VIDEO: What Is A Baton Rouge Home Appraiser Final Inspection?


http://www.batonrougerealestateappraisal.com – What Is A Baton Rouge Home Appraisal Final Inspection? For new home construction where the home loan began whi…

Baton Rouge Real Estate News‘s insight:

What Is A Baton Rouge Home Appraisal Final Inspection? 

For new home construction where the home loan began while home was under construction, a final inspection is a verification inspection to show Lender with photos that home they are lending on is 100% Complete. Inspection also includes verifying if mechanical systems are operational, such as water, electrical and gas.

What Is A Baton Rouge Home Appraiser Final Inspection? 

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Bill’s Classroom Offers Real Estate Tech Tips For Content Creation – Bill’s Classroom


Billsclassroom.com Bill’s Classroom Offers Real Estate Tech Tips For Content Creation Bill Cobb’s Classroom website is being launched to help categorize and catalog answers to local REALTOR® questions about how I’m able to create so much online content – how I make content creation happen. What I plan on covering is how I implement these below to [...]

Baton Rouge Real Estate News‘s insight:

Bill’s Classroom is slowly being setup to help local Agents with Content Creation and Questions

Subscribe on this site for email updates as I post new content 

AND


This effort will help me catalog and categorize the help I’m already providing Agents in 1 online location

YouTube Channel Setup and How Tos
Easy iPad Video Editing
Blogging
Content Creation
Image Marketing
Canva.com
Content Curation
Smartphone Photography and Videography
Gopro Video Shooting
Video Creation
Photography via Canon DSLR
Social Media Tips
Hootsuite Hootlet for Scheduling Content Shares

See on www.billsclassroom.com

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Baton Rouge Real Estate Appraisers have to make 700+ decisions for every Appraisal


Just in case anyone does not think an Appraisal is worth the Cost….Please take the time to read this great Article by Diana Jacobs in the Recent Worki…

Baton Rouge Real Estate News‘s insight:

Baton Rouge Real Estate Appraisers have to make 700+ decisions for every Appraisal

Wow! I didn’t even realize this myself.  

Diana Jacobs says, 

“My count, and it doesn’t break down the multiple directives of the assignment conditions or specifics of the Statements of USPAP or the Scope of Work Rule, etc., is 784 decisions for the appraiser in every residential assignment.” 

The next time you question the cost of the actual appraisal fee, not the total fee you’re paying to the Appraisal Management Company AND the Appraiser, think about all of the work that goes into completing a competent Baton Rouge Home Appraisal Report. 

See on activerain.com

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Which Comes First the REATLOR® or the Lender?


Which Comes First the Realtor or the Lender?

Baton Rouge Real Estate News‘s insight:

Which Comes First the REALTOR® or the Lender?

To this Home Appraiser, based on 21 years in real estate, this is a somewhat biased article stating you should contact a REALTOR® first…..SEE NOTE BELOW.  However, generally, Agents do prefer buyer(s) they’re working with to have a pre-qualificaiton letter from a Lender to determine how much home they are qualified to buy. Without knowing how much home the buyer can buy, Agent and Buyer really don’t have much of a place to begin to work together – to begin seeing homes.  Some Agents won’t even work buyers until they have that Pre-qualification Letter. 


NOTE: IF YOU’RE A FIRST TIME HOMEBUYER, THEN THIS COULD BE DIFFERENT. 
Some Agents or Real Estate Brokers host “First Time Homebuyer” Seminars to help educate first time buyers on the home buying process. Generally in these seminars, there’s the Agent, Lender Rep, Home Inspector, Home Appraiser and Title Company Rep. and you learn what each provides in the buying process.  IF YOU TRUST THE LENDER that speaks, it’s totally your choice if you want to use them. Just be careful and take your time choosing your Lender and don’t allow your Agent’s relationship with a Lender be the only reason you choose that Lender. Do your own research and come to the conclusion yourself on which Lender you choose. 

Bill Cobb, Greater Baton Rouge’s Home Appraiser 

225-293-1500

http://www.homeappraisalsbatonrouge.com 


Original article link is here: 

Which Comes First the Realtor or the Lender?

 

See on www.bhamwiire.com

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Why do Baton Rouge Home Appraisers take so long to finish the report?


