Conditionally Speaking…

Why do appraisers use alphanumeric Condition Ratings like C4 and C3?  Why not just say “Average” or “Good”?

Well, the long answer to that is there is now a thing called the Uniform Appraisal Dataset (UAD).  It’s been around since 2011. It standardized the way appraisers classify the appraisal data. It was basically implemented as a way for Freddie Mac and Fannie Mae to data-mine information from appraisal reports.  But that’s a discussion for another day.

One of the bi-products of the UAD is the Condition Rating system.  It consists of classes ranging from C1 – C6 that rate a property’s overall condition.  The thought being that a property will fit neatly into one of these categories and that condition is an absolute.  Prior to the UAD appraisers would classify condition using more subjective terms such as “Good”, “Average”, “Fair” and “Poor”.  Granted, the definition of these terms varied from appraiser to appraiser and report to report, which wasn’t always ideal.

The uniformity created by the UAD is a good thing.  It basically levels the playing field and has all appraisers speaking the same “language”.  Unfortunately, the rest of the real estate industry has not adopted the Condition Rating system developed by the UAD.  Real estate agents, homeowners and others involved in real estate still use the old “Good”, “Average”, “Fair” and “Poor” method of describing condition.

As a real estate professional, it’s worth getting to know the appraiser’s language when it comes to rating the condition of a property.  Imagine showing up at an appraisal appointment and saying to the appraiser, “Hey, I’ve pulled some sales for you and they are all in C3 condition, like the subject.”  From an appraiser’s point of view, your credibility just shot up and I’m going to look over your sales data more seriously.  You may even want to start using the UAD condition ratings in your property descriptions.

Understanding the UAD Condition Rating system isn’t hard.  Here is a rundown of the classifications and the criteria for each of those classes.  When you read through them you’ll see that they are pretty cut-and-dry, and that a property will typically fall nicely into one of these ratings.

C1 – The improvements have been very recently constructed and have not previously been occupied. The entire structure and all components are new and the dwelling features no physical depreciation.

Note: Newly constructed improvements that feature recycled materials and/or components can be considered new dwellings provided that the dwelling is placed on a 100 percent new foundation and the recycled materials and the recycled components have been rehabilitated/re-manufactured into like-new condition. Improvements that have not been previously occupied are not considered “new” if they have any significant physical depreciation (that is, newly constructed dwellings that have been vacant for an extended period of time without adequate maintenance or upkeep).

C2 – The improvements feature no deferred maintenance, little or no physical depreciation, and require no repairs. Virtually all building components are new or have been recently repaired, refinished, or rehabilitated. All outdated components and finishes have been updated and/or replaced with components that meet current standards. Dwellings in this category either are almost new or have been recently completely renovated and are similar in condition to new construction.

Note: The improvements represent a relatively new property that is well-maintained with no deferred maintenance and little or no physical depreciation, or an older property that has been recently completely renovated.

C3 – The improvements are well-maintained and feature limited physical depreciation due to normal wear and tear. Some components, but not every major building component, may be updated or recently rehabilitated. The structure has been well-maintained.

Note: The improvement is in its first-cycle of replacing short-lived building components (appliances, floor coverings, HVAC, etc.) and is being well– maintained. Its estimated effective age is less than its actual age. It also may reflect a property in which the majority of short-lived building components have been replaced but not to the level of a complete renovation.

C4 – The improvements feature some minor deferred maintenance and physical deterioration due to normal wear and tear. The dwelling has been adequately maintained and requires only minimal repairs to building components/mechanical systems and cosmetic repairs. All major building components have been adequately maintained and are functionally adequate.

Note: The estimated effective age may be close to or equal to its actual age. It reflects a property in which some of the short-lived building components have been replaced, and some short-lived building components are at or near the end of their physical life expectancy; however, they still function adequately. Most minor repairs have been addressed on an ongoing basis resulting in an adequately maintained property.

C5 – The improvements feature obvious deferred maintenance and are in need of some significant repairs. Some building components need repairs, rehabilitation, or updating. The functional utility and overall livability are somewhat diminished due to condition, but the dwelling remains useable and functional as a residence.

Note: Some significant repairs are needed to the improvements due to the lack of adequate maintenance. It reflects a property in which many of its short-lived building components are at the end of or have exceeded their physical life expectancy, but remain functional.

