Ellison Bay WI real estate listings and homes for sale, home buying, home selling information – Quenzer Appraisals/Douglas A. Quenzer

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Buyers, You Can Order an Appraisal!

August 17th, 2008 1:14 PM

If you are buying a home most of the time a lender will order an appraisal. But really the buyer should order an appraisal to make sure they are getting what they are paying for. Is this home worth it? Below is an AP article on the subject. Afterwards is my response.

AP
Questions and answers on hiring an appraiser
Sunday August 17, 1:10 pm ET
By Mitch Weiss, Associated Press Writer

With some digging, consumers can investigate before hiring a real estate appraiser

Questions and answers on how consumers can ensure they are getting an honest appraisal when buying or selling a home, refinancing an existing mortgage or taking out a home equity loan or line of credit:

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Q: Who orders an appraisal?

A: Most appraisals are ordered by lenders, who use the information to determine the collateral value of a home when deciding whether approve a mortgage loan. But consumers can also order an appraisal, and might choose to do so for a number of reasons. Among the most common is to help them decide on a fair price for a home they wish to buy or sell.

Q: What should I look for when I hire an appraiser?

A: First, look for an appraiser who is licensed and certified by your state. Most states have an appraisal board that should be able to provide an appraiser's qualifications, as will the Web site of the federal Appraisal Subcommittee: http://www.asc.gov/

Q: Will that Web site tell me what I need to know?

A: Yes and no. The Appraisal Subcommittee's Web site will feature information about an appraiser's qualifications. But it will only list disciplinary action that is current. Suspensions and other past disciplinary actions won't be listed.

Q: Can't I get that information from my state's appraisal board?

A: Not really. State appraiser boards are generally reluctant to release any information about an appraiser's disciplinary history. That includes how many complaints have been filed against an appraiser.

Q: So, how can I make sure I'm getting a fair appraisal?

A: That's a tough question. To start, make sure your appraiser is independent -- don't allow a lender to pick the appraiser. Also, use a commonsense test. If the home next door just sold for $150,000 and the appraiser values the home in your deal at $200,000, you have reason to be suspicious. You can also hire another appraiser for a second opinion.

Q: If I have a complaint, whom should I contact?

A: Every state has an appraisal board or agency that accepts and investigates complaints, holds hearings and disciplines appraisers. Some states, however, do not accept anonymous complaints, and disputes can take years to be resolved.

My response:

Go to the web, and search for an appraiser in a particular area. There are many sites by appraisers and other companies that have a list of available appraisers. www.appraisers.com; www.appraiserusa.com; www.zipappraisers.com are a few sites to search.

When you call one ask, "How long have you been in the business? Do you have any references? What kind of appraisals have you done? What is your education level? How many appraisals do you do a year?"

Just because an appraiser is licensed or certified doesn't mean they are competent. Real Estate appraising can be complex. It is an art as well as a science. Go with someone who has has significant time in the business and has a very good knowledge in an area.

Posted by Douglas A. Quenzer on August 17th, 2008 1:14 PMPost a Comment (0)

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Eight Reasons Your Home Isn't Selling

August 20th, 2008 5:58 PM

http://rismedia.com/wp/2008-08-17/8-reasons-your-home-hasnt-sold-yet-advice-for-frustrated-clients/

The above link is an excellent article from Rismedia about why a home isn't selling. The following are the major bullets:

First offer is often the best offer
Be realistic about price
Listen to the experts
Be aware of getting stale
Go for the "pottery barn" look
Understand buyer psychology
Don't expect buyers to renovate
Play to your home's strength

If you are trying to sell your home I encourage you to read the entire article.

Posted by Douglas A. Quenzer on August 20th, 2008 5:58 PMPost a Comment (0)

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NOT MY HOUSE!

August 8th, 2008 6:05 PM

RISMEDIA recently made an interesting survey. It found that 62% of homeowners believe that the housing crisis has not affected their home, and that their value actually increased or remained the same in the past year. And 75% believed their home will increase in value or stay the same in the next six months.

Reality is that according to Zillow's second quarter Real Estate Market Reports, due to be released August 12, 77% of all homes in the U.S. decreased in value, 19% increased, and 5% remained the same.

I find this to be true in my work. People are surprised that their home could possibly be valued less than they bought it for in 2005. They almost get indignant and angry. I can understand the frustration. I don't like the idea that my home is now worth less either. My biggest asset is loosing ground and that has never happened before.

Go to the following link to read more...

http://rismedia.com/wp/2008-08-06/the-majority-of-us-homeowners-thinks-their-home-is-insulated-from-the-housing-crisis/

This is the main reason people are unwilling to lower their prices to get the sales moving. Inventories continue to rise and demand continues to fall. This is true in Northwest Wisconsin. The statistics bear this out in stark fashion. Yet people are stuck on their price, hoping that if they hang in their long enough it will magically turn around. It isn't, and not for a long time. Real Estate is a function of supply and demand. Even if the demand stays the same and supply increases prices will fall. I don't see demand rising for some time. Credit is tight, and underwriting guidelines are stiffer. There are fewer buyers today that qualify due to the financial crisis. There just aren't enough buyers to absorb all these homes in Northwest Wisconsin.

So if you are a homeowner and you absolutely NEED to sell your home you need to seriously look at your price and do any maintenance and cosmetics to make your home appealing. That's where I suggest getting a very honest appraisal of your home, and getting someone to look at your home as critically as possible to see anything that needs to be fixed, spruced up, or redecorated. There are professionals that will come in an stage your home as well. Now is not a time to have thin skin. If you DON'T need to sell your home then you REALLY need to take it off the market so that those who really NEED to sell can.

This is certainly not a pleasant time. But we'll weather it and learn from the mistakes of the past.

Posted by Douglas A. Quenzer on August 8th, 2008 6:05 PMPost a Comment (0)

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