You had an appraiser come out to your property last week and the appraisal is still not complete. It’s been 10 days!! What is going on? Here are some reasons why the appraisal might be taking so lo…

Baton Rouge Real Estate News‘s insight:

Why do Baton Rouge Home Appraisers take so long to finish the report?

My Appraiser Friend and Peer, Ryan Lundquist, answers this question for the Sacramento CA Housing Market.  And, Ryan offers detailed explanations of why home appraisals can take several days to deliver. 


My Comments: 


1.) Remember that yours is not the only assignment that Appraiser has to work on!  


So many times, I a home one day and have the owner calling the next day or 2 days later to find out the value or if report is complete. It doesn’t work that way.  Most Appraisers will see several homes on 1 day and then spend the next 2-3 days in office completing those reports.  And then they go out again on another batch of orders.  


2.) LIABILITY COCERNS.  
Did you know that Home Appraisers have to keep their work file and are “on the hook” so to speak for 8 years for a value they derive today.  State Boards require Appraisers to maintain their workfile for 5 years plus 3 more years for the Federal Regulators.  A workfile is a physical folder or a digital workfile containing your photos taken, why you used the comps you did, any notes you made that would expain your reasoning, your sketch of home you measured, as well as the report itself. Yes, Liability is absolutely a concern for the Appraiser to dot every “i” and cross every “t”. 


3.) Complex Assignments Take More Time.  
Not All Appraisals are of cookie cutter type homes.  In fact, right now I’m appraising a home on 2 lots in the Garden District with 2 adjoining apartments.  I’m also appraising a somewhat dated home in Sherwood Forest with slab granite counters in Kitchen, with a large addition, large workshop, newer detached spa room.  I’m also appraising a $240,000 home with $60,000 spent just in the yard on several over improvements.  


Sometimes assignments can be so complex that Appraisers have dreams about the assignment and/or it’s difficult to go to sleep without being able to shutdown our minds thinking about a value solution. 


4.) AVOID THOSE “FAST VALUE” APPRAISERS! 
AND, You’ll Pay The Same Fee For The Green-Behind The Ears Appraiser or the Veteran with 20+ Years Of Experience.  It’s just like hiring a REALTOR to sell your home; you’ll pay the same commission to have your home sold by a rookie as with a 30 year seasoned veteran Agent.  

 

In Louisiana, it’s been stated by our LA State Board of Appraisers that those Appraisers state certified in the past 3 years lack experience needed to properly judge value.  I was in that meeting and heard that said, which was why a Peer Review Committee of volunteers (experience Appraisers) was being formed. CHOOSE THE MOST EXPERIENCED APPRAISER YOU CAN FIND AND DON’T SETTLE FOR LESS. 


Ryan warns, “Be leery of “fast and cheap” appraisal marketing. If you have a delicate situation and you do have the luxury of time on your side, find an appraiser who will take more than 24 hours to appraise your property.”  And, I agree.  If the home is located in a cookie cutter DR Horton subdivision, then the value won’t be near as challenging and perhaps a “Fast Value” Appraiser will do.  However, Hire the Appraiser with the most experience you can find for the best result.  Remember, a home purchase IS THE MOST EXPENSIVE INVESTMENT most make in their lifetimes.  


5.) MOST IMPORTANTLY IS THE TIME DELAY WHEN BANKS ORDER APPRAISALS VIA AN AMC OR APPRAISAL MANAGEMENT COMPANY AS RYAN EXPLAINS BELOW! 

Extra Days with the AMC: Appraisals for lenders are often ordered by AMCs (Appraisal Management Companies). The appraiser might have completed the appraisal in a timely manner, but it could have sat in the hands of an AMC’s processor for an extra day or two on the front end and then an additional day or two on the back end as the appraisal goes through the AMCs quality control before the report is actually sent to the loan officer.


In other words, if you make loan application at your Bank on a Monday, the Appraisal may not be ordered until Wednesday or even Friday with the Appraisal Management Company.  The AMC may not receive the report back from the Appraiser they engage for 5 to 10 days later as the report has to be reviewed.  Once the Appraiser submits the report to AMC, it might be in review for 1 to 3 days causing further delay.  So, after the Appraiser leaves your home, it may take 1 to 1.5 weeks for your lender to receive the report. 


