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Colorado Springs Property Evaluation - The Uniform Residential Appraisal Report (URAR)
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Recent changes in the real estate industry have had lenders scrutinizing real estate appraisals
. The reason why lenders are so picky about appraisals is because a good appraisal is the kind of reassurance that they won't lose money on the transaction. An appraisal is fairly low cost, it will typically cost between $350 and $400, and is definitely worth the expense to your financial institution.The Uniform Residential Appraisal Report (URAR) is the most common type of appraisal which contains the interior and the exterior photos. Depending upon the age of the home it can sometimes have a complete cost breakdown of the property. The report also contains a comparison sales of the homes nearby that meet the proper criteria that helps establish the market approach. The URAR often reflects a cost approach that helps determine value of the home based on the estimate to rebuild the home, less the depreciation. The best comparables are the ones with similar size, style, age and are closely located to the property being appraised.
Beauty is more than skin deep when it comes to determining the value of a single family home. It helps to enhance the marketability of a house with a fresh paint, new carpet, new appliances, and nice landscaping. Other not so obvious features also influence the appraised value of a house. For example the older houses that have just replaced plumbing or the electrical system, installed a new roof or replaced windows help lower the age of the property resulting in an increase in the appraisal value.
Most lenders will control what appraiser is used to determine the value of the home. After all, it's their money that's on the line. The appraisal is such an important factor to the mortgage transaction - make sure you're satisfied with the results as well. Your lender will make sure he/she is satisfied!
Colorado Springs Property Evaluation - The Uniform Residential Appraisal Report (URAR)
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