C6 – The improvements have substantial damage or deferred maintenance with deficiencies or defects that are severe enough to affect the safety, soundness, or structural integrity of the improvements. The improvements are in need of substantial repairs and rehabilitation, including many or most major components.

Note: Substantial repairs are needed to the improvements due to the lack of adequate maintenance or property damage. It reflects a property with conditions severe enough to affect the safety, soundness, or structural integrity of the improvements.

If you have any questions about Condition Ratings or any other appraisal related matter, please feel free to contact us by phone, email or by visiting our FaceBook page.

The Coyle Group’s team of Philadelphia Real Estate Appraisers are a leading provider of appraisals for Estate/Probate, Divorce, Bankruptcy, Tax Appeal and Pre-Listing. If you need a guest speaker at your next sales meeting, please give us a call. We would welcome to opportunity to speak to your group and field any appraisal related questions you may have. For more information please visit our website at www.TheCoyleGroupLLC.com You can also contact The Coyle Group at 215-836-5500 or appraisals@coyleappraisals.com

 

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FHA & VA Repairs?…be sure to Ask Questions!

I hope everyone is enjoying their summer, so far.  I haven’t posted recently but ran into a situation that all agents should be aware of, especially those who work with FHA & VA Buyers.

Now most FHA and VA purchase appraisals will result in a list of mandatory repairs that must be completed and signed-off on prior to the Buyer receiving FHA or VA financing.  The repairs are typically the responsibility of the Seller to complete.  The only problem, in my experience, is that the Sellers often don’t want to incur the expense of those repairs and will often cut corners in doing so.

There was a situation like this last week where our office completed an FHA appraisal for a Buyer in Mount Airy.  The appraisal was delivered to the lender along with a list of required repairs and pictures of those repair items. The lender sent the list of repairs to the Seller’s agent.  However, the photos were not sent.  What resulted was a lot of confusion and a postponement of settlement.

In this case, the Seller did not fully understand what was being requested in the list of repairs.  The Seller’s agent was not aware that the Seller was confused and was interpreting the list of repairs incorrectly.  So, when the Seller read “Stain/Paint the exposed wood on the exterior of the rear deck” they just assumed that the repair meant the deck flooring.  Had they seen the pictures in the report, they would have understood that the appraiser was calling the exposed wood in the entire deck to be stained/painted.  This included the floor decking, the railings, the handrails and posts.  Check out the photos below to see what was missed.

 

 

 

 

 

 

 

 

 

 

When the appraiser went out to do the final inspection, he had to inform the lender that the repairs were not competed.  The lender informed the Seller’s agent and the Seller who thought the repairs were done and that they were settling the next day.  In fact, they now had to complete the additional repairs which delayed settlement for several days.

The moral of the story is, as a Seller involved with FHA/VA Buyers, it is imperative that you have a full understanding of the repairs required by the appraiser.  Be sure that you request any pictures of damage or repairs that the Seller might be responsible for completing.  Lastly, if you have any questions or are unsure about what is being asked of you and your Seller, reach out to the Buyer’s lender and ask them to obtain clarification from the appraiser.  Most appraisers are more than happy to help out.

The Coyle Group’s team of Philadelphia Real Estate Appraisers are a leading provider of appraisals for Estate/Probate, Divorce, Bankruptcy, Tax Appeal and Pre-Listing. If you need a guest speaker at your next sales meeting, please give us a call. We would welcome to opportunity to speak to your group and field any appraisal related questions you may have. For more information please visit our website at www.TheCoyleGroupLLC.com You can also contact The Coyle Group at 215-836-5500 or appraisals@coyleappraisals.com

 

 

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Let’s End the Trend

For the past few years I’ve been noticing a trend in how homes, particularly new construction, are being marketed.  Perhaps you’ve noticed it, too.  What I’m referencing is the inclusion of finished basement space in the overall Gross Living Area (GLA) calculations. (I’ve even seen it where one agent included the roof deck in the overall GLA because the deck was covered)

I get it.  From a marketing perspective, bigger is better.  Everyone wants to be able to say that their home is larger.  I guess size does matter when discussing square footage.  The only problem is that this practice can be misleading and can contribute to inaccurate appraisals and failed deals.

