Raider Real Estate Services

06/10/2022

What You Should Know About Home Appraisals

An appraisal is an unbiased professional opinion of a home's value and is used whenever a mortgage is involved in buying, refinancing, or selling that property.
A qualified appraiser creates a report based on an in-person inspection, using recent sales of similar properties, current market trends, and aspects of the home (for example, amenities, floor plan, square footage) to determine the property’s appraisal value.
The borrower usually pays the appraisal fee, which can be several hundred dollars.
When the appraisal value is lower than expected, the transaction can be delayed or even canceled.

What Is a Home Appraisal?

An appraisal is an unbiased professional opinion of a home's value. Appraisals are almost always used in purchase-and-sale transactions and commonly in refinance transactions. In a purchase-and-sale transaction, an appraisal is used to determine whether the home's contract price is appropriate given the home's condition, location, and features. In a refinance transaction, an appraisal assures the lender that it isn't handing the borrower more money than the home is worth.

12/16/2021

Happy Holidays from all of us here at Raider real Estate Services

11/04/2021

11/04/2021

What does an appraiser check for?
An experienced appraiser can differentiate the varying quality of work and will comment on the construction, calling it fair, average, good, or custom. The appraiser will document the type and quality of finishing and improvements such as flooring, windows, mechanical work, cabinets and countertops

07/07/2021

Happy fourth of July from the professionals here at Raider Real Estate Services

06/04/2021

Raider Real Estate wants to thank all who served our country

04/20/2021

Questions to ask your Appraiser

#1 What is your name and telephone number?
Simple, straightforward and you�ll need to write this down for future reference.
Why? We have examples where the assigned appraiser sends an inexperienced, non-licensed person to inspect a property.
Why would they do that?
The appraisal company/AMC maybe cutting corners.
Since you, or your clients, are paying a fee for this service, make sure you get the best which increases your chances for a good appraisal.
#2 What is your license (or certification) number?
This question can be intimidating to an appraiser who is beginning to realize you are serious about the appraiser's qualifications. If they don�t know the answer, maybe they are not certified. Warning flag that should trigger more questions.
#3 Where is your office located?
You are trying to get a sense for the appraiser�s experience in your area; In the appraisal world this is called "geographic competency."
We often find that the appraisers who are providing bad appraisals do not understand your corner of the world.
So if their office is distant, start asking the appraiser questions about your general neighborhood. Ask until you feel comfortable with the appraisers knowledge about your area.
Our company, American Home Appraisals, stays focused on three counties, however we will go further but only when it involves complex properties that others can not appraise.

#4 Do you work out of your home or a professional office?
If they work out of their house, it’s an indicator of a one-man operation. We find appraisers that work out of a professional office share experiences, knowledge and methods.
Appraisers that work as professionals produce a higher quality product.
After all that is what is expected and required in federal law. A one person office isn’t a deal killer, but you should ask questions until you feel comfortable with their knowledge.
#5 How long have you been appraising?
We recommend a minimum of 5 years of experience for simple properties and 10 years for complex and unusual homes, waterfront, large acreage or view properties.
#6 Have you ever been disciplined before?
If the appraiser has been disciplined you likely have an indicator that the appraiser cuts corners, or worse.
#7 Are you a full time appraiser?
Appraising is complex and requires focus.
Part time "form-fillers" are of no benefit to you, the borrower, real estate agent or lender. [I have no idea why AMCs hire them]
If the person is part-time, ask the lender to send someone else.
#8 Are you licensed or certified?
There are 2 categories of residential appraisal licenses (Certified and Licensed).
A licensed appraiser is the lowest level of authorization by a state. Typically these individuals are not allowed to appraise expensive or complex properties for lending purposes.
A certified appraiser is the highest level of authorization by a state. Certified appraisers are allowed to appraise any residential property, in any price range, of any size and complexity.
Appraisers that are only licensed, typically are not credentialed to do "complex appraisal assignments" for loan purposes.
FHA does not accept appraisals from "licensed" individuals, only "certified" appraisers.
Now in some areas, like NW Arizona, the best appraiser in the area happens to be ’licensed’ and in other areas a licensed appraiser may be your only choice.
So again, ask questions until you feel comfortable with the appraiser’s ability.
#9 Do you have a Designation, like an SRA, MAI or, IFA?
Certified/Licensed appraisers have passed the government’s minimum standard.
A Designated appraiser indicates that this person has taken steps to become better than the minimum. As an SRA I have more than twice the education of Certified/Licensed appraisers. My work is reviewed by peers and I‘ve passed additional tests for competency well before receiving the SRA designation. Fewer than 1% of residential appraisers have taken the time to obtain an SRA or MAI designation.
A designation is not the end-all be-all qualification but it is a reasonable gauge of professionalism.
Take a look at my resume, how does it compare against the person who was hired by the AMC to appraise your home?

