Why choose a company like Source Valuations & Real Estate Services, LLC that embraces mobile technology?
Need an appraisal immediately? We've embraced mobile technology because we know the public wants their services to be performed using the latest electronics available. Using the latest devices allows Source Valuations & Real Estate Services, LLC to perform jobs more efficiently and accurately than ever before.
Most appraisers in Biscayne Park are still behind the times, writing data on a clipboard with pencil and paper. This can cause loss of productivity, because of the time consumed by the appraisers re-typing the report back at the office. Appraisers who are not using the latest technology, are losing time getting their appraisals out the door.
Since all of our data is entered on an easy-to-use mobile device, we simply sync it to the cloud and pull down the information into the computers back at the office. This is a seamless process, giving us more time to concentrate on evaluating and less on data entry. Ultimately it cuts down on the time it takes to get the final report to you.
Ready to hire a tech-savvy appraiser today? Contact Source Valuations & Real Estate Services, LLC at 305-924-4144 now.
Cloud technology helps to make our appraisals more accurate too. We have constant access to our data through our devices, and mobile appraising apps make sure we don't miss a step. And, with the use of a laser measurer, we've replaced our tape measure for more trustworthy sketches.
As a perk, we're always ready to answer questions when you call or e-mail us. Mobile appraising makes us much more efficient, giving us with the files and data we need at all times so we can concentrate on appraising.
Need an appraisal for an FHA-backed mortgage? Call Source Valuations & Real Estate Services, LLC
Rest assured that Source Valuations & Real Estate Services; LLC is an FHA-approved appraisal firm in FL. We are qualified and approved to do appraisals for FHA secured financial transactions. A certain amount of the regular training our staff at Source Valuations & Real Estate Services, LLC receives deals exclusively with comprehending the FHA's documentation and their rules and procedures.
Be sure to contact Source Valuations & Real Estate Services, LLC if you need an appraisal done for an FHA-secured loan.
If your financial transaction is FHA certified, that means that it has been guaranteed by the Federal Housing Administration, which is underneath the United States Department of Housing and Urban Development (HUD). The FHA does not loan capital to borrowers, rather, it provides lending agencies with safety by offering mortgage insurance in case the borrower defaults on his or her loan obligations. Available to all buyers, FHA loan programs are created to assist credit-worthy low-income and moderate-income families who do not have the qualifications for conventional loans.
Typically, a buyer has to pay less of a down payment on an FHA-insured loan, while the rates remain standard market rates. FHA loan programs are incredibly useful to those consumers with less accessible starting capital.
Home Appraisals: A Primer
A home purchase can be the most significant financial decision many of us will ever make. It doesn't matter if where you raise your family, a seasonal vacation property or one of many rentals, purchasing real property is a complex financial transaction that requires multiple parties to see it through.
Practically all the participants are very familiar. The most recognizable person in the transaction is the real estate agent. Then, the bank provides the money necessary to fund the exchange. And ensuring all aspects of the exchange are completed and that a clear title transfers to the buyer from the seller is the title company.
To learn more about appraising, click here to see a short video or call us today to talk about your specific property.
So, what party makes sure the value of the property is in line with the purchase price? In comes the appraiser. We provide an unbiased estimate of what a buyer could expect to pay — or a seller receive — for a parcel of real estate, where both buyer and seller are informed parties. A licensed, certified, professional appraiser from Source Valuations, LLC will ensure, you as an interested party, are informed.
The inspection is where an appraisal starts
Our first duty at Source Valuations, LLC is to inspect the property to determine its true status. We must actually view aspects of the property, such as the number of bedrooms and bathrooms, the location, amenities, etc., to ensure they truly exist and are in the condition a reasonable buyer would expect them to be. The inspection often includes a sketch of the floorplan, ensuring the square footage is proper and illustrating the layout of the property. Most importantly, we look for any obvious features - or defects - that would affect the value of the property.
Following the inspection, we use two or three approaches to determining the value of real property: a sales comparison, a replacement cost calculation, and an income approach when rental properties are prevalent.
Replacement Cost
This is where the appraiser gathers information on local construction costs, labor rates and other factors to ascertain how much it would cost to replace the property being appraised. This figure commonly sets the maximum on what a property would sell for. It's also the least used method.
Paired Sales Analysis
Appraisers become very familiar with the communities in which they work. They thoroughly understand the value of certain features to the residents of that area. Then, the appraiser looks up recent sales in close proximity to the subject and finds properties which are 'comparable' to the home being appraised. By assigning a dollar value to certain items such as remodeled rooms, types of flooring, energy efficient items, patios and porches, or extra storage space, we adjust the comparable properties so that they more accurately match the features of subject property.