Visit Ryan’s Article at the red sacramentoappraisalblog.com link above to read his entire explanation. 

See on sacramentoappraisalblog.com

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Baton Rouge Homeowner Spends $60K in yard, WHAT WERE THEY THINKING?


A Greater Baton Rouge Homeowner spends $60,000 in their yard on a $240,000 newer home and now they’re moving…WHAT WERE THEY THINKING? Of the $60K spent (not “invested”), home sellers may see a $10K to $15K return or a $45K loss.

Baton Rouge Real Estate News‘s insight:

A Greater Baton Rouge Homeowner spends $60,000 in their yard on a $240,000 newer home and now they’re moving…WHAT WERE THEY THINKING? 


Of the $60K spent (not “invested”), home sellers may see a $10K to $15K return or a $45K loss. 


Over Improving Your Home is NOT called an “Investment“.


These are the kinds of mistakes I see homeowners making each month throughout Greater Baton Rouge. They think they’ll live there forever so they spend $30,000, $40,000, $50,000 and even $100,000 in their yards only to discover they’ve been transferred or lost a job or retiring and need to sell. When they sell, THEY LOSE TENS OF THOUSANDS OF DOLLARS! 


That was $39,000 just for the pool not including the expensive elaborate landscaping, $4,000 remote gate, $8,000 wood fence, extra concrete and luxury style arbor type covered swing.  

The part that doesn’t make sense here is spending that much on a home only worth $240,000. 

As I always say, if you’re going to live in your home FOREVER, add what you want and fix it up as nice as you want realizing that if you sell, you won’t receive dollar-for-dollar for what you spent on the exterior of your home! 

Think before you do something like this! 


And, that’s a more expensive gunite pool.


See on activerain.com

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Why does Baton Rouge Appraisal ALWAYS come in at the contract amount?


I get asked this question a lot, so I thought I would address this issue that many people are curious about. I don’t think it happens ALL the time

Baton Rouge Real Estate News‘s insight:

Why does the appraisal ALWAYS come in at the contract amount?  This Tom Horn’s title for his post. 

Well, the Baton Rouge Home Appraisal doesn’t ALWAYS come in at the purchase price and numerous newspapers, magazines and forums have been posting helpful articles on what to do when the appraisal comes in “low”.  The coming in low scenario has been much more of a problem for homeowners near the West Coast where multiple offers and all of a sudden escalating home prices took place after 2012 recovery.  

My Appraiser Friend and Peer, Tom Horn, SRA, in Birmingham AL offers insight into the Home Appraisal Process and why many homes appraise for contract price here.  Generally, “Market Value” is what a willing buyer and willing seller come to terms to or what the agreed upon selling price is agreed upon. Most home sales are priced by the Listing Agent at a fair, market supportable price, making the appraisal simply a confirmation of previous market interaction. However, sometimes, homes are overpriced and a purchase agreement is written for a price far above market support.  In those cases, the appraisal process can get complicated and sometimes feelings are hurt by the appraisal outcome lower than purchase agreement price.  Tom and I both highly recommend a Pre-Listing Appraisal prior to listing your home. 

See on birminghamappraisalblog.com

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New Sky High Flood Insurance Costs Means Lost Home Sales and Declining Home Values


Many victims of Superstorm Sandy and other floods, already paying for many repairs out of their own pockets, get hit with massive flood insurance bills.

Baton Rouge Real Estate News‘s insight:

New Sky High Flood Insurance Costs Means Lost Home Sales and Declining Home Values.   ”For every $5,000 a year your flood insurance goes up, you’re losing $100,000 in property value.” Certainly if your home is in the Flood Zone and your new premiums are abnormally high from 2010, 2011 and 2012 premiums, then you have reason to be concerned.  Per article, at least FEMA is gradually increasing your annual premium over 2-5 years instead of handing you the full premium in year 1. 


This is what I expected: New Sky HIgh Biggert-Waters Flood Insurance Rates aren’t going to be fixed by Congress, at least not yet, leading to LOST HOME SALES when buyers see the sticker shock of what it cost to insure AND A DECLINE IN HOME VALUES for those homes requiring flood insurance with sky high premiums.  