For more information: SRA Explained

#10 Have you ever appraised properties of this type in this area?
An experienced appraiser would answer yes.
If the answer is no, start asking a lot more questions.
#11 Are you a member of the local multiple listing system (MLS)?
This is critical! The MLS is a database of the homes that are listed and sold in your area.
MLS’ are local, there is no nationwide system.
So good appraisers have access to the local MLS for your area. Appraisers that do not have access are either incompetent or from distant areas.
For instance the MLS in Seattle is different from the MLS in Wenatchee. The MLS in Sedona is different than the one in Phoenix. Ask the appraiser if they have their own private access to the local MLS.
If they don’t have local access - yell for another appraiser and do not allow this one into your home!
#12 What is your fee for completing this assignment?
Fees paid by the borrower are not necessarily the fees paid to the appraiser; The two can be very different.
We find that the fees paid to the appraiser are indicative of appraiser quality.
Why is this important? All of the larger banks use a subsidiary corporation commonly called an appraisal management company (AMC). These AMCs hire and order appraisals.
The top 6 AMCs are owned by the banks which appears to create a conflict of interest!
The problem with AMCs? They appear to be hiring the fastest and cheapest appraisers, not the best appraisers, which is why you are likely experiencing problems.
AMCs often send "shotgun" emails out to dozens if not hundreds of appraisers and give the appraisal order to the first one that answers. Not the best appraiser, the first to answer. If they are watching their email, instead of working, how good are they?
On top of that, these AMCs are skimming off upwards of 50% of the "appraisal fee" the borrower paid to the bank.
So by asking about the fee, you the borrower or real estate agent, are attempting to see if your appraiser is properly paid.
We find properly compensated appraisers provide a higher level of service.

03/24/2021

Contact Raider Real Estate Services Today www.raiderrealestateservices.com

02/25/2021

10 Easy Ways to Prepare Your Home for Appraisal

So you’ve decided to put your home up for sale or refinance your mortgage. You’re ready to move onto better things and save money, and you want to fetch the best possible price for your home. After all, you have been living in it, and have enjoyed the charming features of it first-hand. You know how great it is. But does everyone else?

When you list your home for sale, you’ll first want to have it appraised so you can truly determine its worth. A licensed professional will complete the appraisal by determining the value of your home in an open market. Most refinance products require your home to be appraised, and if you’re selling your home, it’s also a good idea to get one. Obviously, you’d like for your appraisal to be the highest it can be. The more money your home is appraised for, the more money you’ll fetch when you sell it or refinance it.

There’s no need to stress when preparing your home for appraisal. By preparing for the appraisal ahead of time, you’ll have a better chance of getting favorable results. After all, you want the most money for your home, right? Here are ten simple ways to be sure that you get the best appraisal possible so you can enjoy all of the hard work you’ve put into your home.

1. Be sure to have any safety equipment installed and working properly. These include smoke alarms, carbon monoxide alarms, and home security alarms, among other things.