- If, for example, the comparable has a storm shelter and the subject doesn't, the appraiser may deduct the value of a storm shelter from the sales price of the comparable home.
- But, in the case where the subject has something such as an extra half bath that a comparable doesn't have, the appraiser might add the value of that bath to the comparable property.
A valid estimate of what the subject might sell for can only be determined once all differences between the comps and the subject have been evaluated. When it comes to valuing features of homes in Biscayne Park and Miami-Dade, Source Valuations, LLC is your local authority. The sales comparison approach to value is usually awarded the most importance when an appraisal is for a real estate sale.
Valuation Using the Income Approach
A third way of valuing real estate is sometimes applied when an area has a measurable number of renter occupied properties. In this scenario, the amount of income the real estate generates is taken into consideration along with other rents in the area for comparable properties to give an indicator of the current value.
Reconciliation
Combining information from all applicable approaches, the appraiser is then ready to put down an estimated market value for the property in question. The estimate of value on the appraisal report is not always the final sales price even though it is likely the best indication of what a property is worth. Prices can always be driven up or down by extenuating circumstances like the motivation or urgency of a seller or 'bidding wars'. But the appraised value is often used as a guideline for lenders who don't want to loan a buyer more money than the property is actually worth. At the end of the day, an appraiser from Source Valuations, LLC will help you attain the most fair and balanced property value, so you can make wise real estate decisions.
Appraisal Video
Appraiser Jargon
Have you heard an appraiser use any of these terms? Did you just hear one of our appraisers use it and you came here to figure out what it meant? We don't mean to speak a foreign language, but any profession has its jargon. What res ipsa loquitur is to a lawyer and triple witching is to day traders, external obsolescence is to appraisers. On this page, we'll give some examples of common appraiser jargon and their meanings.
Adjustment. When comparable properties have been identified, the appraiser makes adjustments to the Sales Price of each of the comparables to bring them into equivalency with the subject property, accounting for differences in location, construction quality, living area, acreage, frontage, amenities and the like. This is where the professional expertise of an appraiser is most valuable.
Chattel. Personal property that may be on the subject property but which does not figure into the opinion of value in the appraisal report.
Comparable or "comp". Properties like the subject property nearby which have sold recently, used as a basis to determine the fair market value of the subject property.
Drive-by. An appraisal that is limited to an exterior-only examination of the Subject to make a determination that the property is actually there and has no obvious defects or damage visible from the outside. Fannie Mae's form for this type of appraisal is its 2055, so you may hear a drive-by referred to as a "2055."
Fair market value. The appraiser's opinion of value as written in his or her appraisal report should reflect the fair market value of the property -- what a willing buyer would pay a willing seller in an arm's-length transaction.
GLA.
"Gross Living Area," the sum of all above grade floor space, including stairways and closet space. GLA is often determined using exterior wall measurements.
Latent defects. A defect on the property that is not readily apparent but which impact the fair market value. Structural damage or termite infestation might be examples.
MLS. A Multiple Listing Service is a proprietary listing of all properties on the market in a given area and their listing prices, as well as a record of all recent closed sales and their sales prices. Created by and used primary by real estate agents, many appraisers pay for access to these databases to aid in comparable selection and adjustment research.
Obsolescence. The value of assets diminishes as their capabilities degrade or more desirable alternatives are developed. Functional obsolescence is the presence or absence of a feature which renders the property undesirable. Obsolescence can also occur because the surrounding area changes, making a feature of the property less desirable.
Subject. Short for the property being appraised -- the "subject property."
Useful life. The time during which a property can provide benefits to its owner.
URAR. Short for Uniform Residential Appraisal Report, Fannie Mae form 1004, it is the form most lenders require if they need a full appraisal (that is, with walk-through inspection).
USPAP. Short for Uniform Standards of Professional Appraisal Practice, USPAP promotes standards and professionalism in appraisal practice, and is often enacted into law in a state. It is promulgated by the Appraisal Foundation, a non-governmental entity chartered by Congress to, among other things, maintain appraisal standards.
Walk-through. An inspection that includes a visit to each part of the interior of the house used in estimating value.
If you have a question about any of these terms or need an explanation of an item on your appraisal, feel free to contact Source Valuations, LLC.
