Blog Entries

FHA Appraisal Requirements - What You Need to Know

csmith@cpappraisals.net — Wed, 22 Oct 2008 06:00:00 +0100

FHA Appraisal Tips

The following are excerpts from HUD Mortgagee Letter 2005-ML-48 regarding repair and inspection requirements.

FHA Repair Requirements: Below are examples of minor property conditions that no longer require automatic repair for existing properties include, but are not limited to:

* Missing handrails * Cracked or damaged exit doors that are [...]

Flood/Storm Damage – FEMA, Building Permits, 50% of Structure’s Market Value?

csmith@cpappraisals.net — Wed, 15 Oct 2008 06:00:00 +0100

As many Greater Houston homeowners face the daunting task of rebuilding since the aftermath of Hurricane Ike they have found that building ordinances in their cities may require their houses to be elevated so many feet above sea level before they can obtain a building permit. This requirement is true IF the cost of repairs to their home is equal to or greater than 50% of the STRUCTURES market value prior to the storm. For instance, citizens of Nassau Bay, Texas and Taylor Lake Village, Texas ar [...]

How Do Trees, Vegetation and Landscaping Affect Appraised Value?

csmith@cpappraisals.net — Mon, 06 Oct 2008 06:00:00 +0100

In the aftermath of Hurricane Ike here in the Greater Houston area, I thought the topic of on-property landscaping and vegetation would be something of relevance. As an example, my home has a good size yard with three large and very old Oak Trees on it. These trees provide great natural shade and a very pleasing curb appeal. After the storm passed, I came home to find that Ike had split one of these trees down the middle and it was now in danger of falling on my house. I quickly had the tree [...]

White Oaks Bayou Flooding & Shady Acres - An Example of External Factors Affecting Value

csmith@cpappraisals.net — Fri, 18 Jul 2008 06:00:00 +0100

I was recently sent a request to perform an appraisal on a property in the Shady Acres subdivision of Houston. At first glance, the appraisal assignment seemed easy enough, a simple purchase transaction in a well established area of the Heights. A quick search of previous sales in Shady Acres over the past 6 months confirmed that the sales price was reasonable and that everything looked kosher. However, this area of the Houston Heights abuts the White Oak Bayou waterway that runs along T.C. Jest [...]

Photos Houston Area Realtors Should Also Include on MLS!

csmith@cpappraisals.net — Mon, 07 Jul 2008 06:00:00 +0100

As real estate appraisers we rely heavily on our data sources to assist us in performing our research. On of these sources are Realtors and their entries in our local MLS systems. I find it interesting that so many MLS on HAR.com listings are missing not only key information about the home or property, but good PHOTOS! These pictures act not only as your tools for showing off the property online to potential buyers but they also assist us in grading the interior quality of the home along with [...]

Using the Firefox Web Browser with HAR MLS

csmith@cpappraisals.net — Tue, 24 Jun 2008 06:00:00 +0100

Like any industry, Realtors and appraisers in the Houston area that primarily utilize HAR.com for all their MLS data are somewhat limited to how they can view this data. Until now, Internet Explorer was the only web browser that would properly navigate the MLS system. Having an IT background, I'm not a fan of IE at ALL. It has always been a huge target for hackers, crackers and other nefarious individuals that just love to wreak havoc onto anything Microsoft.

I prefer the web browser known as [...]

The Truth About Flooding in Houston

csmith@cpappraisals.net — Fri, 13 Jun 2008 06:00:00 +0100

There are a lot of myths about flooding in Houston and Harris County. With hurricane season once again on top of us, I thought this would be a good topic to discuss.

Myth #1: If I didn't flood during any previous storms or hurricanes, chances are I won't ever flood.

Most Harris County residents are vulnerable to flood because of Houston's flat topography and impermeable soil. Not all storms deliver their rainfall in the same areas or at the same rate therefore just because you haven't f [...]

How to Quickly Find Lot Sizes In Fort Bend County

csmith@cpappraisals.net — Thu, 29 May 2008 06:00:00 +0100

This is a trick I learned a few years ago and was a necessity for performing real estate appraisals in the Fort Bend County area. Many of you may have noticed that when going to FBCAD.org most of the property data sheets do not display the actual lot size or acreage of the site. In turn, the Stewart Title tax sheets do not have this information either. This leads to many Realtors leaving the "Lot Size" section of an MLS listing blank. Here's the solution:

Head over to the FBCA [...]

