87 Old Martin Rd, Cartersville, GA

July 18th, 2012 mullinaxteam Posted in Buyers, First-time home-buyer, Foreclosure, Freddie Mac, Home Care, Home Values, Loan Modification, National Association of Homebuilders, Pending Real Estate Sales, Re-finance, Sellers Comments Off on 87 Old Martin Rd, Cartersville, GA

Charming log home with a rocking chair front porch and  an additional large 2 car garage/workshop.  Beautiful wood interior with 4 bedrooms, 4 baths and lovingly maintained.  Open floor plan with gleaming hardwood floors, stone fireplace with a wood burning insert and a built-in corner cupboard.  Gated entrance to this secluded 5 acre hideaway.  This is a Fannie Mae HomePath Property.  Purchase this home for as little as 3% down. This property is approved for HomePath Mortgage and renovation mortgage financing.  87 Old Martin Rd is priced at $194,900.  Call us today for more details at 770-606-0054.


Taking the Mystery Out of Appraisals

February 19th, 2010 mullinaxteam Posted in Buyers, Finances, Home Values, Pending Real Estate Sales, Real Estate Information, Sellers Comments Off on Taking the Mystery Out of Appraisals

The appraisal process often baffles and angers 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 compared in size and value.

For example, there is no set dollar figure associated with a great view, pool, spa/hot tub, bathroom upgrades, etc. If a homeowner installs a custom pool that cost them $25,000, but the local marketplace supports the value of a pool at $8,000, then that item will be compared as [$8,000] 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 to a year. 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.