The Coyle Group Philly Appraisal Blog has written an interesting article on residential bankruptcy appraisals I wanted to share with Greater Baton Rouge residents. The link to this article is: Why is an appraisal needed during Bankruptcy?

Mr. Coyle states, “During bankruptcy the debtor (the person or entity defaulting) is required by the court to demonstrate the worth of their assets. Since the debtor’s real estate holdings are, oftentimes, their largest asset a real estate appraisal is required.”

If you need a local Greater Baton Rouge Home Appraisal for Bankruptcy purposes, call Accurate Valuations Group at 225-293-1500 or Click the Order An Appraisal button here or above, fill the order out and send it in and we’ll be in touch very soon. Thank you, Bill Cobb, Appraiser

Tags: Baton Rouge Real Estate, baton rouge homes, baton rouge houses, Baton Rouge Appraisal Greater Baton Rouge Appraisal, Greater Baton Rouge Appraisers, Baton Rouge Appraisers, Baton Rouge FHA Appraisers, Baton Rouge Bankruptcy appraisals, Baton Rouge date of death appraisal, baton rouge estate appraisal, baton rouge probate appraisal, baton rouge tax appeal appraisal

This is an on-going series into the decline of Greater Baton Rouge Home Values and why potential buyers should beware and not pay too much for “some” local overpriced listings. YES, there are overpriced listings in the Greater Baton Rouge Housing Market! Bill strongly recommends in this housing environment to obtain a Pre-Purchase Appraisal to gain ALL of the facts before making a local home purchase decision.

A recent home appraisal in and analysis of Plantation Park revealed this interesting finding. From 2009 through 2011 Year-To-Date, the median sales price declined from $110,000 to $95,500 to $82,125 based on 2 sales into 2011. Again, this is only based on 2 sales in the first 4.5 months of 2011. However, in 2009 and 2010, there were 9 total sales in each year. With only two (2) sales into 2011, it appears home sales are slowing.

FORECLOSURES. One statement I made in my report was this, “YES, REOs are a factor in this market as Plantation Park Subdivision has a history of REO Activity. According to GBRMLS, there have been “4″ REOs in Plantation Park since 1/2010. AND, there are 4 REOs currently listed in there.”

THE CORRECTION IN HOME PRICES – This is becoming the familiar “Stair Step Up and Stair Step Down”…..The Climb And Then Descent Of The Stairs In This Chart Below Visually Explains The Correction! And, so does the chart below it showing a major correction.

NOTE: Based on information from the Greater Baton Rouge Association of REALTORS®\MLS for the period of January 1, 2009 to May 18, 2011. This information was extracted on 5/18/2011. YES, permission was granted by GBRMLS to use Subdivision Price Trends Chart Report!

AUTHOR’S BIO:

Bill Cobb is Greater Baton Rouge’s Home Appraiser frequently called upon by banks, homeowners, and savvy real estate investors to assess property values. A home appraiser with 20 years experience, Bill Cobb brings a wealth of knowledge to the table as a home appraiser.

Bill’s company, Accurate Valuations Group, serves Greater Baton Rouge (East Baton Rouge Parish, West Baton Rouge Parish, Western Livingston Parish and Northern Ascension Parish).

Contact Bill Cobb and Accurate Valuations Home Appraisal Group for your next home appraisal:
Office: 225-293-1500, Cell: 225-953-0638
Fax: 1-866-663-6065
info@accuratevg.com
http://www.accuratevg.com/

A smooth transaction is one when one has accurately represented the physical characteristics(in writing) of one’s home , whether it be listing the home with an agent or selling it yourself(FSBO). “The main step is to acquire the accurate living area during the whole process of obtaining the accurate representation of one’s property”, says William D. Cobb, CREA who is the owner of Accurate Valuations Home Appraisal Group in Baton Rouge, Louisiana. An agent will enlist a CMA or Comparative Market Analysis for determining a home’s listing price. Still, one should have with them, a precise calculation of the living area.

Also, to be on the safer side, it would be a wise decision to have a third-party measure the living area and value of the property before one signs the Listing Agreement. A residential appraiser is the best option in this case.

This has the following advantages:

When an appraisal report is done in a professional manner, it leaves a good impression on the potential buyer as it supports the price quoted as well.

An appraisal generally includes photographs, location map, accurate sketch, precise dimensions, outline of the neighborhood etc. Also, 3 to 4 comparable sales must be present adjusted to subject property.

