North Miami Beach, FL (PRWEB) April 20, 2012
Home Appraisals, Inc. has today released new information regarding low home appraisals to help homeowners understand the processes at work and how those processes affect their home’s appraised value.
Low home appraisals have rocked the real estate world over the past few years, causing home owners to be declined by banks to refinance their homes into lower interest rate mortgages and devastating sellers because the home appraisal comes in less than the agreed upon selling price. Builders and developers across the nation have cut prices on new homes in order to be competitive. Two factors that are playing immense roles in the industry are foreclosed homes and short sales, both of which can drastically devalue a home’s appraisal.
Joseph Castaneda from Home Appraisals, Inc. sheds some light on the situation and how the various factors at play in the residential real estate market affect a home’s appraised value.
When asked whether Home Appraisals, Inc., uses foreclosed homes and short sales as comparable sales when determining the value of a home, Joseph Castaneda had this to say. “Yes and no. It depends on the particular neighborhood. If the majority of the recently closed sales in a neighborhood or condominium are foreclosures and short sales, and there are several active listings that also fall into those categories, then these sales are setting the market for that neighborhood or condominium and must be used.
On the other hand, if foreclosures and short sales do not make up the majority of sales in the neighborhood or condominium, then these sales do not have to be used and the appraiser can use only the arm’s length sales (Non foreclosure or short sale).
However, there are cases in which a combination of short, foreclosure and arm’s length sales are used and this is usually when an appraiser has very few sales to work with. The appraiser might give more emphasis to the arm’s length comparable sales when arriving at the subject’s estimated value.”
Home Appraisals, Inc. prides themselves on providing the most accurate real estate appraisals possible, in the most timely manner. By utilizing the most advanced technology available, Home Appraisals, Inc. is capable of providing more accurate results, faster service and industry best accuracy.
To find out more about Home Appraisals, Inc. or to start the appraisal process, visit the company at http://www.HomeAppraisalsInc.com.
About Home Appraisals, Inc.: Founded in 1999, Home Appraisals, Inc. has developed a reputation for speed, accuracy and customer service unmatched in the industry. The company’s founding principle is providing the highest level of customer service in conjunction with the most accurate appraisal reports, and they achieve those goals through innovative management and utilizing advanced technology.