Word List:
1. |
market value |
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2. |
residential mortgages |
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3. |
conventional |
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4. |
specifies |
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5. |
upgrades |
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6. |
counter tops |
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7. |
plumbing |
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8. |
recent |
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9. |
comparable properties |
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10. |
to fall below |
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11. |
to adjust |
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Черкаський політехнічний технікум Для студентів III курсу, група ОД
Text № 12. Викладач Кособокова А.В.
12. |
energy-efficient |
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13. |
FHA appraisals |
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14. |
to mitigate |
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15. |
hazards |
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16. |
short-term |
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17. |
reduction |
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18. |
negotiations |
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19. |
safety concerns |
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20. |
to commence |
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Exercises to the text:
Exercise 1. Complete the sentences and translate.
A home appraisal includes a ………. of the property, including the type of structure, its …….. and the location.
__________________________________________________________________________________________________________________________
Energy-efficient ………. or an upgraded heating system can …….. the appraised value.
__________________________________________________________________________________________________________________________
Exercise 2. Correct the spelling mistakes and translate.
apraiser____________________________________________________
heeting system_______________________________________________
potencial problems ___________________________________________
property takx _______________________________________________
homeovner _________________________________________________
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 № 12. Викладач Кособокова А.В.
Text 13
Appraisal Value for a Home
An appraisal value for a home is an educated approximation of the home's market value based on a variety of criteria including comparable neighborhood sales. Certified or licensed home appraisers calculate the appraisal value based on information found in public records and an inspection of the home. Lenders use the appraisal value for a home to determine the maximum amount of a potential home loan.
Comparable Sales
The sales prices of homes in close proximity to the home being appraised are one factor in establishing the fair market value of a home. Home appraisers must know the market in the area. Local market knowledge is an asset when few homes have sold recently in the appraisal home's neighborhood. With no nearby home sales to use as a comparison, appraisers must compare the values of similar homes sold in similar neighborhoods.
Condition of the Home
An appraiser performs an on-site inspection of the home as part of determining the appraisal value. The condition of the foundation, the roof and other structural elements impact the appraisal. The age and condition of the mechanical systems, including the heating/cooling source and water heater, are also factors. The appraiser notes any recent renovations and calculates them as part of the appraisal. Evidence of dampness along the foundation, termite or animal infestation within the home and any deterioration are other appraisal factors.
Черкаський політехнічний технікум Для студентів III курсу, група ОД
Text № 13. Викладач Кособокова А.В.
Location
The location of a home, the site conditions and any related environmental concerns factor into a home's appraisal value. For example, water-front property is usually more valuable than property adjacent to a busy highway. Site conditions such as utilities, grading and drainage affect an appraisal, as do external site conditions such as road access, airport noise, easements and encroachments. Environmental concerns that can affect an appraisal include site contamination from ponds, lagoons and stained soils. The home's proximity to landfills and other industrial sites will also impact an appraisal value.
Other Factors
If a home has been used as an income property, the lease records and income potential may also be a factor of the home's appraisal. An appraiser may also use information from a previous appraisal to calculate the home's current appraisal value. Recent foreclosures can negatively impact an appraisal value. Foreclosed home sales may be eliminated from the comparable sales value calculation if there is only one, but several foreclosure sales within the same area will count as comparable sales.