The Process of Protesting Your Real Estate Taxes

csmith@cpappraisals.net — Wed, 21 May 2008 06:00:00 +0100

There are also several good reasons to dispute county values beyond the usual "That value is too high". You may find that your home is smaller than what the county records have you taxed at. Your house may be under construction or in below average condition. Your neighborhood could be experiencing a decline and now your market value is below what the county is taxing you at. Whatever the reason, whether you are in Harris, Montgomery, Fort Bend or any other Texas cou [...]

Are Increased Selling Times and Lower Values Due to Buyer Financing Issues?

csmith@cpappraisals.net — Tue, 20 May 2008 06:00:00 +0100

Har.com, the Houston Association of Realtors website, just released the latest market activity statistics for the month of April. To no surprise, the Houston real estate market is still fairing better than other areas but we may be seeing signs of decline in the near future. For those of you who do not know, Houston's relatively low cost of living and stable employment rates have kept the housing bubble at bay so far. However, this doesn't mean our market hasn't slowed down si [...]

How Accurate and Reliable is Zillow?

csmith@cpappraisals.net — Fri, 16 May 2008 06:00:00 +0100

Zillow.com, a Seattle based company, operates a web site that provides free estimates and other online tools for real-estate buyers and sellers. Many real estate professionals also utilize its home values in analyzing feasibility for mortgages. The question is, how reliable and accurate is Zillow?

There is no definitive answer to that question because it really depends on where the property is located. In my experience I have found that Zillow is most accurate in newer neighborhoods t [...]

How Active Listings Affect the Mortgage Process

csmith@cpappraisals.net — Thu, 15 May 2008 06:00:00 +0100

Whether you are attempting to refinance, purchase or sale your home you should always be aware of what other homes in your neighborhood are currently LISTING for. While knowing exactly how much and under what conditions homes in your neighborhood have sold for is not necessary, it is fairly simple to find out what they are listing for. A quick search of your neighborhood on the HAR.com website will give you a list of all homes that are currently offered for sale. You can take it one step further [...]

Removing Private Mortgage Insurance ( PMI ) From Your Loan

csmith@cpappraisals.net — Tue, 13 May 2008 06:00:00 +0100

Real estate lenders are a funny lot. It seems they're happy to lend anybody money, but with certain strings attached. Assuming a half-way decent credit rating any potential home buyer can secure a loan for a house. Why? Because these transactions are secured by a very valuable asset: the home itself. If a borrower defaults on a loan, the risk for the lender is often only the difference between the value of the home and the amount outstanding on the loan, less the amount it costs them to foreclos [...]

How to Prepare for a Home Appraisal

csmith@cpappraisals.net — Fri, 09 May 2008 06:00:00 +0100

To facilitate the appraisal process, it's beneficial (but NOT necessary) to have these documents available to the appraiser:
If readily available, a building plan or blueprint of the houseWritten property agreements, such as a maintenance agreement for a shared drivewayList of personal property to be sold with the homeTitle policy that describes encroachments or easements Brag sheet that lists major home improvements and upgrades, the date of their installation and their costInformatio [...]

Real Estate Appraisal Myths

csmith@cpappraisals.net — Mon, 05 May 2008 06:00:00 +0100

Some Myths and Realities About Real Estate Appraisals and Appraisers:

Myth: Tax assessed value should equate to market value.
Reality: While most states support the concept that assessed value is equal to estimated market value, this often is not the case in Texas. Examples include when interior remodeling has occurred and the assessor is unaware of the improvements, or when properties in the vicinity have not been reassessed for an extended period.

Myth: The apprai [...]

Selling Your Home FSBO

csmith@cpappraisals.net — Thu, 01 May 2008 06:00:00 +0100

If you are planning to sell your home, it might be a wise decision to make a small investment in a professional appraisal. Unless you study real estate trends on a day to day basis like a professional appraiser, it may be difficult for you to get a handle on real estate values in your market area. We aren't talking about how much you have invested in your home, how much you paid for it, or how much you want for it. We're talking about the true market value of your home, which could really pay [...]