Pointer Appraisal Northeast Ohio Property Economics & Appraisal Blog

A local Realtor® called our offices this week in regard to the specifics of how appraisals are performed for 203k loans.  

A 203k loan is an FHA loan which provides the borrower funds to make repairs and rehabilitate a property.

The appraisal is usually ordered by the lender and includes a list of the improvements which are to be made and the contractors bid for the repairs.  The appraiser considers the repairs and prepares the report with the hypothetical condition that repairs have been made.  This is known as a "subject to" appraisal. 

We have seen many borrowers who have benefitted from the equity created by this program and gained a property with the amenities they desire.  With the present amount of foreclosed properties on the market, the 203k program seems to be growing in popularity.

The federal reserve dropped rates on Tuesday and it is reported by the Wall Street Journal that the result was a chain reaction of refinance activity across the US.  According to the Wall Street Journal, 30 year rates dropped by 1/2 percentage point to about 5.5%. 

See wall street journal article here: WSJ.com - Fed Aid Sets Off a Rush to Refinance

Despite poor weather and power outages throughout Northeast Ohio. Pointer Appraisals is open to continue working on our clients projects. 

We have onsite generation equipment. In the event of a power outage we can continue to operate.  Our internet system is based on DSL technology, which is through telephone systems and is isolated from the power grid.  We have a backup cellular internet system, just in case a tree falls on the telephone lines.

Thank you for trusting Pointer Appraisal Services for your appraisal needs.

“Pointer Pupil” Program Offers Students and Educators Experience in Real Estate Appraisal and Insight into Exclusive Industry.

Stow, Ohio July 25, 2008 -- In a pilot program individuals are introduced to the oft exclusive industry of Real Property Valuation. The “Pointer Pupil” Appraisal Experience is designed to introduce individuals to the appraisal professional and experience firsthand what Real Estate Appraisers do on a daily basis. Prospective and Current Students, Alumni, and Educators of Real Estate Programs are invited to participate.

The program consists of shadowing an appraiser for 2-3 days. During the shadowing process the individual will view homes and/or businesses with the appraiser, observe the analytical and research processes, and experience the operations of an appraisal practice.

The program is generally offered throughout the year on a first come first serve basis. Applications are accepted online.

Interested parties may apply at: http://www.pointerappraisal.com/CareersandInternships

About Pointer Appraisal Services

Pointer Appraisal Services LLC is a Real Estate Appraisal and Property Economics firm located in Stow, Ohio. Pointer Appraisal Services provides Appraisal and Real Property Consulting for Commercial, Light Industrial, and Residential properties throughout Northeast Ohio. Services include market data, property economics, pre-listing appraisal, mortgage appraisal, and appraisal for legal proceedings such as estate, bankruptcy, and divorce.

Pointer Appraisal Services believes free markets thrive on information and education. Therefore, the company strives to provide the most internship and education programs of Real Estate valuation firms in the Northeast Ohio area.

The company website is: http://www.pointerappraisal.com/

Contact: Russell Kitzberger, President
Pointer Appraisal Services LLC
Office: (330) 688-4990
Toll Free: (866) 495-4990
Facsimile: (206) 338-5861
Email: Info@PointerAppraisal.com
Website: www.pointerappraisal.com

Cuyahoga County Rolls Out New GIS Website.  The new site allows much of the functionality of surrounding counties GIS websites.  However, it is a prerelease and appears to be in progress. 

http://gis.cuyahogacounty.us

Pointer Appraisal Services provides Real Estate Appraisal throughout Northeast Ohio. They can be reached online at  www.PointerAppraisal.com

I am pleased to announce that a few weeks ago our website was featured in the printed and online versions of Appraisal Press. Appraisal Press is an Appraisal Industry Newspaper published by Alamode, who's software is utilized by over 50% of appraisers in the USA.  See the article here:Featured Article: Seven Things I Like About This XSite.

We are pleased to be recognized by Alamode. 

Russell Kitzberger, President

Pointer Appraisal Services LLC is a Real Estate Appraisal firm located in Stow Ohio.  Pointer Appraisal Services provides Appraisal and Real Property Consulting throughout Northeast Ohio. The company can be reached on the internet at: http://www.pointerappraisal.com/

Good news for Northeast Ohio Real Estate Markets.  Purchase Money Mortgage Appraisals are being ordered at record numbers from Pointer Appraisal Services.  In the past month our orders for appraisals for purchases of homes both FHA and conventional has doubled from prior months.  Conversations with local appraisers show their volume of purchase mortgage appraisals are up also.  This is generally a busier time of year for purchases and it is good to see that the market is picking back up. 

If you are considering buying or selling residential or commercial property in Northeast Ohio, you should look into our market data and valuation products for buyers and sellers to ensure you have the most up to date property sales from an independent and unbiased party.

An aeration wastewater treatment system and a septic tank system are actually competing systems for treating wastewater. Sometimes “septic system” is mistakenly used when there is an individual private sewer treatment system on a residential site.

An aeration system is a wastewater treatment system and is classified as an alternative wastewater treatment system, and does not include a septic tank at all. There are sometimes aerators in septic tanks to stir the sewage, but they are just to stir up the sewage and add oxygen to the mixture.

There are pro’s and con’s to each, but an aeration system takes up much less space and can be on smaller lots without the need for a large drain field (leach field).

Many times, as the Geauga county Health Department States, an aeration system can look like a regular septic tank on the surface.

However the Northern Ohio MLS has Aeration and Septic as separate selections in the listing input function, as they recognize the difference.

In fact these are the options in the system for water and sewer: Aeration System, Private Sewer, Private Water, Public Sewer, Public Water, Sanitary Sewer, Septic, Storm Sewer, Water Treatment, Well, Other.

Below are some references on the differences:

National Sanitation Foundation website on each type:

Septic:

http://www.nsf.org/consumer/wastewater_treatment_systems/wastewater_septic.asp?program=WastewaterTreSys

Alternative Systems:

http://www.nsf.org/consumer/wastewater_treatment_systems/wastewater_alternative.asp?program=WastewaterTreSys

Geauga County Health Department:

http://www.geaugacountyhealth.org/pdfs/SewageBooklet.PDF

In a cooperative venture of the Appraisal Institute, American Society of Appraisers, American Society of Farm Managers and Rural Appraisers, and the National Association of Independent Fee Appraisers an 11 page letter has been released in response to the recent developments in the Home Valuation Code of Conduct (HVCC).  The HVCC is a product of Fannie Mae, Freddie Mac, and the New York Attorney General office in response to the growing recognition of problems of appraiser coercion, and lender pressure.  

A copy of the letter is available here:

HVCC Letter Click Here

It appears to address some of the primary concerns of residential appraisers. I believe this joint venture produced an excellent letter to regulators and a call for action to solve many of the issues with the original HVCC draft.


Russell Kitzberger
Pointer Appraisal Services LLC, Stow Ohio
Residential and Commercial Appraisal in Northeast Ohio