Profile picture for Jacob Uzuncan

Jacob Uzuncan

Pro

Appraiser (23 years experience)

Specialties:
Appraisal

Advice

  • (10 Contributions,
  • 0 Best Answers,
  • 2 Helpful)

Contributions are sorted newest to oldest.

can you purchase a foreclosure or short sale with an FHA loan?

Answer

I would try to find a home built after 1978. FHA and VA does allow any defective paint ( cracked or peeling) on dwellings before 1978 because they are concerned that it may have lead base paint which is a health and safety concern with the government backed loans. The mechanical systems must also be in working order to qualify for a FHA loan. Therefore if a house does not qualify the seller will be required to make the repairs. Since REO sales are owned by the Banks they are aware of this and typically to make the necessary repairs but if is a short sale then the bank will require the sellers to make the repairs.  This sometimes is an issue since the sellers do not want to spend any money on fixing up the dwelling. I would recommend a newer dwelling so you do not have to worry about issues with the dwelling.  If you considering a condo make sure the complex is approved by HUD.

  (0)
Do cash offers on bank owned homes get better sales prices?

Answer

Yes! Cash offers typically beat out buyers with a VA loan because for there is a  mandatory VA fees paid by seller and the dwelling and deck must have a clear pest clearance. For dwellings built before 1978 there can not be any defective paint on the dwelling.  Now having said this I have seen many cash buyers over pay for dwellings because they forwent getting an independent appraisal. Smart VA buyers do not ask for sales concessions and offer $5,000  over the appraised value. The VA loan do not require the Veteran to come in with any money so offering an amount over the appraised value is the dwelling does not appraise makes the offer more appealing in comparison to other financed offers. Having had the privilege to serve our veterans as an appraiser for the last 10 years I see what it takes for them so get their offer accepted. Good Luck!

  (0)
Are replacement windows worth the investment?

Answer

 I am an appraiser for 20 years and I would definitly replace them. Not only do they count as an updating the dwelling but many times I find that they actually improve curb appeal of some dwellings. I hope that helps.

  (0)
Will a door to the back yard add any value?

Answer

I am an appraiser for 20 years and I would definitly put in the door to the rear yard. It would improve the functional utility of the floor plan.

  (0)
How do you dispute your value of my home

Answer

I agree I would not worry about what Zillow has it as but I understand that for most homeowners it becomes a personal matter. I recommend sending a copy of your appraisal report to Zillow. I was told by an employee of Zillow who I appraised the home of that they can use it to change the zestimate value they have on their website.  I hope that helps.

  (0)
are homes sold for the amount of an appraisal, or more, of less?

Answer

If the sales price is reasonable and can be supported with recently sold and pending sales then is should appraised at or near the sales price. Typically a dwelling will appraise higher than the purchase price when the listing agent is a dual agent and double ends a short sale transaction or pushes through the offer from a friend instead properly marketing the dwelling and accepting the highest offer. Appraisals appear to come in lower in transactions with government loans like FHA or VA because the buyers are first time buyers and have little or no skin in the game because they are puting little or nothing down.

  (0)