Tag Archives: home values

Tom White- TFW Appraisal Services- Talks Values

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Special Guest

Tom White

TFW Appraisal Services

joins The Housing Hour this week to share his 30 plus years of appraisal experience. Tom shows off his vast knowledge on so many topics!

You don’t want to miss this experts opinion!

Topics:

How the economy affects values

Manufactured Housing

Modular Housing

and much more!

Tom White- TFW Appraisal Services- Talks Values

 
How To Contact Tom
By Phone:8652200200 (Office)
By Fax:8652200730 (Fax)
By e-mail:tntom55@hotmail.com
Address:TFW Appraisal Services
139 W Madison Ln
Oak Ridge, TN  37830-5310

 REASONS TO GET AN APPRAISAL

Every year, countless people in the United States buy, sell or refinance their own slice of the American Dream.  Most, if not all, of these transactions include a simple line item for an appraisal.  It has become an understood and accepted part of a real estate transaction.  “Let’s bring in the expert and make sure we’re not spending too much on this property.”

But is this the only reason to get an appraisal? Are there other times when the services of a certified, licensed, independent real estate professional might come in handy?  You bet.

PURCHASE OF A HOME
One of the most important issues involved in purchasing a property is developing an opinion of what it’s worth so that you can make an informed offer to purchase.  A professional appraisal report performed by a qualified, state-licensed appraiser can provide you with an objective, third party opinion of a property’s current Market Value.  And for the small price of this service, you can give yourself “peace of mind” prior to making an offer to purchase that you’re offering a fair price for the property.

REFINANCE OR GET A HOME EQUITY LOAN
If you need to consolidate bills, have a college tuition to pay, or just want to tap into the equity of your home, you’ll need a new loan, which oftentimes requires a new appraisal of the property.

PMI REMOVAL
Private Mortgage Insurance or PMI is the supplemental insurance that many lenders ask home buyers to purchase when the amount being loaned is more than 80% of the value of the home. Very often, this additional payment is folded into the monthly mortgage payment and is quickly forgotten. This is unfortunate because PMI becomes unnecessary when the remaining balance of the loan – whether through market appreciation or principal paydown – dips below this 80% level. In fact, the United States Congress passed a law in 1998 (the Homeowners Protection Act of 1998) that requires lenders to remove the PMI payments when the loan-to-value ratio conditions have been met.

Many appraisers offer a specific service for home owners that believe they have met the 80% loan-to-value metric. For a nominal fee, the appraiser can provide you with a statement regarding the home value. Some will even take the next step and help you file a challenge with your mortgage company. The costs of these services are very often recovered in just a few months of not paying the PMI.

DIVORCE SETTLEMENT
A divorce can be a particularly traumatic experience for both parties and is often further complicated by the difficult decision of “Who gets the house?”.  In most divorce cases, the Court won’t usually force the parties involved to “buyout” the other party’s interest but it may however order the sale of the home so each party gets an equal share of the equity.  Regardless of the situation, it’s a good idea to order an appraisal so both parties are fully aware of what the true market value is.

If the parties want to sell the home, they’ll have a better idea of what price to set.  And on the flipside, if a “buyout” is the chosen option, both parties will feel like they’ve gotten a fair assessment.

ESTATE LIQUIDATION
The loss of a loved one is a difficult time in life and settling an estate from a death, or probate, often requires an appraisal to establish Fair Market Value for the residential property involved.  The ethics provision within the Uniform Standards of Professional Appraisal Practice (USPAP) binds us with confidentiality, ensuring the fullest degree of discretion.

Unlike many wealthy individuals, the majority of Americans do not have dedicated estate planners or executors to handle these issues.  Also, in most cases, a home or other real property makes up a disproportionate share of the total estate value.

Here too, an appraiser can help.  Often the first step in fairly disposing of an estate is to understand its true value.  Where property is involved, the appraiser can help determine the true value.  At this point, equitable arrangements can more easily be arrived at among disputing parties. Everyone walks away knowing they’ve received a fair deal.

RELOCATION
We understand the stress involved with an employee relocation.  We take great care in establishing a convenient appointment time for the appraisal inspection. During our thorough inspection, we encourage relocating employees to provide input on the positive attributes of their property along with information about any recent sales or listings in their neighborhood that they want considered.

