Your appraisal confirms the amount of the Real Estate Taxes on your property. It is confirmed by the Title and County records.
The appraisal will state if a Homeowners Association exists that includes your property. If an Association does exist, the amount of the Annual Dues paid should be noted/included in the report.
Your appraisal should confirm the current contract price and any prior sales that have taken place on the property in the last three (3) years. * Note: This addresses or calls attention to the issue of “flipping” a property, which brings in another set of rules, etc., (should a sale have occurred).
- The appraisal identifies the property type you are purchasing, i.e. Single-family Detached, Townhouse or PUD, Attached Single-family (Duplex, etc.), or Condominium. * Note: Condominium appraisals command much more explanation and are a blog in-and-of-itself.
- Lot size, Zoning, Legality of property use, Flood Plain Determination are a high-priority focus of an appraisal. * Note: Zoning, non-conforming uses, properties in flood hazard areas COULD change the approval status, let alone the payments, of a mortgage.
- The condition of the property you are buying is detailed in the appraisal. The appraiser will also note if the appraisal is subject to repairs being completed on the property. If that occurs, WHO will make those repairs must be decided upon prior to Closing. I, and Chicago Bancorp, will coordinate that repair process for my clients to make sure that the repairs areinspected and approved so that a delay in closing does not occur.
Originally posted at: http://www.genemundt.com/blog/2011/06/23/Understanding-Real-Estate-Appraisals-How-Appraisals-can-effect-the-outcome-of-your-transaction-.aspx