Appraisers and Home Inspectors

In today’s real estate market we are facing turbulent times especially with the unprecedented amount of foreclosures occurring there is an immediate need to reevaluate the fair market value of property and also the current condition of the property. Recently, there have been changes within the real estate appraisal industry such as a mandate for lenders to use appraisal management companies, like LVJ Appraisal Management Company, by 2009. Our company takes it a step further by offering a combined service of appraising and inspecting the property. Appraiser’s assess the value of the property versus a home inspector observe and report the condition of the property.

Although the buyer usually pays for the appraisal, it is by law the property of the lender and remains with that loan file for the duration of that loan even if it’s sold on the secondary money market. Caution has been thrown to the wind in the past and as a result there are some appraisers that inflate the value of the property. LVJAMC employees’ appraiser’s with an unbiased approach so that the integrity of that appraisal will remain even after the loan has been sold. LVJAMC also has certified home inspectors that will thoroughly check all the systems of the home and recommend the necessary repairs.

We take a twofold approach that exceeds today’s standards, and we do it without any conflict of interest: an appraisal has to do with the loan and is required by the lender before making the loan on the property compared to the home inspection being something that is usually requested by a home owner, buyer, or agent. Sometimes there is a stipulation in the contract that a termite letter be issued or that a home inspection be performed however one is totally independent of the other.

Photography For Commercial and Home Property Inspections

Any home or commercial property inspector will conduct a thorough inspection of a property being considered for purchase. This inspection includes a non-intrusive and non-destruction assessment of various external and internal building components. Also in the report are assessments of the roof, foundations, structural frame, air conditioning (HVAC) systems, electrical and plumbing. Each inspection report should also come with color photographs of the property face as well as any items that are found lacking in structural or functional integrity.

Photography provides visual evidence of leaking water, conditions of the roof, and cracks in exterior landscaping such as sidewalks. Having documented proof will help purchasers when they begin negotiations on property prices. Instead of having a he said/she said between the owner’s inspector and the purchaser’s inspector, having a photograph in hand makes the need for repairs hard to deny.

Having the photography data information is also useful as it proves the date and time that the photographs were taken. Photographs provide a record of the general condition of the facility or home property.

A trusted commercial property inspector should provide an initial price estimation as well as a remedy for any deficiencies noted. For example, a leaking pipe should be documented first. Secondly, the home inspector should advise the potential buyer to have a licensed plumber assess the job. The inspector should NEVER refer you to a specific company for these services. This is so you can feel safe that inspectors are not receiving kickbacks for referrals, or advising the buyers to fix problems that don’t exist.

As a buyer, you many want to consult several different companies before making any decisions on whom to use. Estimates on items such as foundation and roofing may vary. This can be due to the scope of the project. Some companies will go over and above to ensure safety, generally costing more, while other companies will do what needs to be done to remedy the situation.

Sending a company or contractor photographs before they come to see the problem can help make them aware of the extent of the problem they are assessing. This may trigger them to do further exploration (when it comes to pipes, piping behind walls may need to be inspected).

The use of photography in regards to commercial and home inspections is priceless. Pictures don’t lie, they simply arm the potential buyers with the information they need to get the best price they can get on their new home.

Buy Bank Owned Property And Help The Community

The process of buying bank owned property is something that should be considered by those who are interested in making money during this recession. With a little organization and planning, money made from real estate can equal more that your full time job and it can be done in a person’s spare time.

Those interested in buying bank owned property can provide a service to the community. Providing affordable and safe housing for rent is meeting a need that many people have. Not everyone is in a position where they want to own a home. They may prefer to use options called land contract, rent to own, rent or lease option. Perhaps they do not plan on staying in one location for many years. Maybe they want to retire soon and plan to travel the world. Perhaps they consider owning a home a headache that they don’t want to have to deal with. Perhaps they have bad credit and do not qualify to get a mortgage. There are many reasons why people prefer to rent instead of buying a home.

Those interested in buying bank owned property can figure out their own strategy for making money in real estate. Perhaps they want to purchase properties in college towns and rent to students. Maybe they want to buy properties and offer rentals in middle class neighborhoods. They may desire to purchase properties and offer rent to own or lease option agreements to those who would like the option of buying the home they rent in the near future. All of the above are possibilities when it comes to making money in real estate.

People buying bank owned property can hold the property for the long term or they can sell the property shortly after purchasing this method is often called fixing and flipping. They may do some simple work on the property before selling or they may do a lot of work making it look better and have a lot more appeal to buyers. There are lots of ways money can be made with real estate even in an economic downturn. People just have to be able to see the opportunities and figure out what they can do to meet the needs of others.

Right now is the best time in history to buy homes at discounted rates. The last time in history similar to this was back in the 1980’s when President Reagan was in office. Most commonly known as the savings and loan crisis. Sounds like now huh? It has been said that the next generations of real estate millionaires will be made from this recession. J.D. Rockefeller said it best “When there is blood on the streets, there is money to be made.”

Only time will tell who made the decisions to buy in these bad times. I know I will stake my claim and buy, buy, buy!