January 2, 2016
Ever wonder how an appraiser knows how long your home will take to sell? Being an expert in your market makes us at Bostedo Appraisal Services the authority — the guys and gals everyone goes to when they have a complex question about real estate.
Well, allow me to introduce you to Absorption Rate. Before your mind wanders off into numbness, let me also tell you that this is one of the most practical metrics or measurements you can learn for your market or for you as a seller. Better than that, it will only take you a few minutes to learn it. It should be pointed out, although the manufacturing segment of the economy has been using this metric for decades, real estate, for the most part still doesn’t.
OK, so what is Absorption Rate? Simply put, (more…)
April 27, 2015
Much has changed in the Real Estate Industry since the financial crisis of 2008 & 2009. In this blog however, we will only discuss what has transpired with regard to how Banks want an appraisal prepared. This blog post will only go into some brief techniques that the Banks require within appraisal reports and I will stay away from any reasoning as to why. However, it is partly because of these requirements that values in many areas are not rising as quickly as some may want or think they should.
I will start by saying that, as an appraiser, (more…)
December 29, 2014
First, what is “CU”? CU is the acronym for Fannie Mae’s new in-house tool for examining credit risk called ‘Collateral Underwriter’. Fannie Mae is rolling it out to Lenders and, indirectly, to their AMC partners in January 2015. Their objective is to distribute CU to support more proactive management of appraisal quality by empowering lenders to address potential appraisal issues prior to loan delivery.
Starting January 26, 2015, all lenders and lender agents will have full access to the program which includes the CU risk score along with the risk flags (more…)
November 6, 2014
If you are like most and haven’t had an appraisal done on your home recently, one of the first things that may come to your mind is, “What do I need to do to get ready for the appraiser?” Here are some things you may want to consider prior to the appraiser coming to your home. (more…)
September 12, 2014
Zillow vs Certified Appraisal. Let us first start out by explaining what is Zillow? Zillow is what is known as an AVM an Automated Valuation Module. Locally in Pittsburgh, Allegheny County and next, the surrounding Counties, we are all too well familiar with an AVM although we don’t know it. This is the same type of computer program that has and is creating each and every properties’ assessed value and we all know how that is turning out. (more…)
August 5, 2014
Well, we will start with the easy part. What is the difference between a Row House and a Town House? In a word, nothing. A town house or town home and a row house or row home are the same. The names are only STYLES or DESIGNS of a type of residential dwelling. Both town and row are (more…)
June 22, 2014
Everyone seems to have heard of carbon monoxide, but not many people seem to know much about it other than hearing about it in a tragic accident on the news. This is a colorless and odorless gas that is produced whenever a fuel source is burned. These fuel sources can consist of many different things including natural gas, kerosene, oil, wood, charcoal and even paint thinner.
The problem is that carbon monoxide cannot be detected without the use of a monitoring device; carbon monoxide if not detected can very easily cause death. Not to mention even smaller amounts can still cause carbon monoxide poisoning, which can lead to serious health issues from lethargy and amnesia to psychosis and even Parkinson’s disease. Considering the (more…)