http://www.batonrougerealestateappraisal.com/ – Greater Baton Rouge Real Estate: Understanding the difference between an appraisal and an assessment!

Lea Miller has written an article I wanted to share locally: Understanding the difference between an appraisal and an assessment . Here are a few snippets (not the entire article) from her article below:

“A real estate appraisal is an estimation of market value. Lenders usually require appraisals for homes on which they are asked to lend money in the form of a mortgage or home equity loan. Appraisals are performed by trained professionals who are licensed by the state in which they operate. The appraiser may be hired by you or by the lender, but is an impartial third-party who provides an objective analysis of the property’s value.

An assessment, on the other hand, is conducted by a municipality when evaluating properties for the purpose of levying property taxes. Municipalities look at the overall value of properties in an area and the specific use of a particular property. For example, commercial properties like professional offices are assessed at a different rate, even though they may be in buildings that are just like homes in the same area. Property tax may also vary depending on the last date the property changed hands. Today, computer technology streamlines the process of assessment and allows for sophisticated statistical models. Many states offer homeowner’s exemptions, which reduce the assessed value of a property when it is the owner’s primary residence.

Municipalities typically send assessment notices yearly in advance of the issuance of property tax bills for the year. A provision is made for an appeals process if the property owner does not feel that the assessment is correct.

In a stable real estate market, appraisal and assessment values may be similar, but never make the assumption that if you have one that you know the other. Market fluctuations, lag time from assessment to notification, and recent renovations or improvements may cause a disparity between the two numbers.”

Tags: Baton Rouge Real Estate, appraisal and tax assessement differences

This is the monthly Keller Williams Realty “This Month In Real Estate US” edition.

http://www.batonrougerealestatebuzz.com/ – Bankrate.com: Summary Of Real Estate Appraisal Rule Changes In Dodd-Frank Act 2010. These are the new rules that apply to Greater Baton Rouge Home Appraisals!

I have provided a few snippet paragraphs from this two page article below. Read the full article here: Real Estate Appraisal Rules Changing

“According to Lucien Salvant, a spokesman for the National Association of Realtors, or NAR, in Washington, D.C., the law is intended to:

*Strengthen appraiser independence.
*Sunset a problematic industry agreement known as the Home Valuation Code of Conduct, or HVCC.
*Regulate appraisal management companies.”

“Buyers, sellers can inform appraisers

That said, the end of the HVCC should help to clear up widespread confusion over who can present information — including data about recent sales — to an appraiser.

“The intent of the HVCC was to put a firewall between the lender and appraiser, but it put up such a big wall that everybody was afraid to talk to appraisers,” Salvant says. “The (new law) does say that Realtors and sellers and buyers can talk to (appraisers).”"

“Appraisal management companies

The new law also regulates appraisal management companies, or AMCs. AMCs aren’t new, but they have gained more control over real estate appraisers and appraisals in the 15 months since the HVCC was implemented.

The financial reform law requires federal oversight of AMCs controlled by federally regulated financial institutions. It also requires state registration of all other AMCs, according to the Appraisal Institute.”

“Questions to ask (editor’s note: should be rephrased “Questions AMC’s should be asking those appraisers they intend on hiring for the appraisal order”)

If there is an upside to the confusion over appraisals, it’s that homebuyers, sellers and homeowners are now more aware of these issues, says Richard Koestner, a partner at Koestner, McGivern & Associates, an appraisal firm in Davenport, Iowa. He says they are more likely to ask questions about the appraiser’s experience and expertise and calls the development “encouraging.” He also offers a few examples of questions buyers and sellers might want to ask:

How long have you been an appraiser?
How many appraisals have you completed?
How often do you appraise homes in this area?
How familiar are you with the local market?
Where do you get the data that you use in your appraisal reports?”

Read the full article here: Real Estate Appraisal Rules Changing

http://www.batonrougerealestatebuzz.com/ – Denham Springs Real Estate Buzz: Greystone Golf Home For Sale 25600 Oakmont Ct 70726.

Kevin DeLaune, with RealtyStudioHD, delivers a new pro video listing for Coldwell Banker One Denham Springs Location Broker, Kayla Johnson.

Make sure you switch from “360p” to “480p” for higher quality! Enjoy!

http://www.batonrougerealestatebuzz.com/ - Baton Rouge Real Estate Buzz: Video Update For July 2010.

Local Real Estate Agent and Broker, Tony Zito, delivers the July 2010 Real Estate Update. http://www.tonyzito.com/

Tags: baton rouge, baton rouge real estate, real estate baton rouge, baton rouge july 2010 update, baton rouge homes, baton rouge houses, baton rouge homes for sale, baton rouge fsbo, baton rouge for sale by owner, baton rouge video listings, baton rouge home video listings

http://www.batonrougerealestatebuzz.com/ - Baton Rouge Real Estate Buzz: Riverbend Mid Year 2010 Update. New Buzz report update on Riverbend Subdivision in Baton Rouge 70820 near LSU.

Tags: baton rouge, baton rouge real estate, real estate baton rouge, riverbend subdivision, lsu, baton rouge homes, baton rouge houses, baton rouge appraisers, baton rouge fha appraisers, accurate valuations group, baton rouge home appraisal, baton rouge home appraisals, baton rouge mls area 52

http://www.batonrougerealestatebuzz.com/ – Baton Rouge University Club Plantation Home For Sale: 15006 Memorial Tower Dr in 70810

Kevin Delaune and RealtyStudioHD have released a new high-def video listing in University Club Plantation! I appraised this home for the last purchase and know it to be a beauty!

Kevin says, “Make sure you change the “360p” to “480p” on the video to watch in higher quality!”

Tags: Baton Rouge Real Estate, Baton Rouge Homes For Sale, Real Estate Baton Rouge, Baton Rouge Houses For Sale, Baton Rouge Home For Sale, University Club, University Club Plantation, Baton Rouge Executive Homes

http://www.batonrougerealestatebuzz.com/ - Geismar Louisiana Executive Home For Sale: 12441 Legacy Hills Drive In Legacy Hills Subdivision

12441 Legacy Hills Dr.
Contact: Ryan Spencer at 225-505-5619

NOTE: Make sure you change the “360p” on the video to “480p” to watch it in a higher quality!

Tags: Ascension Parish Home For Sale, Geismar La Home For Sale, Legacy Hills Subdivision, Baton Rouge Home For Sale, Baton Rouge Real Estate, Baton Rouge Real Estate Listings, Baton Rouge Real Estate Video Listings

http://www.wordpresssocratestheme.com/ – Baton Rouge Real Estate Video Blogging: Steve Garfield Interview On How To Be A Good Video Blogger?

Jim Kukral interviews Steve Garfield about how to be a good video blogger. Good tips and tricks for starting in online video.

http://www.batonrougerealestatebuzz.com/ – Baton Rouge Real Estate Video: Keller Williams Reports On This Month In Real Estate U.S. July 2010