale.

Replacement Cost2019-04-14T18:16:41-04:00

This is where the appraiser analyzes information on local construction costs, the cost of labor and other factors to calculate how much it would cost to build a property comparable to the one being appraised. This estimate often sets the upper limit on what a property would sell for. It’s also the least used method.

Appraisals Start with the Inspection

Tips on Reading an Inspection ReportWhen interviewing a home inspector, ask the inspector what type of report format he or she provides. There are many styles of reports used by property inspectors, including the checklist, computer generated using inspection programs, and the narrative style.Some reports are delivered on site and some may take as long as 4 – 6 days for delivery. All reporting systems have pros and cons.Contact us if you have questions about items on an inspection report and how they affect your appraised value.The most important issue with an inspection report is the descriptions given for each item or component. A report that indicates the condition as “Good”, “Fair” or “Poor” without a detailed explanation is vague and can be easily misinterpreted. An example of a vague condition would be:Kitchen Sink: Condition – Good, Fair, or Poor.None of these descriptions gives the homeowner an idea what is wrong. Does the sink have a cosmetic problem? Does the home have a plumbing problem? A good report should supply you with descriptive information on the condition of the site and home. An example of a descriptive condition is:Kitchen sink: Condition – Minor wear, heavy wear, damaged, rust stains, or chips in enamel finish. Recommend sealing sink at counter top.As you can see, this narrative description includes a recommendation for repair. Narrative reports without recommendations for repairing deficient items may be difficult to comprehend, should your knowledge of construction be limited.Take the time and become familiar with your report. Should the report have a legend, key, symbols or icons, read and understand them thoroughly. The more information provided about the site and home, the easier to understand the overall condition.

How to Prepare for an Appraisal

To help the appraisal go as smoothly as possible we generally recommend you take the following actions and prepare the listed documents, if available, for the appraiser.

Checklist:

  • Unlock all padlocks on the property.
  • Keep a leash on pets or remove them from the property.
  • Make sure all areas of the home are accessible.
  • Remove any snow that will prevent access to the property.
  • Verify lock box combination and access keys are accessible, and do not lock the storm door from the inside.
  • Remove locks, furniture, clothing, boxes, or anything that may prevent entry to the attic, crawl spaces, furnace, and water heater. (FHA/VA)
  • Remove unneeded clutter from attic and crawl space so areas are accessible. (FHA/VA)
  • Safety equipment in house installed and working properly.
  • Replace light bulbs so rooms have adequate lighting.
  • Remove photographs of people from every room.
  • Outbuildings such as garages, sheds, pool houses, cabanas, etc. need to be accessible. (FHA/VA)
  • Ensure furnace and water heater are accessible.
  • Confirm heating and air conditioning are operational. (FHA/VA)
  • Ensure home appliances are unloaded such as the dishwasher, washer machine, dryer, etc. (FHA/VA)
  • Address any exposed wiring in living area and install faceplates covers if missing.
  • Repair small things like leaky faucets, missing door handles, and trim. (Recommendation) (FHA/VA)
  • Mow your yard and trim your bushes or trees (Recommendation)
  • Remove photographs of people from every room. (Underwriter requirement)

Documents:

  • A survey or plot map of the property and building (if readily available).
  • Copy of original house plans if available.
  • Records on the purchase of the property in the last three years.
  • Information on any written private agreements, such as a shared driveway with a neighbor.
  • A list of any personal property that is part of the home and you intend to be sold with the home, such as an oven, or a washer and dryer.
  • Title policy that lists encroachments or easements.
  • Most recent real estate tax bill and or legal description of the property.
  • Any inspection reports, or other recent reports for termites, EIFS (synthetic stucco) wall systems, your septic system and your well.
  • A list of any major home improvements and enhancements (for example, the addition of central air conditioning or roof repairs). Please include the purchase and installation date, along with permit confirmation if available.
  • If applicable, provide the condominium budget and year-end statement.
Download Checklist

Getting an appraisal from Overson Appraisals before putting your San Antonio home on the market saves you time and money.

If you’re going to sell your home, you should seriously consider a professional appraisal. Don’t think of a professional appraisal as costing money; it pays you in the long run! Unless the homeowner makes a career out of studying real estate values, like an appraiser, it’s practically impossible for them to understand real estate market forces.
This isn’t a discussion of how much you have invested in your home, or how much you want to sell it for. Instead, a appraisal provides a professional opinion on how much your home will bring on the open market.

 For information regarding services specialized for home sellers.

Contact us

Going to sell your home yourself?

