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Quicken Loans TV takes you through a full home appraisal inspection in this informative video – part 2 (kitchen appraisal and basement appraisal) of the Quicken Loans Appraisal series. A home appraisal is something youll need when getting a mortgage. For more information on appraisals go to www.quickenloans.com
Video Rating: 4 / 5
Youve probably been reading alot lately about the declining housing market. Houses are selling slower, and for less money than in previous years
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Whether its appraising real estate or machinery and equipment, we are a leading provider of valuations focused to meet your needs. With many years of experience in the business, you can be assured that your valuation services will be provided by an experienced, knowledgeable professional.
Appraisal Management Company Directory 2009
180+ Verified Appraisal Management companies with additional chapters on recession proofing your business, appraisal company marketing and more. National Appraisal Management Company Directory
Appraisal Management Company Directory 2009
Property Tax Appeals – Property Tax Reduction
Engage in a property tax appeal? Lower your property tax once and it continues for years. Consumer Reports report 40% of the population is over-assessed! Some say higher. Step-by-step specifics, percentages and numbers to use maximize the win!
Property Tax Appeals – Property Tax Reduction
Some recent home appraisal auctions on eBay:
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 | US $2.50 End Date: Thursday Sep-23-2010 7:53:36 PDT Buy It Now for only: US $2.50 Buy it now | Add to watch list |
Most popular home appraisal eBay auctions:
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 | US $2.50 End Date: Thursday Sep-23-2010 7:55:21 PDT Buy It Now for only: US $2.50 Buy it now | Add to watch list |
Harris County Appraisal District – Tips for a Successful Property Tax Protest
Harris County Appraisal District assesses property and that value sets your property tax amount. Reducing your property taxes is relatively simple but requires a modest commitment of time. Your other option is to hire a property tax consultant. Basic steps to reducing the property tax assessment set by Harris County Appraisal District include appealing both market value and unequal appraisal annually, obtaining the Harris County Appraisal District evidence, preparing for the hearing(s) and attending the informal and/or appraisal review board hearing. Few property owners are aware of the option to obtain the HCAD evidence. Sometimes referred to as the House Bill 201 package or 41.461 package, this information in invaluable in preparing for your property tax hearing. This article focuses on the hearing process. There are two options for the “administrative” hearing process at Harris County Appraisal District: 1) the informal hearing and 2) the appraisal review board (ARB) hearing. Neither the property owner nor Harris County Appraisal District is required to attend the informal hearing. About 80% of property tax protests are resolved by agreement between the property owner/property tax consultant and the Harris County Appraisal District appraiser. The second option, which typically occurs if you are not able to reach agreement with the Harris County Appraisal District appraiser, is the ARB hearing. The property owners often receive some property tax relief at the ARB hearing. Harris County Appraisal District appraisers seldom reduce the assessed value for a home by 0,000 or more. If you are seeking a reduction of more than 0,000 for a home, you should probably skip the informal hearing with the Harris County Appraisal District appraiser. There are several reasons for skipping the informal hearing at HCAD if you are seeking an increase of 0,000 or more. It will likely be a waste of your time. Further, you spend your time helping the HCAD appraiser to prepare their file for the ARB hearing.Make sure you arrive early for the hearing and try to project a cheerful, cordial and relaxed attitude, even if you are nervous. After you check in with the Harris County Appraisal District clerk, you will likely wait for 30 – 60 minutes. Bring a book, newspaper or work to pass the time. Greet the Harris County Appraisal District appraiser cheerfully and enthusiastically. His goal is similar to yours; reach a compromise quickly. At Harris County Appraisal District, the appraisers are encouraged to make changes if there is evidence to support the change. The exception is unequal appraisal. Most Harris County Appraisal District appraisers are reluctant to make changes on unequal appraisal evidence. HCAD’s approach on unequal appraisal is in flux. However, if your appeal is on unequal appraisal, you will likely need to attend the ARB hearing.After you exchange and discuss evidence with the Harris County Appraisal District appraiser, he will likely make you an offer to settle the property tax protest. You can accept the offer or continue the appeal with the ARB hearing. In most cases the value offered informally will also be suggested by the Harris County Appraisal District appraiser at the ARB hearing. Property owners are often reluctant to attend the appraisal review board (ARB) hearing because they think they are wasting their time with such a small property. This is not the case. Harris County ARB members are courteous, respectful and want the property owner to feel good about the ARB hearing. Players at the ARB hearings include the 3 ARB members, property owner (or property tax consultant) and the Harris County Appraisal District appraiser. After introductions and a brief explanation of the process:
Property owner presents evidence
Questions from ARB members
Harris County Appraisal District appraiser presents their evidence
Questions from the ARB
Property owner rebuttal
Questions from the ARB
ARB panel deliberates and announces a decision In most cases, property owners believe the decision was reasonable. The decision is not subject to negotiation. Thank the ARB members for their time and service. If you are not satisfied with the decision, you can pursue binding arbitration or a judicial appeal.
