Exercises to the text:
Exercise 1. Correct the spelling mistakes and translate the sentences.
This protects the lender's investmant by making certain the property value is adecuate.
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Mesurements are also taken and confirmed for basik dimensions of the rooms.
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One of the most basic sektions of a house apraisal is the overview of the condition of your home.
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Exercise 2. Match word combinations from the text and translate.
1. house a) effect
2. major b) value
3. physical c) structure
4. property d) element
5. significant e) appraisal
Exercise 3. Make up all kinds of questions to the text.
1. ________________________________________________________________
2. ________________________________________________________________
3. ________________________________________________________________
4. ________________________________________________________________
Черкаський політехнічний технікум Для студентів III курсу, група ОД
Text № 11. Викладач Кособокова А.В.
Text 12
What Does a House Appraisal Entail?
A licensed home appraiser visits and inspects a property to determine its market value. People buying and selling homes use appraisals to determine an appropriate sales price, and most lenders require appraisals before agreeing to finance residential mortgages. Conventional home appraisals are less detailed than appraisals used by lenders writing Federal Housing Administration-backed loans.
Elements of An Appraisal
A home appraisal includes a description of the property, including the type of structure, its size and the location. The appraisal documents the number of rooms and specifies the types of rooms, such as bathrooms, bedrooms and kitchens. The report includes an assessment of the condition of the home and any upgrades, such as wood floors or granite kitchen counter tops. The report also includes details about basic elements of the home, such as plumbing, electrical wiring and the heating and air conditioning system.
Pricing a Home
After visiting the home, the appraiser must price the property. The appraiser begins that process by researching recent sale prices of comparable properties. Certain factors, including proximity of a home to busy road or a school could cause its value to fall below or exceed that of a similarly sized property in the same area. Appraisers adjust the price based on the need for major repairs such as roof or HVAC replacement. Energy-efficient windows or an upgraded heating system can increase the appraised value.
Черкаський політехнічний технікум Для студентів III курсу, група ОД
Text № 12. Викладач Кособокова А.В.
FHA Appraisals
The FHA has its own criteria for home appraisals. The FHA insures mortgages, and to mitigate its risk, it requires homes to meet certain minimum standards. FHA appraisers must determine whether electrical and plumbing systems are safe and in working order. Appraisers must also report broken windows or safety hazards such as bare wires, which are not necessarily addressed on regular home appraisals. FHA appraisals do not just price a home but also estimate how long the roof will last and any other short-term potential problems.
Effect Of Appraisals
Homeowners can use a home appraisal as the basis for requesting a reduction in property tax. Home sellers and buyers can use appraisals during purchase negotiations. Lenders use appraisals to price loans and typically loans with a higher loan-to-value ratio come with higher interest rates, so better-than-expected appraisals can help borrowers pay lower rates. The FHA can refuse to finance a loan on the basis of an appraisal. The homeowner must address all safety concerns mentioned in the FHA report before financing can commence.