We count the HOURS,
not the DAYS

A real estate appraisal is a report completed by a licensed or certified appraiser that develops an opinion of value of a subject property. Also of importance is the definition of the type of value being developed and this must be included in the appraisal (fair market value, condemnation value, quick sale value, and so on).

If you are like most homeowners, your home is your biggest asset. You want to be confident that the money you've put into your home offers the best possible return for you and your family and that your investment is well protected. The best way to know the true value of your home is to hire a qualified appraiser with local experience in your neighborhood. When you engage the services of a Licensed Appraiser, you'll benefit by their hands on expertise, knowledge of your market area and commitment to strict ethics and standards. Nations Valuation Services utilized top credential Licensed Appraisers who are among the best trained and skilled appraisers in the real estate industry. That is critical when dealing with your home, your biggest asset.

Here are some of the reasons for utilizing Nations Valuation Services and its expert staff of Licensed Appraisers: Buying or selling your home, Home improvements, Refinances, Cash Out Loans, Investment property, Job relocation, Tax issues, and Private mortgage insurance

The most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby:

• buyer and seller are typically motivated;
• both parties are well informed or well advised, and each acting in what he or she considers his or her own best interest;
• a reasonable time is allowed for exposure in the open market;
• payment is made in terms of cash in U.S. dollars or in terms of financial arrangements comparable thereto;
• the price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions granted by anyone associated with the sale.

Selecting the most similar and recent sales comparable within the subject neighborhood is among the primary goals for an experienced real estate appraiser. It is a goal that is often tougher than it sounds.

Initially appraisers will focus on choosing comparable sales within the immediate neighborhood, that are preferably within 10% of the subjects gross living area (greater variance if fewer similar sales are available). Then the appraiser must consider and factor in many other variables in the evaluation process; bedroom count, construction, condition, extent of remodeling and/or repairs and maintenance needed, amenities such as views and pools, upgrades, and so on. The analysis of all these factors are considered for each comparable relative to the subject property. It is a lengthy and far more detailed process than is commonly known.

Often a homeowner may wonder why his/her property was not appraised as high as the house a few parcels down on the same street. Especially since the homeowner knows 'some' of the variables that make his/her property superior such as a bigger lot size, a new remodeled kitchen and a nice new den addition. Why didn't my appraisal come in higher that this 'inferior' house down the street, the homeowner wonders. Hypothetical Answer: The house down the street may have been bigger in gross living area, had more upgrades/remodeling, more amenities such as views and/or any combination there of. Plus evaluating any property isn't based on looking at one comparable...it is based on selecting a minimum of 3-4 similar sales, which can support the value.

Bottom line? It may seem that the job of an appraiser is to walk into a property for 10 minutes and flaunt his expertise and license and rush away with a nice fat underserved check. However, if he or she was experienced, what the homeowner doesn't see is the additional 4-5 hours of thorough analysis of substantial variables that go into the appraisal process.

What is the best advice if you feel your appraisal contains errors or omissions?

Nations Valuation Services, Inc. offers a Dispute Resolution procedure upon delivery of completed appraisal reports for all clients. As a homeowner or borrower, if you have any concerns that you believe need to be addressed in the appraisal report, please contact your lender representative and provide a detailed reason why the NVS appraisal report is not satisfactory and explain the exact issues or questions you want addressed. Please clearly identify any factual errors or omissions that you would like the appraiser to review or that may necessitate a revision to the appraisal report. If you disagree with the use of comparable sales contained within the appraisal report, please explain why in detail. The lender may present up to 4 different sales that they believe are more comparable than the sales used in the appraisal report. NVS will ask the appraiser to review the sales and briefly explain why they were not used in the report. If the appraiser feels the presented sales are appropriate, it is their decision of whether or not to incorporate them into their report. Sales presented for review should be the most recent and comparable sales available with similar characteristics as the subject.

Whether you may want to refinance, apply for a home equity loan, or sell your home, someday as a homeowner you may need your property appraised. When this happens, you'll want to ensure the appraisal is completed with the highest level of accuracy. Here are some helpful hints every homeowner should follow to prepare for the best home appraisal possible...

