702-379-3401 www.DaveRadcliffeVegas.com
How much is my Las Vegas Home Worth?
In fall of 2014, Dave was invited to be an expert
panelist for The Las Vegas Chapter of the Appraisal Institute at their 2014
symposium. As a top producing Realtor, Dave reports regularly on the
current real estate market in Las Vegas to
include some of his specialty areas such as Summerlin,
Centennial
Hills and North Las Vegas. So, when Dave was asked to sit on the appraisal
board and share what was taking place in the Las Vegas market, he was happy to
share with and educate the real estate community. With the market heating up,
Dave is asking questions and getting answers. Here are a few questions you may
have about your Las Vegas Home Value.
What is an Appraisal?
The real estate definition is: A written justification of the
price paid for a property, primarily based on an analysis of comparable sales
of similar homes nearby.
What is the Appraised Value?
The definition of Appraised Valued is: An opinion of a
property's fair market value, based on an appraiser's knowledge, experience,
and analysis of the property. Since an appraisal is based primarily on
comparable sales, and the most recent sale is the one on the property in
question, the appraisal usually comes out at the purchase price.
What is Fair Market Value?
Fair market value is an estimate of the market value of a property,
based on what a knowledgeable, willing, and unpressured buyer would pay to a
knowledgeable, willing, and unpressured seller in the market. At The Radcliffe
Group we believe your home’s value is based on fair market value, “not some guy’s
opinion, that you have never met that does a statistical analysis”.
Who decides Market Value? The Appraiser? Or is it Buyers and Sellers?
Market
economy decides the value not an appraiser. “Appraisers define market value
differently than real estate agents do. Appraisers focus on recent closed and
pending sales. In short, they are looking backward to use data they can
document. An agent is looking to the future, taking into account comparable
sales, pending sales, listed prices the market, average sales time, and available
inventory, in order to predict a future selling price. For that reason,
a qualified local real estate agent will generally outperform appraisers in
anticipating the near-future market price of a particular home. Inexperienced
appraisers will argue that point. Experienced ones recognize it to be true.”
Collateral Underwriting: FHA & FANNIE MAE has sent warning notices to Appraisers & they can be Blacklisted
We saw this change coming and warned you of it earlier this year, Fannie Mae put checks and balances and warnings in place because appraisals contain inconsistencies, inaccuracies, or data anomalies that may warrant “further action” because it can negatively affect a home’s selling price/ value. “Fannie Mae’s new Appraiser Quality Monitoring (AQM) list that came out recently is the latest threat to the livelihood of residential appraisers. The AQM is a list of appraisers, provided to all approved lenders and servicers of Fannie Mae, whose work is subject to 100 percent review or is no longer accepted by Fannie Mae.” Appraisers don’t like the new monitoring and warning notices that come if they are not compliant with the appraisal process because it can jeopardize their livelihood and is now “taking longer to do reports because they have to look up every possible comparable to see what the rating was “then” to compare it to “now” when evaluating a property value. It’s not just Quality and Conditions (Q&Cs) that they are looking for; Fannie now wants all kinds of additional information, which translates into additional work” for appraisers. If an appraiser gets warned and does not take corrective action in his/ her appraisal right up/review process, he can be added to an Appraiser blacklist.
Bad- Appraisal: Appraisal Reconsideration
So what happens when you get a bad appraisal or an appraisal that comes in below Fair Market Value? When representing you, Dave and his team can request an appraisal reconsideration. Sometimes the reconsideration can clear up the issues. If the appraisal is faulty there is a form process to go through to get to the proper channels and have it reviewed or reevaluated. If there is a competency issue, then Dave and his team can report it for fundamental issues if there is misrepresentation or fraud.
Congressional Delegation
Dave and his team are making complaints to the state and are speaking
to the Congressional Delegation about FHA and Fannie Mae’s inappropriate ways
of interfering with the market value of your home. “The Radcliffe Group believes
it is our job to help you yield the
highest value possible when selling your Las Vegas home.” We
are committed to quality. And we are committed to you! We stand by your side
and to hand will help resolve it.
Dave
Radcliffe ranked number 1 in 2014 as the top producing individual out of 172
Realtor-Agents in his office. Dave has a team of top producing agents and
ranks consistently as one of the top real estate teams at Keller Williams
Realty Southwest Las Vegas because he is all about customer service and
utilizing the best resources in the real estate business. The Radcliffe Group
is your Las Vegas, Summerlin,
Centennial
Hills, and North
Las Vegas real estate connection.
As a retired
police officer, Dave is passionate about giving back to the service community
and dedicates much of his time giving and supporting the Las Vegas Metro
Police Department, Firefighters and Military at Nellis Air Force Base.
Military, Fire and Law enforcement never pay a full commission when they work
with the Radcliffe Group. The
Radcliffe Group can assist you in your Las Vegas PCS or relocation, New Home
Construction purchase, Condo and Luxury Home
purchase. Specializing in helping Las Vegas and North Las Vegas homeowners
sell their home for the highest market value, Dave and his team will help
you yield your highest profit. Call 702-379-3401 when it is time to sell your
Las Vegas, Summerlin,
Centennial
Hills or North
Las Vegas Home.
Check out
and subscribe
to our YouTube Channel and follow our Las Vegas Real Estate Blog at: www.DaveRadcliffeVegas.com
Written by Nickel Lowman
With content quoted from RealEstateABC &
WorkingRE
For Dave Radcliffe, The Radcliffe Group
Keller Williams Realty Southwest
702-379-3401
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