Enlisting recommendations for repair or enhancements, if any. This listing appraisal can indicate a value for addition(s), items that require repairs, etc..

Accurate estimation of Living-Area size lends peace of mind, especially with values @ $100/sf +

In U.S, majority of real estate professionals base the price per square foot of a home on living area size. Living Area is measured from the exterior walls. All real estate professionals are to follow the ANSI Standards for Single-Family Residential Buildings (American National Standards Institute) when calculating area home sizes. In a seminar in Apex Appraiser Home Sketching Software and National ANSI Standards in Houston, TX, the ANSI instructor, who is also on the Appraiser Standards Board in South Carolina, stated that one of the most common lawsuits in Real Estate today is “misrepresentation of living area size”.

Consider: A 2,000sf home is for sale, priced at $240,000. Instead of measuring the home, the living area was obtained by County Records; estimating the typical home size in that development. The home is listed with a living area of 2,000sf. A purchase agreement for $240,000 is received and is accepted. The appraisal is ordered by the buyer’s lender. The sellers submit an offer on a $350,000 home in a neighboring development. The offer is accepted. However, the appraiser for the home turns in her appraisal showing 1,840sf and an appraised value of $220,800, much less than the purchase price. The sellers are asked to renegotiate the purchase price as the living area is 1,840sf, and not the 2,000sf. The sellers sue for misrepresentation of living area.

Thus, it’s crucial to have one’s home measured by the person listing your home. It is strongly recommended that when interviewing the person listing your home, one must confirm that they follow ANSI, that they will measure your home, and provide you a calculated sketch. Thus, a written verification of true living area is present.

Bill states that he recently performed a purchase appraisal in a South Baton Rouge Subdivision on a 2,026sf living area, for $260,000, listed FSBO. The home was marketed WITHOUT obtaining a professional opinion on the value of the home. The buyers end up with $9,000 in equity as the home appraised at $269k. So, as against a loss of $9,000 the seller should have paid $225 to get the listing appraisal done.

An appraisal helps homeowners make the best decisions like investment in homes and setting a competent sales price. Thus it is strongly recommended to have a Listing Appraisal before one lists their home.

Accurate Valuations Group
Office: 225.293.1500
Fax: 1-866-663-6065

Bill Cobb, CREA, with Denham Springs Accurate Valuations Home Appraisal Group, is a real estate appraiser based in the Baton Rouge Market with 18 years experience. He covers multiple Parishes (or Counties) in the Greater Baton Rouge Region and works for brokers, banks, governmental agencies, Real Estate Agents, attorneys, home owners and more.

Accurate Valuations Denham Springs Estate Residential Appraisers Group

P.O. Box 40515
Baton Rouge, LA 70835
TEL: 225-293-1500
MOBILE: 225-953-0638
TOLL FREE: 1-888-678-3544
FAX: 1-866-663-6065
STAFF EMAIL: fastvalue2@cox.net
WEBSITE: http://www.accuratevg.com

Coverage Area:

Ascension Parish/County – Only Northern Ascension: Geismar/Dutchtown 70734, Gonzales 70737, Prairieville 70769, Saint Amant 70774 and Sorrento 70778

East Baton Rouge Parish/County – ALL

Livingston Parish/County – Only Western Livingston: Denham Springs 70706 & 70726, Livingston 70754, Walker 70785

West Baton Rouge/County – ALL

Tags: Estate Appraisers In Denham Springs

http://www.denhamspringsappraisers.com/

The Overall Competing Market Is Stable. 5.4 Months Supply of Housing On Market. 4 Competing Listings Doesn’t Indicate an Over-Supply. 100% List-To-Sales Price Ratio. Within Lakeside Estates in 2009 based on 14 sales, Avg Sold: $101/sf, Avg SP/LP%: 101%, Avg DOM: 190 Days. According to MLS, 15 homes have sold averaging approximately $148,000 or $101/sf and 11 are currently listed. For More Information on Lakeside Estates Subdivision.

Christine Dugas with USA Today is reporting on the good fortune of the Denham Springs Real Estate Market, which is located within the Greater Baton Rouge Real Estate Market, in 2009. Her article is here: “Baton Rouge real estate market holds its own” Here’s a snippet from the indepth report:

“•Sales status. In October, home sales were 2% higher than the same month last year. The first-time home buyer tax credit has been a catalyst. This year, first-time buyers accounted for 40% to 45% of sales, Daly says.