Tip #1: Knowledge is Key

Having all pertinent information is critical. As you get ready for an appraisal, take these steps:

• Do your homework. Gather information regarding comparable home sales in your neighborhood. Read the newspaper and talk to your neighbors. This comparative information will give you an idea of the value of similar homes in your area.
• Record changes. Every home requires upkeep. Transcribe a list of all improvements you have made to your home for as far back as you can remember. Provide this record to your appraiser as proof of the maintenance and improvements you've made that will serve to ensure an accurately written appraisal report.
• Choose an appraiser. If you're refinancing or applying for a home equity loan, the lender will usually choose the appraiser. But if the choice is yours, request to use Nations Valuation Services to make sure you get the most professional appraiser available at a reasonable and customary fee.
• Don't pressure the appraiser. Never push your appraiser to inflate your home appraisal. Not only is it unethical, it can be considered a violation of appraisal independence guidelines. Nations appraisers are professional and considerate, and will provide you the most accurate value possible.

Tip #2: Prepare Your Home

When you decide to get your home appraised, act quickly. Spruce up your home before the big day to help make a great impression. Here are some helpful hints that may help increase your home's appeal:

• Neutralize the interior. Make your home appealing. Consider repainting your walls if they are multicolored or out of style. Neutral colors, such as white or beige, make the house seem larger. Remodeling your home is usually a poor investment if your home is intact.
• Clean up. Get out the vacuum, dust the shelves, straighten your kitchen, empty the trash, and mow your lawn. Making your home and landscape appear in peak condition may have a positive impact on your appraisal.
• Consider your pets. Nations Appraisers are used to visiting people homes and interacting with domesticated animals. But consider keeping pets under control (i.e. leashing your dog), in order to avoid uncomfortable situations and allow the appraiser to focus on the task at hand.

Tip #3: Hope for the Best

• Once you have prepared yourself and your home for appraisal, just sit back and wait. The appraiser will examine the interior and exterior of your property, the quality and condition of materials, the physical size of your home, and the layout of the property. Most appraisers use a comparative sales method, so they will match your home to others in the neighborhood that have recently sold. Normally, it only takes a few days to prepare a final report.

If you've prepared yourself and your property, you may be in for a pleasant surprise when you receive the appraisal!

A common misconception among homeowners when it comes to home remodeling and renovation is that cost equals value. However, not every renovation or remodeling effort will pay off at closing. While remodeling a kitchen or bathroom may bring the greatest return on your investment, some custom installations can actually detract from value. These are known as "over-improvements".

Before you start tearing up tile or ripping out old plaster, you should consult a professional real estate appraiser about the economics of your proposed project. An appraiser can advise you on the feasibility and the future marketability of your improvements, point out neighborhood trends, and which renovation or rehab projects might bring the best return when it comes time to sell your home.

Prior to making any upgrades to your home, do your research. This includes:

• Knowing who's buying in your neighborhood
• Going to home fairs and open houses to see local trends
• Understanding which improvements have the greatest influence on property value
• Market researching through the help of an Nations designated appraiser

To increase the marketability of your home consider the following tips:

• Avoid over-improvement by sticking to what's standard in your neighborhood
• Projects that add square footage to bring a house up to-but not beyond-community norms generally pay off the most
• Consider adding a bathroom, which is an appealing feature for home buyers
• Invest in basic upgrades, such as fresh paint (use neutral colors) and new fixtures
• Clean your house (focus on baseboards, light fixtures, ceiling fans and carpeting)
• Improve basic curb appeal (clean gutters, pull out dead plants, touch up chipped paint)
• Remove clutter

For major renovations consult with a State Licensed Appraiser who can perform a feasibility study - an analysis of the property, the cost of rehabilitation and an estimate of the property's value after improvement. By basing their study on certain economic principles, including those of contribution, increasing and decreasing returns, conformity, and highest and best use, a professional appraiser can enable you to make a reasonable decision about your remodeling or rehabilitation project.