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Source: TJ Jenkins from Home Team Lending in Greeley CO

Do you have questions about appraisals? Tonja Jenkins, from Home Team Lending in Greeley CO gets asked about appraisals quite often. So she decided to ask their in-house appraisal manager to answer the questions they hear the most. Here they are!Do you have questions about appraisals? Tonja Jenkins, from Home Team Lending in Greeley CO gets asked about appraisals quite often.  So she decided to ask their in-house appraisal manager to answer the questions they hear the most. Here they are!

Q: Is there a big difference between Conventional appraisals and FHA appraisals?

A: They’re more similar than most people think. Some people have the false impression that using a Conventional appraisal is a way to skirt what they think are stricter FHA standards. As it turns out, Conventional appraisals are more similar to FHA standards in terms of safety, soundness, or structural integrity than most people think.

Q: Is it safe to assume that all conventional appraisals can be completed “as is”?

A: No. There are certain situations where homes with incomplete items and/or conditions that affect the safety, soundness and structural integrity of the property will be required to be repaired prior to closing.

Fannie Mae’s official statement is:

When there are incomplete items or conditions that do affect the safety, soundness, or structural integrity of the property, the property must be appraised subject to completion of the specific alterations or repairs. These items can include a partially completed addition or renovation, or physical deficiencies that could affect the safety, soundness, or structural integrity of the improvements, including but not limited to, cracks or settlement in the foundation, water seepage, active roof leaks, curled or cupped roof shingles, or inadequate electrical service or plumbing fixtures.

The appraisal report must identify and describe physical deficiencies that could affect a property’s safety, soundness, or structural integrity. If the appraiser has identified any of these deficiencies, the property must be appraised subject to completion of the specific repairs or alterations. In these instances, the property condition and quality ratings must reflect the condition and quality of the property based on the hypothetical condition that the repairs or alterations have been completed.

Q: Can homes with paint issues be appraised as is?

A: It depends – if the home has peeling and chipping paint, but the underlying surfaces are not exposed to the elements, repainting is not required. However, if any of the underlying surfaces are down to “bare wood”, these areas will need to be repainted. This constitutes a soundness and/or structural integrity issue as prolonged exposure to the elements could cause rotting to the structure.

Q: Does negative drainage around the foundation of a home require repair?

A: In most cases, yes. This would result in the possible water collection and seepage along the foundation walls which could result in settlement and/or cracking.

If you have more questions on appraisals call Tonya Jenkins (TJ) at Home Team Lending at 970-336-1185 or contact us or visit our website at www.westrealtynoco.com

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THINGS YOU’LL WANT TO KNOW ABOUT ST. MICHAELS IN GREELEY, CO

HOME VALUES

Median Estimated Home Value

Median Estimated Home Value: $347K
Estimated Home Value 12-Month Change: +8.9%
Median List Price: $350K
List Price 1-Month Change: +0.9%
List Price 12-Month Change: 18.6%

This chart compares the price trend and sales volume for homes in an area. Home prices typically follow sales volume, with a time lag, since sales activity is the driver behind price movements.

Median Sales Price in St. Michaels

Median Household Income: $69,368
Household Income Brackets
Income Per Capita: $32,558
Median Home Age: 10
Own: 58%
Rent: 42%

WALKABILITY SCORES:

Walkability Scores (out of 5)
Overall Score  0.4
Amenity Score  0.4

This neighborhood or ZIP code is rated for walking access to general points of interest, reflected in the overall score, plus amenities (such as retail stores) and leisure (such as restaurants and parks). Other factors considered in the scores are street types, weather, public transportation and population density

TRAVEL TIME

This chart shows average commute times to work, in minutes, by percentage of an area’s population

Travel Time to Work (in minutes)22
Average Commute Time

POPULATION:

Population: 5.57K
This chart shows the distribution of the population of children by age range — from birth to 17 and the distribution of the population of adults by age range — from 18 to 75-plus

Households With Children
Households with children

Median Age: 33
Population of Adults in St. Michaels
Male / Female Ratio: 52%

OCCUPATIONAL CATEGORIES:

2-Year Degree: 37%
Bachelor Degree: 26%
Post-graduate degree: 11%

This chart shows categories of employment within an area.
Occupational

NEIGBORING AREAS

Orchard Park in Evans, CO

Median Estimate:

Homes:   Pop: 2,012

Ashton Estates in Greeley, CO

Median Estimate: $575,430

Homes: 43  Pop: 5,572

Grapevine Hollow in Evans, CO

Median Estimate:

Homes:   Pop: 2,012

West Fork Village Condominiums in Greeley, CO

Median Estimate: $174,920

Homes: 144  Pop: 5,572

West Ridge in Greeley, CO

Median Estimate: $446,410

Homes: 121  Pop: 2,067

Meadowview at West Bone in Greeley, CO

Median Estimate:

Homes:   Pop: 5,572

Drakes Crossing in Greeley, CO

Median Estimate: $317,060

Homes: 149  Pop: 2,067

Covington Knolls in Greeley, CO

Median Estimate: $769,900

Homes: 56  Pop: 2,067

West Bone Ranch in Greeley, CO

Median Estimate: $315,950

Homes: 203  Pop: 5,572

Considering a move to St. Michaels in Greeley?
Call Bev West at West Realty @970-631-7111
http://www.westrealtynoco.com
Get a Free Market Report Today!

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Short sales:

 Consequences on a seller’s credit report

  • Noted as “debt settled for less than full amount due”
  •  Potential tax relief
  • Mortgage Forgiveness Debt Relief Act of 2007 may allow  seller to avoid adverse tax consequences
  •  Faster resolution
  • Seller able to move on with their life
  • Easier rebuilding of credit
  • Typical 3-4 month process

 Foreclosures:

  •  Significant consequences on credit report
  • Typical 250-300 point reduction
  •  Loss of VA eligibility
  •  Potential loss of security clearance
  •  Lengthy process 
  • Typical 8-12 months

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