•Price points. The first-time buyers have focused on the market’s low end. With high-end homes selling more slowly, the median price in October was just 1.3% higher than a year ago.

•Local economy. Baton Rouge almost escaped the recession. “Historically, it always hits us a little later, and we get hit much lighter than the rest of the nation,” says Loren Scott, a Baton Rouge economist.

In October, the area’s unemployment rate was 6.8%, compared with the state rate of 7.4% and the national rate of 10.2%. In part, that’s because Baton Rouge’s chemical firms and petroleum refineries provide steady employment. And the area also benefited from legislation passed to rebuild after Hurricanes Katrina and Rita.

“There is an unusual amount of construction going on,” Scott says. “Much of it is building new plants that are hiring more people.”

•Hot ‘hoods. Until recently, Capital Heights, a historic neighborhood, was not very desirable and was dominated by rentals. But a non-profit association is helping revitalize Mid City, a region that includes Capital Heights.”

Bill Cobb, CREA, with Denham Springs Accurate Valuations Home Appraisal Group, is a real estate appraiser based in the Baton Rouge Market with 18 years experience. He covers multiple Parishes (or Counties) in the Greater Baton Rouge Region and works for brokers, banks, governmental agencies, Real Estate Agents, attorneys, home owners and more.

Accurate Valuations Denham Springs Estate Residential Appraisers Group

P.O. Box 40515
Baton Rouge, LA 70835
TEL: 225-293-1500
MOBILE: 225-953-0638
TOLL FREE: 1-888-678-3544
FAX: 1-866-663-6065
STAFF EMAIL: fastvalue2@cox.net
WEBSITE: http://www.accuratevg.com

Coverage Area:

Ascension Parish/County – Only Northern Ascension: Geismar/Dutchtown 70734, Gonzales 70737, Prairieville 70769, Saint Amant 70774 and Sorrento 70778

East Baton Rouge Parish/County – ALL

Livingston Parish/County – Only Western Livingston: Denham Springs 70706 & 70726, Livingston 70754, Walker 70785

West Baton Rouge/County – ALL

Tags: Estate Appraisers In Denham Springs

Bill Cobb, CREA, with Denham Springs Accurate Valuations Home Appraisal Group, is a real estate appraiser based in the Baton Rouge Market with 18 years experience. He covers multiple Parishes (or Counties) in the Greater Baton Rouge Region and works for brokers, banks, governmental agencies, Real Estate Agents, attorneys, home owners and more.

Accurate Valuations Denham Springs Estate Residential Appraisers Group

P.O. Box 40515
Baton Rouge, LA 70835
TEL: 225-293-1500
MOBILE: 225-953-0638
TOLL FREE: 1-888-678-3544
FAX: 1-866-663-6065
STAFF EMAIL: fastvalue2@cox.net
WEBSITE: http://www.accuratevg.com

Coverage Area:

Ascension Parish/County – Only Northern Ascension: Geismar/Dutchtown 70734, Gonzales 70737, Prairieville 70769, Saint Amant 70774 and Sorrento 70778

East Baton Rouge Parish/County – ALL

Livingston Parish/County – Only Western Livingston: Denham Springs 70706 & 70726, Livingston 70754, Walker 70785

West Baton Rouge/County – ALL

Tags: Estate Appraisers In Denham Springs

Bill Cobb, CREA, with Denham Springs Accurate Valuations Home Appraisal Group, is a real estate appraiser based in the Baton Rouge Market with 18 years experience. He covers multiple Parishes (or Counties) in the Greater Baton Rouge Region and works for brokers, banks, governmental agencies, Real Estate Agents, attorneys, home owners and more.

Accurate Valuations Denham Springs Probate Residential Appraisers Group

P.O. Box 40515
Baton Rouge, LA 70835
TEL: 225-293-1500
MOBILE: 225-953-0638
TOLL FREE: 1-888-678-3544
FAX: 1-866-663-6065
STAFF EMAIL: fastvalue2@cox.net
WEBSITE: http://www.accuratevg.com

Coverage Area:

Ascension Parish/County – Only Northern Ascension: Geismar/Dutchtown 70734, Gonzales 70737, Prairieville 70769, Saint Amant 70774 and Sorrento 70778

East Baton Rouge Parish/County – ALL

Livingston Parish/County – Only Western Livingston: Denham Springs 70706 & 70726, Livingston 70754, Walker 70785

West Baton Rouge/County – ALL

Tags: Probate Appraisers In Denham Springs