2. Walk around your home before the appraisal with a critical eye. Look for any damage that could decrease your home’s value. Are there loose floor boards? Does the roof leak? Do the gutters work properly? These things don’t just help the home look better—they also show that the owner has up kept the house properly.

3. Inform your home appraiser of any home improvements you have done on your home. Be sure to tell your appraiser about any improvements you’ve made in your home. New additions, replaced HVAC units, siding, gutters, a new roof, remodeled kitchens and updated bathrooms will all positively reflect on your appraisal.

4. Do some sprucing up. Repaint the walls and hang new curtains. Install shiny new doorknobs or faucets. Small things don’t add a lot in an appraisal, but they add up—and they also give the entire home the appearance of being modern and updated. Outdated décor can have a negative impact on an appraisal, while a more modern appearance can have a positive impact.

5. Do some research on other homes in the neighborhood. What is the value of homes similar to yours in your neighborhood? What about the sales prices of homes sold in your area in recent months? What problems may have been encountered during their appraisals? Many of these items are public record, but if you’re comfortable, feel free to speak with your neighbors about it. They may be able to help you hit some common problems off at the pass if they’ve recently undergone an appraisal.

6. Clean your heart out. Wash down the walls and shampoo the carpet. Clear out the clutter. Power wash decks, driveways and the exterior of your home. A clean home looks newer and more attractive to appraisers and buyers alike.

7. Pay attention to your yard. Mow your grass and trim your trees and shrubbery. Consider having dead trees removed, if possible, before your appraisal. Add some color with flowers, and in the winter, be sure to clear all ice and snow from walkways and driveways. Remove clutter from both the front and backyards, including stray toys, bicycles, and lawn furniture. Be sure to thoroughly w**d flowerbeds and add mulch where applicable. Houses with high curb appeal receive better appraisals, hands down.

8. Update the materials in your home. Update old countertops, paint cupboards or reface them and replace old flooring, if you can. Outdated prints and linoleum flooring look dated. You’d be surprised how inexpensive flooring can be to replace, especially if you do it yourself. Laminate flooring and tile will refresh a room, as will updating countertops, even if you simply add in laminate counters. Keep the looks neutral and adaptable, yet modern. Classic is always a great bet, as it is timeless.

9. Mind the $500 rule. Things that need to be corrected or are out of date—things like damaged tile floors, old wallpaper, a broken door, or an outdated bathroom vanity—usually take hits in $500 increments. As a general rule, it is safe to assume that small issues will take $500 hits in the total home value. If the appraiser finds several of these problem issues, the result can be thousands in lost home value. As a rule of thumb, fix problems immediately that would cost less than $500 to fix. This way you will recover that cost in your appraisal.

10. Look beyond your house to the surrounding area. Are there new schools, parks, highway ramps, stores or other public amenities that have been added since you bought the house? Point these out to your appraiser. They may not be totally familiar with the area, and amenities such as these can add even more value to your home. Be sure to tell the appraiser about them.
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02/05/2021

Guide to Selling Your Home
Key Takeaways

Home staging refers to preparing your home to sell so it appeals to the most potential buyers who will pay the highest possible price.
Relative to the amount of time and money involved, staging may be one of the most lucrative projects you ever undertake.
The living room, kitchen, bathrooms, bedrooms, and outdoor living spaces are all important areas to focus on when staging your home.
A few recommended home staging tips are to declutter, clean or replace your appliances so they look new, remove any personal items such as photos and monogrammed towels, and get rid of odors

How Staging Affects Sale Price and Time on Market

According to the 2019 Profile of Home Staging, a report from the National Association of Realtors (NAR), 25% of buyers' agents and 22% of sellers' agents said that staging a home increases the offer price by between 1% and 5%, compared to other similar homes on the market that aren't staged.

02/05/2021

What is Architecture all about?

