Category Archives: real estate appraisal

Defining home equity

Posted on September 30, 2016 | Leave a comment

Home equity is an important source of wealth for homeowners. According to a study by the Federal Home Loan Mortgage Corporation (Freddie Mac), access to home equity contributes to the purchasing power of homeowners. The study also suggests that home equity has a larger impact on consumer spending than wealth derived from stock equity.

Market Value

Home equity derives in part from the market value of your home. The basic market value of your home is based on the price a buyer is willing to pay and the price a seller is willing accept. Market value is influenced by prevailing economic conditions, the supply and demand for housing and the cost of mortgage loan funds. To account for the effects of all these factors on market value, compare your home to the sale price of similar homes in your neighborhood. Contact the appraisers at www.scappraisals.com for your home value questions.

Outstanding Debt

The market value of your home is compared against the outstanding debt on your mortgage. The outstanding debt on your home is based on the principal of your loan. The principal is the amount you borrowed to finance the purchase of your home. Your monthly mortgage payments pay down the principal and pay your lender interest.

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Appraisal Delays are gumming up home loans

Posted on September 20, 2016 | Leave a comment

Your lender does not have to use a management company (AMC) to order an appraisal. Contact the appraisers at www.scappraisals.com with your appraisal questions.

There’s trouble brewing in appraiserville — and it’s beginning to cost some unsuspecting homebuyers money. If you’re planning to buy in the coming months, be aware.

The problem is part work overload, part resentment over fees. In many markets, diminishing numbers of experienced appraisers are available — or willing — to handle requests for their work on tight timetables and at fees that are sometimes lower than they earned a decade or more ago.

The net result: The system is getting gummed up. Scheduled home sale settlements are being delayed because banks and appraisal management companies can’t find appraisers who’ll do valuations on timetables needed for closing dates in realty contracts. A recent survey of agents by the National Association of Realtors found that appraisal problems were connected with 27 percent of delayed home sale closings, up from 16 percent earlier this year.

In some cases, panicked lenders and management companies are offering appraisers fat bonuses and “rush fees” just to complete valuations to meet deadlines. The extra charges can range anywhere from $200 to $1,000 or more, turning $500 appraisals into $1,200 or $1,500 expenses that typically get paid by homebuyers.

Take this example from a mortgage broker in the Seattle area. Matt Culp, owner of Bainbridge Lending Group, says clients who urgently needed to close on a newly built house — and to move out of their rented dwelling — were squeezed into paying $2,000 for an appraisal that normally would cost $625.

‘Full House” home in SF now available for rent

Posted on September 16, 2016 | Leave a comment

full-house

The San Francisco home featured in “Full House” is now available to rent. But the $13,950 monthly rental price might deter even the biggest Tanner fans.

The 1883 Italianate villa at 1709 Broderick St., near Pine St., was put on the market in May with a $4.15 million sale price. But now it’s available for rent with an equally eye-popping rate.

The home’s exterior, then painted white, was used as the Tanner family’s residence in the original show, though the interior was a Burbank set. The shots were used again in the recent “Fuller House” reboot on Netflix.

The home itself is an elegant gem, according to Vanguard Properties’ Ed Deleski, who told SFGATE in May, “I think part of the specialness is a lot of the Italianate architectural detailing that the owner has gone above and beyond to preserve and make it spectacular. The house has an amazing feel that you cannot re-create today.”

The home is listed at 2,985 square feet, and has three bedrooms and 3.5

See more photos at: http://www.sfgate.com/realestate/article/Full-House-home-in-San-Francisco-now-available-9210794.php