Appraisal News

First National Appraisal announces a strategic partnership with Hartford National Title  of Connecticut: Now, ordering your appraisal and title insurance has never been easier.  The partnership aids realtors, mortgage brokers and homeowners in attaining not only fast easy to order appraisal services in all fifty states, but now allows for the ease of ordering title insurance in all fifty states.

First National Appraisal offers FHA appraisals, residential appraisals and commercial appraisal services : Hartford National Title Insurance offers title insurance and real estate closing services.  Call First National Appraisal at 866-446-5916 today for more information.

First off: let’s define what exactly FHA is:  FHA or the Federal Housing Administration is an agency of the Federal Government that insures private home loans for existing or new homes.  FHA loans are sometimes ideal for first time homebuyers as they only require a 3 percent down payment and have somewhat less stringent mortgage qualification guidelines.

When you apply for an FHA mortgage, the appraisal process is a bit different than conventional mortgage loan appraisals.  FHA requires that only an FHA certified appraiser do the actual appraisal.  FHA appraisals are a bit more on the comprehensive side than a conventional.  For example, the FHA appraiser will look for many things a typical appraiser may overlook such as wood rot, termite damage, roof damage, etc.  Any defects or issues that the FHA appraiser finds are reported to the lender and the lender will in turn require these issues to be corrected prior to the sale of the home. 

A few common FHA appraisal issues are wood rot, for example, if the home in question has a wooden fence touching the home and that wooden fence has signs of wood rot, the FHA appraiser will typically recommend that the wood rot be corrected, OR, if there is a bit of wood rot at the home’s front door, likewise, this will be on the list to be repaired.  This more stringent approach is used to not only protect the mortgagee or homeowner to be, but also the Lender.

Looking for a knowledgeable and reliable FHA appraiser?  Put the FHA appraisal experts at First National Appraisal to work for you today: We service all fifty states and provide fast, reliable and accurate appraisals in your city.  Call us today at 866.446.5916 or fill out our online FHA appraisal order form here.

People can sometimes confuse the home inspector with the home appraiser: A home inspector is hired by the buyer of a particular property prior to the execution of the sale.  The home inspector works on behalf of the buyer and will examine all major components of the home and note any deficiencies.  They will look at the electrical system, the roof, the plumbing, overrall condition and make certain that everything is functioning. On the other hand, the appraiser is there to provide a value based on the overrall condition of the home and the sales prices of homes in the immediate area.  While the appraiser may take note of damages, etc. within the home, their main priority is to note the value.

There are a few types of different appraisals that your bank or mortgage professional may ask for when you are purchasing or refinancing your home.  One type of appraisal is the form 2055 : Which is also known in the real estate industry as a drive-by appraisal.  Simply put, the appraiser inspects the outside of the home and provides valuation for the home from the comps in the area and the overrall exterior appearance of the home.  This type of appraisal is typically ordered in the case of a refinance, in a strong market and if the borrower has a strong credit score.

If you have ever purchased real estate or refinanced your home, you have more than likely been exposed to an appraiser: An appraisal is typically ordered by the mortgage lender and is utilized to ensure that your home will be valued at or above what you purchasing the home for.  An appraiser is a licensed professional individual and may spend about an hour in your home or at the home that you are seeking to purchase.

The appraiser takes notes such as square footage of the home, may draw a quick ’site map’ of the home, indicate each room, number of bedrooms and bathrooms and whether you have some extras or amenities such as a fireplace, intercom, swimming pool, etc.  Simply put, the appraiser’s job is to place a value on the home based on the home’s condition as well as how the home compares to other recent real estate sales in your particular neighborhood.   Once the appraiser has completed the on-site inspection, they will complete a formal appraisal which typically includes a valuation summary as well as home images and floorplan sketches.  The report is then turned back over to the mortgage lender or the individual who ordered it.

Hi and thank you for visiting First National Appraisal: We will be using our blog space to discuss issues pertaining to the appraisal and real estate industry.  We look forward to your future visits!