HOME IMPROVEMENTS TO ADD VALUE
Before you decide to sell your home, there are several decisions to be made. First and foremost: “How much should it sell for?”  But don’t forget there may be other equally important questions to ask yourself such as “Would it be better to paint the entire house before we sell it?”, “Should I put in that third bathroom?”, “Should I complete my kitchen remodel?”  Many things which we do to our houses have an effect on their value.  Unfortunately, not all of them have an equal effect. While a kitchen remodel may improve the appeal of a home, it may not add nearly enough to the value to justify the expense.

SELLING A HOME
Whether you choose to sell your home on your own or use the assistance of a real estate agent, a professional appraisal can help you make a better educated decision when determining your selling price.

Unlike a real estate agent, an appraiser has no vested interest in what amount the house sells for.  It’s easy for them to step in and give you the information to help you make your decision.  Appraiser fees are based on efforts to complete the report and not a percentage of the sales price. So seeking a professional appraisal can often help homeowners make the best decisions on investing in their homes and setting a fair sales price.

 
 
 
How To Contact Us
By Phone:8652200200 (Office)
By Fax:8652200730 (Fax)
By e-mail:tntom55@hotmail.com
Address:TFW Appraisal Services
139 W Madison Ln
Oak Ridge, TN  37830-5310

U.S. Home Prices Up 8.4 Percent

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LPS Home Price Index Report: June 2013 Transactions

U.S. Home Prices Up 1.2 Percent for the Month

Up 8.4 Percent Year-Over-Year

JACKSONVILLE, Fla. — Aug. 26, 2013 — Lender Processing Services, Inc.  a leading provider of integrated technology, services, data and analytics to the mortgage and real estate industries, today released its latest LPS Home Price Index (HPI) report, based on June 2013 residential real estate transactions. The LPS HPI combines the company’s extensive property and loan-level databases to produce a repeat sales analysis of home prices as of their transaction dates every month for each of more than 18,500 U.S. ZIP codes. The LPS HPI represents the price of non-distressed sales by taking into account price discounts for REO and short sales.

Home Values up 1.2% from May to June

About the LPS Home Price Index

The LPS HPI is one of the most complete and accurate home price sources available. It summarizes sales concluded during each month using a repeat sales analysis of home prices as of their transaction dates. Each month for each of more than 18,500 U.S. ZIP codes, the LPS HPI reports five price levels (quintiles) along with REO discount rates for each ZIP code, which are used in the HPI calculations to correct for the impact on estimates of open-market prices that REO sale prices would have. This level of detail is provided for three property groupings in every ZIP code: i) all residential properties, ii) condominiums, and iii) single-family housing. Home prices are available with or without seasonal adjustments.

The LPS HPI provides aggregates of all these values for larger geographies than ZIP codes: cities, counties, states, the nation and statistical areas defined by the White House Office of Management and Budget. The five historical paths of price levels can be easily used to find price paths of intermediate prices. By combining property and loan data in its repeat sales analysis, the LPS HPI covers about 89 percent of single-family residential properties in the U.S. The innovative approach used to maximize geographical resolution enables the LPS HPI to meaningfully cover about 98 percent of these properties at the ZIP-code level.

In this press release the value and appreciation of the HPI reported is calculated assuming the entire stock of properties within each geography.

The LPS HPI provides the financial industry with the most accurate valuations available from an HPI – accuracies competitive with AVMs in out-of-sample tests. The LPS HPI is also the most accurately timed home-price information available – detecting market changes sooner than other HPIs.

About Lender Processing Services

Lender Processing Services (NYSE: LPS) delivers comprehensive technology solutions and services, as well as powerful data and analytics, to the nation’s top mortgage lenders, servicers and investors. As a proven and trusted partner with deep client relationships, LPS offers the only end-to-end suite of solutions that provides major U.S. banks and many federal government agencies the technology and data needed to support mortgage lending and servicing operations, meet unique regulatory and compliance requirements and mitigate risk. These integrated solutions support origination, servicing, portfolio retention and default servicing. LPS’ servicing solutions include MSP, the industry’s leading loan-servicing platform. The company also provides proprietary data and analytics for the mortgage, real estate and capital markets industries. LPS is a Fortune 1000 company headquartered in Jacksonville, Fla., and employs approximately 7,500 professionals.

For more information, please visit www.lpsvcs.com.

The Housing Hour – Aired 2/18/2012

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Have you ever wondered what you should remodel in your home to get the best value for your dollars?

Tom White is our guest. Tom hads been an appraiser in Knoxville and surrounding markets for over 20 years. We talk today about where values were and where they are headed. The discussion also moves toward which home improvement is the best value. Join us today for an informative and really fun conversation with Tom White.
Tom can be contacted at 865-220-0200.