Source Valuations, LLC upholds the highest professional ethics
Appraising is typically a long term career. The rigors of becoming a licensed appraiser have become more difficult than ever before. That's why it goes without question these days that real estate appraisal can unquestionably be considered a profession as opposed to a trade. In our field, as with any profession, we must follow strict ethical considerations.
For an appraiser the primary responsibility is to his or her client. Generally, in residential practice, the lender places the order to the appraiser, becoming the appraiser's client. Certain matters pertaining to an assignment can only be discussed with an appraiser's client. As a a homeowner, if you require to review the appraisal document, you normally have to request it from your lender. Other obligations also include, numerical accuracy depending on the assignment parameters, reaching and maintaining an adequate level of competency and education, and the appraiser must conduct him or herself as a professional. Maintaining high ethics is is what we do everyday at Source Valuations, LLC.
Source Valuations, LLC has worked hard for its track record for producing appraisals with the highest of ethics. Contact us today to learn more.
In some cases appraisers will have fiduciary responsibilities to third parties, such as homeowners, buyers and sellers, or others. Those third parties normally are spelled out in the appraisal assignment itself. An appraiser's fiduciary roll is only to those parties who the appraiser is aware of, based on the scope of work or other written parameters of the order.
Appraisers also have duties outside of boundaries of with whom we share information For example, appraisers must keep their work files for a minimum of five years - at Source Valuations, LLC you can rest assured that we abide by that rule.
When creating reports, we follow the highest ethical standards possible. Doing assignments on contingency fees is not something we can consider That is, we don't agree to do an appraisal report and get paid only if the loan closes. Another practice that's restricted is doing assignments on percentage fees. That is perhaps the appraisal professions most important rule, because it would invite fraudulent practices since raising the value of the home would increase the their paycheck. We set ourselves to a higher standard. Other improper practices may be established by state law or professional societies that the appraiser belongs.
The Uniform Standards of Professional Appraisal Practice (USPAP) also states unethical behavior as accepting of an assignment that is contingent on "the reporting of a pre-determined result (e.g., opinion of value)," "a direction in assignment results that favors the cause of the client," "the amount of a value opinion," in addition to other situations We diligently follow these rules to the letter which means you can be assured we are doing everything we can to provide an unbiased determination of the home or property value.
When you order an appraisal from Source Valuations, LLC we'll make sure you're getting the professional service you expect along with the ethical handling of appraisals that we're known for.
Tips on Reading an Inspection Report
When interviewing a home inspector, ask the inspector what type of report format he or she provides. There are many styles of reports used by property inspectors, including the checklist, computer generated using inspection programs, and the narrative style.
Some reports are delivered on site and some may take as long as 4 - 6 days for delivery. All reporting systems have pros and cons.
Contact us if you have questions about items on an inspection report and how they affect your appraised value.
The most important issue with an inspection report is the descriptions given for each item or component. A report that indicates the condition as "Good", "Fair" or "Poor" without a detailed explanation is vague and can be easily misinterpreted. An example of a vague condition would be:
- Kitchen Sink: Condition - Good, Fair, or Poor.
- None of these descriptions gives the homeowner an idea what is wrong. Does the sink have a cosmetic problem? Does the home have a plumbing problem? A good report should supply you with descriptive information on the condition of the site and home. An example of a descriptive condition is:
- Kitchen sink: Condition - Minor wear, heavy wear, damaged, rust stains, or chips in enamel finish. Recommend sealing sink at counter top.
As you can see, this narrative description includes a recommendation for repair. Narrative reports without recommendations for repairing deficient items may be difficult to comprehend, should your knowledge of construction be limited.
Take the time and become familiar with your report. Should the report have a legend, key, symbols or icons, read and understand them thoroughly. The more information provided about the site and home, the easier to understand the overall condition.
At the end of the inspection your inspector may provide a summary with a question and answer period. Use this opportunity to ask questions regarding terms or conditions that you may not be familiar with. A good inspector should be able to explain the answers to your questions. If for some reason a question cannot be answered at the time of the inspection, the inspector should research the question and obtain the answer for you. For instance, if the inspector's report states that the concrete foundation has common cracks, be sure to ask, "Why are they common?" The answer you should receive will be along these lines: common cracks are usually due to normal concrete curing and or shrinkage. The inspector's knowledge and experience is how the size and characteristics of the cracking is determined.
We recommend that you accompany your inspector through the entire inspection if possible. This helps you to understand the condition of the home and the details of the report.
Read the report completely and understand the condition of the home you are about to purchase. After all, it is most likely one of the largest investments you will ever make.
