Hamilton Mill Dacula GA Short Sale and Foreclosures – Can I get more than the House is Worth? What is an Appraisal?

The Truth About Appraisals
Knowing the Guidelines Solves the Mystery

Hamilton Mill Dacula GA Home Update

The appraisal process often baffles consumers. They may feel that their home is worth a higher dollar amount, and so the appraised value doesn’t always make sense to them. It is important to know that the appraiser is completely independent from lenders, buyers, sellers, and real estate agents, and that the guidelines to which they adhere are dictated by the Uniform Standards of Professional Appraisal Practice (USPAP) and Fannie Mae. In most states, the mortgage lenders must also disclose the purpose of the appraisal, as each transaction carries its own set of rules.

In essence, these important guidelines help appraisers put a fair market value on homes based on comparable sales in the same area, and the home must be bracketed in size and value.

For example, there is no set dollar figure associated with a great view, pool, spa, bathroom upgrades, etc. If a homeowner installs a custom pool that cost them $30,000, but the local marketplace supports the value of a pool at $15,000, then that item will be bracketed as [$15,000] on the appraisal.

Upgrades can usually be expressed at a higher percentage of their value in newer homes because the only way to obtain those upgrades was to put more money into the cost of building the home. On the other hand, the upgrading or remodeling of an older home is rarely reflected in full in the final appraisal. This is because typically 25-40% of the project involves demolition and the fixing of issues that aren’t uncovered until the project has already begun, such as plumbing or wiring that may need updating.

Ultimately, the value of the upgrades must be supported by comparable examples within the same marketplace. These comparisons must be drawn from current market activity within the last six months. This is a safeguard to prevent appraisers from attaching too high a value to the home in question, and opening up the appraisal for review. This guideline further states that appraisers can only base their opinion on the value of home sales that have actually closed.

As a Realtor professional, I make a point to follow the appropriate guidelines at all times. This promotes a good relationship with the lender, and helps to create easier and much smoother closings for my borrowers.

I’ll show you how to short sale your property and never pay the bank another penny…
Our Services are always FREE for YOU…The Bank pays our Fees and Closing cost in a Short Sale.
Send me an e-mail at rlorans@gmail.com. I will contact you for a Free consultation. When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at (770) 866-2561.

Discover how other Sellers successfully completed a Short Sale and request a Free consultation.
Thinking about a loan modification? Our Atlanta Loan Modification Kit has the instructions you will need to get a loan modification approved with your lender.

Thanks for reading this, Roland Lorans.

Roland is a Real Estate Agent at Better Home and Gardens Real Estate Metro Brokers .

Phone: (770) 866-2561 or (404) 843-2500 rlorans@gmail.com.

View our Website for FREE at HelpMeSaveMyHome.

Roland Lorans specializes in Loan modification assistance and Short Sale Homes in Hamilton Mill Dacula, Buford, Suwanee, Alpharetta GA and Metro Atlanta Georgia.
My TEAM will show you how to Find a great Short Sale property and get a FREE Foreclosure List.

About gashortsalepro

Roland Lorans TEAM Keller Williams Real Estate Atlanta Partners We are Realtors that do Short Sales and Help Save Houses 770-866-2561
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