Patrick C. O’Connor has been president of O’Connor & Associates since 1983 and is a recipient of the prestigious MAI designation from the Appraisal Institute. He is also a registered senior property tax consultant in the state of Texas and has written numerous articles in state and national publications on reducing property taxes. He continues to set the standard in direction and quality of our appraisal products, adding services ranging from business valuations and business appraisals to cost segregation analysis for income tax reduction.
Some recent home appraisal auctions on eBay:
Harris County Appraisal District – Tips for a Successful Property Tax Protest
Harris County Appraisal District assesses property and that value sets your property tax amount. Reducing your property taxes is relatively simple but requires a modest commitment of time. Your other option is to hire a property tax consultant. Basic steps to reducing the property tax assessment set by Harris County Appraisal District include appealing both market value and unequal appraisal annually, obtaining the Harris County Appraisal District evidence, preparing for the hearing(s) and attending the informal and/or appraisal review board hearing. Few property owners are aware of the option to obtain the HCAD evidence. Sometimes referred to as the House Bill 201 package or 41.461 package, this information in invaluable in preparing for your property tax hearing. This article focuses on the hearing process.
There are two options for the “administrative” hearing process at Harris County Appraisal District: 1) the informal hearing and 2) the appraisal review board (ARB) hearing. Neither the property owner nor Harris County Appraisal District is required to attend the informal hearing. About 80% of property tax protests are resolved by agreement between the property owner/property tax consultant and the Harris County Appraisal District appraiser. The second option, which typically occurs if you are not able to reach agreement with the Harris County Appraisal District appraiser, is the ARB hearing. The property owners often receive some property tax relief at the ARB hearing.
Harris County Appraisal District appraisers seldom reduce the assessed value for a home by 0,000 or more. If you are seeking a reduction of more than 0,000 for a home, you should probably skip the informal hearing with the Harris County Appraisal District appraiser. There are several reasons for skipping the informal hearing at HCAD if you are seeking an increase of 0,000 or more. It will likely be a waste of your time. Further, you spend your time helping the HCAD appraiser to prepare their file for the ARB hearing.
Make sure you arrive early for the hearing and try to project a cheerful, cordial and relaxed attitude, even if you are nervous. After you check in with the Harris County Appraisal District clerk, you will likely wait for 30 – 60 minutes. Bring a book, newspaper or work to pass the time. Greet the Harris County Appraisal District appraiser cheerfully and enthusiastically. His goal is similar to yours; reach a compromise quickly. At Harris County Appraisal District, the appraisers are encouraged to make changes if there is evidence to support the change. The exception is unequal appraisal. Most Harris County Appraisal District appraisers are reluctant to make changes on unequal appraisal evidence. HCAD’s approach on unequal appraisal is in flux. However, if your appeal is on unequal appraisal, you will likely need to attend the ARB hearing.
After you exchange and discuss evidence with the Harris County Appraisal District appraiser, he will likely make you an offer to settle the property tax protest. You can accept the offer or continue the appeal with the ARB hearing. In most cases the value offered informally will also be suggested by the Harris County Appraisal District appraiser at the ARB hearing.
Property owners are often reluctant to attend the appraisal review board (ARB) hearing because they think they are wasting their time with such a small property. This is not the case. Harris County ARB members are courteous, respectful and want the property owner to feel good about the ARB hearing.
Players at the ARB hearings include the 3 ARB members, property owner (or property tax consultant) and the Harris County Appraisal District appraiser. After introductions and a brief explanation of the process:
Property owner presents evidence
Questions from ARB members
Harris County Appraisal District appraiser presents their evidence
Questions from the ARB
Property owner rebuttal
Questions from the ARB
ARB panel deliberates and announces a decision
In most cases, property owners believe the decision was reasonable. The decision is not subject to negotiation. Thank the ARB members for their time and service. If you are not satisfied with the decision, you can pursue binding arbitration or a judicial appeal.
