After purchasing residential property, the first thing a new owner should do is to get an appraisal done. This ensures that the land is evaluated against its worth, as well as any other conditions. Appraisals are usually done when a buyer has secured a mortgage loan for the purchase. In most cases, after the completion of the appropriate paperwork and documents, the prospective buyer can move into the house immediately after.
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In some cases, residential property is not always readily available for sale when an appraiser makes a site analysis; in such cases, negotiations may take place beforehand between buyer and seller. The two main factors involved in such negotiations are money and time. Time is usually a deciding factor, since it is often difficult and expensive to find a buyer willing to close a deal at the right time. Money, on the other hand, usually plays a lesser role in negotiations. This is because most buyers are willing to wait for a decent amount of time, before selling the property.
Once an appraisal has been performed, the property's value is determined. This figure is usually expressed as a percent of the total market price for the property, or as an estimate of the final sale price. A site analysis is done by appraisers who visit the land for which the appraisal is being performed. In this way, they will get a better idea of what it really costs to develop the land. Site visits are also done to get a good idea of what the land would have to cost to build housing there; and to assess any damage that might have been done to the property by nature or manmade causes.
When an Appraiser Makes a Site Analysis on Residential Property
It is then important to compare this site analysis with the published market value. If the appraisal gives a figure less than the market value, the short report should contain a deficiency finding. Conversely, if the market value figure is more than that given in the short report, then the value must be exaggerated. In such cases, the valuation needs to be corrected. In addition, a deficiency finding indicates that some aspect of the site investigation was improperly done - either by the real estate agent or the appraiser. An example could be that the information provided was outdated or incomplete.
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Short reports are usually done only once, and the owner is not typically entitled to a second site visit (unless there is reason to believe that significant changes have been made since the first visit). When an appraiser makes such a report, he is required by law to provide a written report to the seller within a short period after the inspection. The most common mistake is for the appraiser to make such a report without the client's permission. In most states, this is not a problem. However, if a dispute arises, you can request that a duplicate be sent to the client.
Marketability is another issue that is raised when an appraiser makes a site analysis on residential property. Normally, a residential appraiser bases his findings on what the residential market will look like at the time of the sale. As a result, if the current residential property's market value is lower than the property's fair market value, then the appraiser will find that the property is not marketable. In most states, this condition is stated explicitly in the law.
Some states, however, allow for exceptions. Generally, this exception is found in the real estate laws of counties that border other counties. This exception is usually done when an appraiser makes a site visit on a residential property within a county, and finds that the house is being marketed to a specific type of customer. In this instance, usually an exception is made so that the appraiser determines that the house is still worth the amount that the owner is willing to pay for it. Site visits are usually done for free by some appraisers but generally require a fee.
One thing that should always be remembered is that an appraiser is not there to make your life easy. They are there to make a decision about whether or not you are likely to get rich selling your property. An appraiser is not there to tell you how much your house is worth. The only thing an appraiser can do is tell you whether your home is one that someone would be interested in buying. When you hire an appraiser, keep in mind that they are there to do their job. Keep in mind that when an appraiser makes a short report on a residential property that they are basing their information off of what they saw at the address in question.
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