I have found a great rental property. The bank wants house appraised. how can an appraiser determine the value of the house if it is winterized. Will this affect the appraisal.
2007-12-16 08:11:25 · 8 answers · asked by jason h 2 in Business & Finance ➔ Renting & Real Estate
First Alaska does not know what she is talking about, there is NO such thing as a building inspector appraiser. You can hire a home inspector to check everthing in the house out, but he cant appraise it. If the house has been winterized he can't check the plumbing or elec. I appraise REO all the time after they have been winterized. A appraisal is not meant to be a home inspection to determine defects, working condition of fixtures and appliances or repairs needed. Any repairs found to be needed as a result of a home inspection and not reported to the appraiser may impact the indicated value conclusion of a appraisal. When visiting the subject property, the appraiser visually observed areas that were readily accessible. The appraiser is not required to disturb or move anything that obstructs access or visibility. The Appraisal does not offer property warranties or guarantees of any kind related to property defects. The only people that can appraise by Federal Law is a Licensed or Certified appraiser and the only ones that do any type of inspection is a FHA appraiser.
2007-12-17 08:24:44 · answer #1 · answered by Leo F 4 · 0⤊ 0⤋
Appraisals are based on comparable sales activity. It's understood that a vacant house is going to be winterized so as to not waste energy, and the appraisal will not take this into consideration unless some damage has already occurred because of the house being without heat. It's not a good idea to let a property go completely without heat. Walls can crack, wood floors, door and window frames can dry out and warp from lack of normal humidity.
A good temperature to keep an unused house at is about 50 fahrenheit, which will keep enough of the chill off to prevent structural damage (but not prevent frozen pipes in extreme cold, which is why you shut off the water and put antifreeze in the drains).
2007-12-16 08:27:11 · answer #2 · answered by curtisports2 7 · 1⤊ 0⤋
Alot of what you consider to be upgrades may not be things that have an effect on an appraisal. It's also possible that you may have over-improved for your area so you should not expect to get that to reflect in an appraisal. If you do not agree with this appraiser, get another - but ask ahead of time how far out they will go to find comps. I wouldn't expect any other appraiser to go past the 1 year sales mark though. That would not give an accurate appraisal. You also need to confirm whose measurements are correct. (I would bet it's the county's.) If your addition is not permitted, it cannot be counted.
2016-04-09 07:33:18 · answer #3 · answered by ? 4 · 0⤊ 0⤋
They can be appraised. The appraiser simply makes the appraisal subject to an extraordinary assumption that those things which cannot be evaluated are in fact functional and that a subsequent finding that the assumption(s) is(are) incorrect could have a material and adverse affect on the opinion of value.
FHA appraisals are somewhat of an exception.
2007-12-16 08:41:26 · answer #4 · answered by Anonymous · 0⤊ 0⤋
An appraisal has nothing to do with whether or not a house has been winterized. You may be thinking of an inspection of said property. Certain limits apply for inspections because water supplies are turned off and winterized. You can't inspect any of those issues without restarting the water supplies.
2007-12-16 09:57:21 · answer #5 · answered by acermill 7 · 0⤊ 0⤋
There are numerous types of appraisals.. the ones most ppl know of are banks, seller or buyer types... the kind you need is a building inspection type... contact a few appraisal companies and ask if the have a BUILDING INSPECTOR APPRAISER.. This type of appraiser is better then any market type of appraiser for they check the condition of the property and the cost to fix it...they will check each electrical ,plumbing,roof condition and if the place is insulated correctly...most ppl just get bank appraisals when buying which i always tell buyers of long term lessor to have a BUILDING INSPECTOR APPRAISER NOT A MARKET APPRAISER.
2007-12-17 06:02:24 · answer #6 · answered by alaska 4 · 0⤊ 2⤋
winterized can mean with a full blanket around it or with seasonal
components used to keep the
house at a fair temperature.
An appraiser, if qualified, can appraise any real estate.
if in doubt, ASK HIM![or her]!
2007-12-16 08:38:28 · answer #7 · answered by kemperk 7 · 0⤊ 0⤋
Yeah sure you can get it appraised, he will know how to adapt his price.
2007-12-16 08:14:27 · answer #8 · answered by psychopiet 6 · 0⤊ 0⤋