The appraisal division of O’Connor & Associates is a national provider of investment real estate appraisal services including. Houston apartment rental and leasing , Dallas apartment rental and leasing , Austin apartment rental and leasing, San Antonio apartment rental and leasing, Houston retail space leasing, Houston office space leasing, Market studies, Leasing retail space, Houston Industrial space leasing and rental, Real estate consulting.
Patrick C. O’Connor has been president of O’Connor & Associates since 1983 and is a recipient of the prestigious MAI designation from the Appraisal Institute. He is also a registered senior property tax consultant in the state of Texas and has written numerous articles in state and national publications on reducing property taxes. He continues to set the standard in direction and quality of our appraisal products, adding services ranging from business valuations and business appraisals to cost segregation analysis for income tax reduction.
Tarrant Appraisal District – Search by Address with Tips on using a Wildcard. Appraisal District records for the Fort Worth area (Tarrant County) are located at www.TAD.org. This short video gives a few tips on using a Wildcard when searching by the property address. TarrantOnline.com – Online Resources for Fort Worth area Real Estate. -
Find More Appraisal District Articles
home appraisal eBay auctions you should keep an eye on:
Key Largo Canal Access Home 70 ft Dock BELOW APPRAISAL | US $199,999.00 End Date: Saturday Sep-25-2010 7:48:20 PDT Buy It Now for only: US $199,999.00 Buy it now | Add to watch list |
 | US $39.95 End Date: Thursday Sep-30-2010 17:08:43 PDT Buy It Now for only: US $39.95 Buy it now | Add to watch list |
Home Appraisal – Determining The Home’S Value For A Short Sale Package
One of the most important aspects of the short sale business is determining the value of the property you have under contract. Itâs impossible to formulate your offer to the short sale lender without knowing the home appraisal value of the property you are interested in. Likewise, knowing the appraisal value of the property is just as important to the loss mitigator at the bank. The loss mitigator must establish an appraised value for the short sale property so he has a baseline price for negotiation. The appraised value of the property establishes the playing field on which we negotiate the short sale price of the property.
Getting Property Comparisons The best way to determine the home appraisal value of a property is by using property comparisons (comps). Look at the properties in the same area of the short sale property.
You can get these comps with a little effort. There are a few ways to find market value comparisons for your area:
⢠Subscription programs (one is Haines, a subscription service on disc)
⢠Multiple Listing Service (MLS) if you have access
⢠Network with a realtor who can pull comps for you
⢠Free comps services on the Internet
Itâs not recommended that you use the free market comparison services found on the Internet. These free services are worth about as much as you pay for them. If you have to spend some money getting comps, thatâs a good thing. It means that someone is actually doing research behind the website or program.
Finding Home Appraisal Value: An Example A busy real estate investor may outsource their home appraisal needs to another company or a certified FHA appraiser.
When a deal comes in the real estate investor will email the FHA appraiser, the address and ownerâs name. In about 24 to 48 hours the appraiser will send back a limited desktop appraisal with three comparison prices on other similar sold properties and the market value that the appraiser has determined for the property that the company is interested in. The appraisal may also include some additional information and a map.
This appraisal gives an idea of the market value of the property in comparison with other distressed properties in the area. When looking for comps, donât look for sales of well maintained properties, instead look for comparisons of other properties in foreclosure, REO properties, or corporate-owned properties.
Be Prepared to Pay for it!
Companies spend money getting their comps because they want good, accurate market value comparisons. When you are figuring the budget for your short sale business, remember to allocate some funds to pay a company or a certified FHA appraiser for that home appraisal. Itâs well worth it to pay for a home appraisal so that you have accurate comps from third person parties or neutral parties outside of your short sale deal. You present their appraisals as objective evidence to convince the bank to accept your short sale offer.
Factoring in Cost Estimates for Repairs The physical condition of the property is just as important as comps in a home appraisal. See if there are any repairs to be made on the short sale property. Make notes of whatâs wrong, take photos, and get construction estimates for the cost of repairs.
When you do your cost estimates remember that the bank will be making the repairs, not you. Get cost estimates from a general contractor the bank would typically hire.