This is what the article says and I quote below, 

Related: Selling your home? Here’s what you need to know.

Such choices are impacting coastal communities. In Massachusetts, home buyers find out how much flood insurance will cost and they walk away, said Peter Ruffini, a local real estate broker and president of the Massachusetts Association of Realtors.

“We don’t have hard numbers yet, but we have a lot of anecdotal information about lost deals,” he said. “Our company has lost several.”  Deals are dying on the vine,” agreed Kosimos, who is a realtor in New Jersey. “For every $5,000 a year your flood insurance goes up, you’re losing $100,000 in property value.”


For Greater Baton Rouge Housing, this situation is so new to the market that we won’t know the full brunt of these flood insurance premiums. And, I highly doubt commentary on active listings or active deals would be discussed to avoid placing these potential sales in jeopardy. 

See on money.cnn.com

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Does Baton Rouge Appraiser really have to look in my closets?

“I was looking into my blog stats recently and ran across a question that someone had typed into their search engine that led them to my blog. The question was “Does the appraiser have to look into my closets? I thought this was such an interesting question that I decided to write a post about it. If one person was curious about this then others might be also, right?” via Tom Horn, SRA, Birmingham AL Appraisal Blog

Baton Rouge Real Estate News‘s insight:

Does The Baton Rouge Appraiser really have to look in my closets?My Appraiser Friend and Colleague, Tom Horn, SRA, in Birmingham AL wrote an answer to many homeowners questions about why Appraisers need to look in your closets. And, I can totally relate because in July, not wanting to be nosy on a 2nd floor, I saw a door in a bedroom corner that looked like a normal closet door, the only closet in bedroom, and decided it was a closet without opening door.  Well, as it turned it, it was a closet door that led through a closet, around a corner and into a 120sf Private Office. So, I had to go back to home and re measure that area and take a photo.  So, Appraisers don’t care to be nosy inside your home. 

Why? To Discover What Is or Is Not Living Area and Measure It!


Tom is correct that Appraisers are duty bound to measure all of your Gross Living Area and the only way we can do our jobs is to look into your closets and determine if they are living area or not (finished out with the same quality as home, has at 7′ ceiling and properly heated and cooled) and then measure the size of each closet.  On a second floor to an Appraiser, sometimes there’s a door that opens to an attic and sometimes it’s a finished closet and is living area.  We have to open doors and closets to determine accurate living area.  And, when homes in your subdivision are selling at $100 per square foot of living area size, then you the homeowner want to the Appraiser to be as accurate as possible! 


Read Tom Horn’s Entire Article here:

http://birminghamappraisalblog.com/appraisal/does-the-appraiser-really-have-to-look-in-my-closets/

See on birminghamappraisalblog.com

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Greater Baton Rouge Home Appraisal Question Answered: Do I have to repair it now, or can I wait until the loan closes?

I was speaking with a real estate agent friend recently about FHA appraisals and specifically about items that needed repair. Several years ago HUD…” via Tom Horn, SRA, Birmingham AL Appraisal Blog

Baton Rouge Real Estate News‘s insight:

Greater Baton Rouge Home Appraisal Question Answered: Do I have to repair it now, or can I wait until the loan closes?My Appraiser Friend and Colleague, Tom Horn, SRA, in Birmingham AL just wrote an answer to many homeowners questions about needed home repairs discovered during the appraisal inspection AND this applies not only to FHA Loans, but Rural Development (RD or FMHA), VA and EVEN Conventional Loans in some cases.

National Lender Refuses To Close Local Conventional Home Loan Refinance Because Borrower Won’t Make Required Repairs – repairs required by Lender. 


With the lower mortgage rates, many homeowners have chosen to refinance without thinking about or even preparing for the Baton Rouge Home Appraisal Inspection, about obvious needed repairs. In the photo above, this inspection was for a Conventional Loan where rotten wood, need for a new roof and a hole in bathroom ceiling were noted. This roof obviously needed replacement, there was no question about it. Even on this Conventional Loan, the lender is forcing the borrower to make the repairs prior to closing with verification by me on a second trip out to property and the borrower is refusing to do so. So, the lender won’t close this loan without the repairs being made!

See on birminghamappraisalblog.com

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