Foreclosure/REO Appraisal
Source Valuations & Real Estate Services, LLC is experienced when you need appraisals for bank owned properties in Biscayne Park
Homes that have reverted to the financial institution's control and houses in foreclosure present special appraisal challenges.
When there is a house in foreclosure, you need to recognize the difference between fair market value and "quick disposition" worth to evaluate your likely charge-off liability. At Source Valuations & Real Estate Services, LLC, we have the background in both furnishing snapshots of fair market value for our mortgage lending and servicing clients, as well as "quick sale" forecasts that understand your urgency.
Source Valuations & Real Estate Services, LLC has the training to work with the unique dynamics of a foreclosure appraisal. Contact Source Valuations & Real Estate Services, LLC for a company you can count on.
Owners of property in foreclosure, of course, can present particular challenges. They could be uncooperative to allowing an inspection of the home. They may have deserted the property already and/or ignored the care of the home for quite some time - or in some cases damaged the home.
For a home that has returned to REO, you probably will want it off your hands as quickly as possible . However, you may want to know and compare three values: as-is, as repaired, and "quick sale." These correspond to the value of the house without any work done to it, with the work due to make the home marketable at full market value commensurate with similar real estate in the neighborhood, and, somewhere in the middle, with minor investment in repairs - selling the property quickly, possibly as a "fixer-upper". Again, we understand your timeline and the specific situation of an REO property, as well as the unique data you will need -- competing listings, neighborhood trends, and the like. You can bank on Source Valuations & Real Estate Services, LLC to take on the appraisal of your bank owned property professionally and efficiently. Contact us today.
Date of Death Valuations
Date of Death Valuations
Estate tax liability. Disposition of assets under a will or in probate. There are many situations -- none of them lacking stress and complexity -- where you might need an appraisal of property that states an opinion of what the property was worth on a date some time ago, rather than when the appraisal is ordered. For estate tax purposes or disposition of the assets of a decedent, a "date of death" valuation is often required. (Sometimes, the executor of the estate may choose to have the date be six months after the date of death -- but the same principles apply.)
Attorneys, accountants, executors and others rely on a la mode, inc. for "date of death" valuations because such appraisals require special expertise and training. They require a firm that's been in the area for some time and can effectively research comparable contemporaneous sales.
Real property isn't like publicly traded stock or other items which don't fluctuate in value very much or for which historical public data is available. You need a professional real estate appraiser, bound by the Uniform Standards of Professional Appraisal Practice (USPAP) for a high degree of confidentiality and professionalism, and you need the kind of quality report and work product taxing authorities and courts need and expect.
Please browse our website to learn more about our qualifications, expertise and services offered.
Miami Experts
Looking for an appraiser in the Miami area?
You’ve come to the right place!
When you’re looking for a real estate appraiser in Miami, your search should start and end here. We appraise real estate in the metro Miami area and we are also property appraisers throughout Miami-Dade County and surrounding areas. Miami real estate values are unique and you need a local Miami appraiser with experience completing appraisals in Miami and surrounding areas.
Who should choose us to serve their real estate appraisal needs?
Credit unions and lenders in and near Miami-Dade county:
We are experts in providing mortgage appraisals on real estate in the Miami area. We perform full residential appraisals on Fannie Mae form 1004, drive-bys with exterior photos, interior inspections, single family, multi-family, condo, manufactured housing, HUD/FHA appraisals, purchased properties, or refinancing.
REALTORS® and real estate agents:
We offer pre-listing appraisal services in metro Miami, as well as a full range of appraisal services to support your clients’ home buying or home selling needs.
FSBOs, home sellers and homeowners:
A listing appraisal can be a powerful tool for a for-sale-by-owner home seller. And give yourself peace of mind that your largest investment — your Miami area real estate — is really worth what you think it is by obtaining a professional appraisal.
CPAs and Attorneys:
Whether it's estate planning, a divorce settlement, expert witness or a retroactive "date of death" valuation, Source Valuations & Real Estate Services, LLC can provide a reliable, defensible appraisal reported in a special format developed especially for non-lending purposes.
If your needs include a professional, prompt, accurate real estate appraisal, contact us or order online to get started today.
We perform appraisals and appraisal services in the following areas:
- Miami-Dade County real estate
- Broward County real estate
- Collier County real estate
- Monroe County real estate
Miami Resources:
- City of MiamiOfficial website for the City of Miami.
- Miami Chamber of Commerce
- Education Complete directory of Miami schools.
- Miami demographics