The best way to get cost estimates for your home appraisal is to hire a certified home inspector. You can look one up in the yellow pages. Thereâs also an organization called the National Association of Home Inspectors (NAHI). NAHI has high standards and finding a home inspector affiliated with this organization is a good way of making sure you get a thorough inspection.
A typical home inspection can take two and a half to three hours. The inspector gets up on the roof, checks the crawlspace and goes over the home with a fine-toothed comb. On completion of the home inspection the inspector hands over a report that can be 20 pages with detailed information about the property defects. Home inspectors may also takes photos and provide detailed cost estimates.
Paying a home inspector to get cost estimates is a great way to calculate the home appraisal value for your property. Youâll know exactly whatâs wrong with that house because youâve gone to a neutral third party expert.
Getting the Cost Estimates: An Example Dan Shields is a typical home inspector. Heâs a member of NAHI and does all of the home appraisal evaluations and repair estimates for many investors.
Dan states that a home inspector will start an inspection from the outside of the property to get a look at the big picture. Heâll check the roofing, gutters, siding, and windows to make sure theyâre properly installed and flashed. He will also check out porches, columns, etc.
From there the home inspector enters the home for the interior survey, to document built-in amenities, appliances, and flooring. He will next go to the mechanical room and check the heating/cooling package and plumbing. Finally, the home inspector will check the attic and find the insulation factor for the short sale property, literally working from the ground up on the home inspection.
A Brokerâs Price Opinion Value
When you complete your home appraisal and submit the short sale package to the bank you will be assigned to a specific loss mitigator who will want to determine their own estimate of property value.
The loss mitigator orders the bankâs appraiser to go look at the property and get a brokerâs price opinion (BPO) or market value. Sometimes itâs done by a realtor, sometimes an appraiser. Itâs your job to be the contact person that the appraiser goes through to get into that property. Itâs very important that you meet the appraiser at the property to convince him your home appraisal value is about the same as the BPO value.
When you meet with the bankâs property appraiser let him know the property is in foreclosure and that youâve been working with the seller to try to do a short sale with the bank. Get that point across immediately.
You don’t want the meeting with the bankâs appraiser to be a confrontation. This is first impression time, so just be yourself and let your personality shine. Shake hands with the property appraiser. Get to know him for the five minutes before you start shoving your material on him.
The whole BPO process will probably take less than 15 minutes. You have 15 minutes to let your personality shine so make it your best effort.
During the BPO When you go out to these appraisals, take three things; a copy of the Real Estate Purchase Contract with your offer amount, your market value comparisons and a copy of your home inspectorâs report
Try to present the material in a conversational tone. Ask if heâd like a copy of the offer you have made on the property and so on. If itâs an appraiser, he will always want a copy. Realtors are a different storyâyou can never tell what theyâre going to take. Just ask and see what heâll take from you. An appraiser will always take the property inspection report because itâs a good, neutral indication of property damage.
Let the appraiser know that your Purchase Contract has been at least preliminarily accepted by the bank and thatâs why he is appraising the market value. Youâd be surprised how often the bankâs appraiser doesnât even realize the property is in foreclosure.
You also want to share comps with the home appraiser. Most of the time, appraisers have pulled comps before they go out to the property, so you may be able to share comps to get an idea of the BPO. Make sure the appraiser knows about specific problems with the property such as; mold, termites, or foundational problems that are not readily apparent. This is something the appraiser wonât spot during his 15 minutes with the property.
Once you get these three documents into the hands of the bankâs home appraiser chances are higher that the bankâs BPO comes in close to your home appraisal value. When you get a good home appraisal value and cost estimates on that short sale property. Youâll have armed yourself with the best tools in convincing the bank to accept your low short sale offer.
Pick up more information about real estate shortsaling at Real Estate Investor.com. This is the place to go for the latest real estate news and advice. Youâll find a network of other real estate investors ready to help you out, along with free articles, blogs, contracts and documents for your use
Colin Egbert is an experienced
Real Estate Investor with plenty of short sale techniques to aid fellow investors in their quest to succeed and make huge profits. He’s the author of the ebook “Getting Started with Short Sales” providing the tools needed to start your own real estate investing business. Colin is also the CEO of Realestateinvestor.com a website dedicated to helping investors make the most of their business.