Architecture is the art and science of designing buildings and other physical structures. A wider definition often includes the design of the total built environment from the macro level of town planning, urban design, and landscape architecture to the micro level of construction details and, sometimes, furniture. The term “Architecture” is also used for the profession of providing architectural services.

Architectural design is primarily driven by the holistically creative manipulation of mass, space, volume, texture, light, shadow, materials, program, and Realistic elements such as cost, construction and technology, in order to achieve an end which is aesthetic, functional and often artistic. This distinguishes Architecture from engineering design, which is usually driven primarily by the creative application of mathematical and scientific principles.

What Is Architecture
Architecture is a passion, a vocation, a calling — as well as a science and a business. It has been described as a social art and also an artful science. Architecture must be of the highest quality of design. Architecture provides, in the words of Marcus Vitruvius, the great Roman architect and historian, “firmness, commodity and delight.

NOTE 1st Century BC Roman Architect Vitruvius is the author of the treatise De architectura. The work is divided into 10 books dealing with city planning and architecture in general; building materials; temple construction; public buildings; private buildings; clocks; hydraulics; and civil and military engines. His work was used as a classic text book from ancient Roman times to the Renaissance. Firmness refers to structural integrity and durability; Commodity refers to spatial functionality or in other words, “serving its purpose” and fulfilling the function for which the building was constructed; Delight means that the building is not only aesthetically and visually pleasing, but also lifts the spirits and stimulates the senses.

01/26/2021

6 DIY Home Updates that Actually Add Home Value
1. Paint

Fresh paint is one of the most common and most valuable DIY updates that will add value to your home. Fresh paint in a neutral color makes your home look clean, new, well-kept and modern. This adds to an overall positive experience as prospective home buyers tour your home. Fresh paint also eliminates factors that can quickly detract from your home and distract from its most valuable elements. When considering this DIY update, consider where it will make the most impact. Which room or rooms would benefit most from new paint? These rooms will probably have scratches or scuffs, or the current paint color isn’t very appealing.
2. New Door

A new door is one of themost valuable home updates you can make, yielding about an 80% return on investment. Your front door not only contributes to a buyer’s first impression of your home, but also contributes to a buyer’s feeling of security and safety. If you’re not confident in your ability to install the door yourself, consider working with a professional.
3. Power Wash Siding

Brand new siding will yield about a 73% return, however you don’t need to completely replace your siding to improve the value of your home. If your siding doesn’t have obvious damages, like cracks or holes, a thorough cleaning can make your home siding look like new. This DIY update will actually add home value because it contributes to the first impression buyer’s get from your home, curb appeal, and your home will look modern and updated. This DIY project is also easy and doesn’t require special experience. You’ll just need to block out an afternoon, rent a power washer, and get started.
4. Cleaning Tub

Bathtubs and showers inevitably accumulate mold and mildew. But you don’t need to completely redo your bathroom to update the look of your shower or tub. You can even thoroughly clean your bathroom with items that you probably already have around the house, such as kitchen sponges, rags, used toothbrushes, regular dish soap, white vinegar and baking soda. This lightly abrasive solution is safe to use on your shower or tub, and will break up mold, mildew and stuck-on gunk.
5. Refinish Countertops

Outdated or damaged countertops will detract from the value of your kitchen faster than just about anything. This DIY home update will add value to your home by making your kitchen look clean and modern. There are several ways to update your kitchen yourself yourself. Remember to go through these steps carefully and follow all the directions.
6. New Light Fixtures

Outdated light fixtures can quickly transport your home back in time, and detract from the value. Light that is overly harsh or distorts colors can also detract from a good home-viewing experience. Update your fixtures to make them modern and use reflective surfaces to create softness. Use theright type of bulbs as well as the right fixtures and placement to show your home off in the best possible light.

Give yourself plenty of time to make these DIY home updates and you can significantly improve the value of your home. Consider which updates will be most impactful, and consider your time, energy, materials and skills as well. This will ensure that you get the most out of your time and effort when you’re ready to sell.