Quite a few TX homeowners are choosing to sell their homes FSBO (For Sale By Owner) and foregoing the assistance of a real estate agent. But if you’re going to do it right, quickly and to get the most you can, you need a qualified appraiser. The best thing to have is objective opinions, it’s very hard to be objective about your own home because of your emotional attachment to it. We will tell you what you need to know, not just what you want to hear.

Not only can getting a professional appraisal help you set a realistic asking price so your home will attract buyers, a professional appraisal can:
• Allow you to have the edge while bargaining while speaking with a potential buyer
• Impress buyers with written proof of the interior and exterior condition of your home
• Alert you of problems and get rid of any overlooked repairs hassles that might delay a closing
• Help prevent the odds of hidden problems that cause sales to flop
People are surprised when they find out the value of their home is quite a bit more than they thought. So spending a little on a professional appraisal provided the data to support a sale for thousands more than they could have gotten originally. Others have an an inflated impression of their home’s value, by getting an appraisal it helped them to to realistically price their home allowing them to quickly sell it instead of waiting on the market for months. Selling too high will not attract buyers, reducing your offers, making closing more difficult, wasting valuable time, money, and efforts.

We also help agents price homes in Comal County

You might have an extremely talented agent but it’s definitely a good idea to get an objective third-party’s opinion of value prior to finalizing a listing agreement. Overson Appraisals can help. We can provide you with a pre-listing appraisal that will let you and your agent have a definitive description of your home’s features and a detailed breakdown of the most recent and similar comparable sales or as they’re commonly called, “comps”.

We also provide general consulting

Not sure if you need a full appraisal but still need some information about how real estate is doing in your area? You might feel like you don’t need an “appraisal” but you still want assistance analyzing local sales and property data. We can help solve your real estate dilemmas with services especially designed for consumers with your real estate needs.

If your curious what you’ll be getting from us when you order an appraisal just take a look….

  • We take great pride in making sure that when you send your initial inquiry, you get a response ASAP: We will give you personalized information for your particular appraisal need. We’ll be delighted to provide suggestions, just tell us what your situation is
  • Fast turnarounds for appraisals: Usually one week or less from the date the request is received, you’ll have a copy, in PDF of the report in your e-mail inbox.
  • Appraisal and consulting report formats that suit YOUR needs: When it comes to appraisal and consulting, “One size does NOT fit all.” We offer quite a few different of types of reports, and have an abundance of experience at providing appraisals to consumers minus the so that you don’t have to be qualified loan officer to read it.

Fast to follow-up questions: Reports we create are written in plain English, comprehensible to people outside the real estate industry, and meet or exceed the Uniform Standards of Professional Practice that governs the appraisal practice. Should you have any confusion about your appraisal, once you’ve read through the report, we encourage you to email or call us!

Property Address
Asking Price
Real Estate Taxes

Near Work
Near Schools
Near Shopping
Near Expressways
Near Public Transportation
Near Doctors / Dentists
Near Churches
Garbage Collection
Street Lights
Sidewalks
Streets / Alleys Well Maintained
Traffic Volume
Parks
Neighbor’s Property Well Maintained
All Utilities Installed
Neighborhood / Restrictions
Near Trains / Airports
Area Zoned Residential
Near Industry
Proposed Special Assessments
Environment Concerns / Influences

Age of House
No. of Stories
Wood Frame
Brick Frame
Wood & Brick Frame
Aluminum Siding
Roof Condition
Foundation Condition
Overall Exterior Condition
Garage Size
No. of Bathrooms
No. of Closets
No. of Bedrooms
Oil Heat
Gas Heat
Electric Heat
Hot Water Heat
Insulation
Central Air Conditioning
Energy-Conservation Features
Age of Heating System
Age of Water Heater
Capacity of Water Heater
Age of Electrical Wiring
Plumbing Condition
Estimated Water Bill
Estimated Heating Bill
Estimated Electric Bill
Living Room
Fireplace
Separate Dining Room
Family Room
Drapes – No. of Rooms
Carpeting – No. of Rooms
Kitchen Eating Area
Refrigerator
Stove / Oven (Gas / Electric)
Garbage Disposal
Dishwasher
Broken Windows
Storm Windows / Screens
Washer / Dryer Outlets
Laundry Space
Finished Basement
Attic
Sump Pump / Drainage
Connected to Sewer System
Patio
Backyard Fence
Landscaping
Property Boundaries
Security (dead bolts, detectors)
Building Code
Compliance
Ability to Expand / Enlarge House

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