Picture this.  There is a property in Point Breeze.  It’s new construction, three stories, finished basement, roof deck…the same house that everyone is building right now.  The agent and developer market the property as being 4 bedrooms, 3.5 baths and 2,400SF of living space.  Now, 600SF of that space is entirely below grade in the basement and contains one of the bedrooms and a full bath.

Along comes the appraiser.  From the appraiser’s point of view the house is a 3 bedroom, 2.5 bath house of 1,800SF above grade.  There is also a 600SF finished basement that contains a full bath and a room that could be used as a 4th bedroom.  The appraiser will assign contributory value to the finished basement and the rooms down there but, they will not be included it in the above grade GLA.  The reason being, most appraisers adhere to the ANSI Guidelines for measuring a dwelling.  These guidelines state that only above grade living space is to be included in the overall GLA for a property.  Anything below grade is finished basement space.  (For a copy of the ANSI Guideline, just email me)

This trend can effect the selection of comparables and by extension have an impact on the appraised value of a property.  If an appraiser inspects a property and determines it to have 1,800SF above grade and 600SF below grade, the appraiser is going to select comparables that are closer to 1,800SF, not the 2,400SF reported in the MLS listing.  This could result in the selection of comparables that are smaller and worth less money.  This could adversely impact the sale.

Also, imagine the confusion of the new homeowner when he reads the appraisal.  Here, he thought he just bought 2,400SF home but, the appraiser says it’s only 1,800SF.  In the buyer’s mind, they just overpaid.  There are likely to be some angry phone calls as a result.

But there’s hope!  The Trend MLS allows agents to separate the above grade from the below grade living space when listing a property.  This helps paint a more accurate representation of the living space within a building.  It also helps appraisers make more accurate comparisons to other homes.  I would love to see this become the new trend in Philadelphia real estate, where agents and appraisers are on the same page and above grade and below grade living spaces are separately reported.

NOTE:  If you ever have a question as to what the actually GLA is for a given property, have the house measured.  Many appraisers will perform this service as will a number of “measuring” companies.

The Coyle Group’s team of Philadelphia Real Estate Appraisers are a leading provider of appraisals for Estate/Probate, Divorce, Bankruptcy, Tax Appeal and Pre-Listing. If you need a guest speaker at your next sales meeting, please give us a call. We would welcome to opportunity to speak to your group and field any appraisal related questions you may have. For more information please visit our website at www.TheCoyleGroupLLC.com You can also contact The Coyle Group at 215-836-5500 or appraisals@coyleappraisals.com

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Do Comps need to be within a Mile?

the-coyle-group-one-mile-philadelphia-appraiserThis post is basically a follow-up to my last post, The 6 Month Rule.  If you recall, I discussed how far back in time appraisers can go when selecting comparables.  In this post I’d like to address a similar misconception brought up in a comment by Portland, OR appraiser, Gary Kristensen.  He suggested that we answer another question that appraisers hear a lot…

Can you only use comparable sales that are within one mile away?

Well, as most appraisal answers begin…that depends.  It depends on the location of the property.  Are we talking urban, suburban or rural?  It depends on the type of property.  Is it a 3 bedroom Twin in Roxboro or a custom-built Mansion in Bryn Mawr?

In urban settings, like Philadelphia, were homes are often very similar and the housing stock is dense and sales are plentiful, it can be easy to find comparables.  In situations like this an appraiser may only need to search a few blocks away to find appropriate comps.  Going a mile for comparables in a place like Philly will likely put you in a completely different neighborhood, zip code and market.  Unless the property is extremely unusual chances are the appraiser will be well within a mile when selecting comps.the-coyle-group-maple-glen-house-philadelphia-appraiser

Suburban settings tend to be less built up with fewer sales.  In cases like this an appraiser may have to go more than a mile for comparables.  Even if they are more than a mile from the subject they may still be located in the same municipality, school district and general market place.  For instance, if I appraised a house in Maple Glen and went over a mile away I could still be in Upper Dublin Township & School District and the 19002 zip code…the same general market.

Appraisers have even more latitude in Rural settings.  While most of my experience has been appraising in the greater Philadelphia region in an urban/suburban market, I know appraisers who do work in Rural markets.  For them it’s not uncommon to go 10 or more miles away or into different counties (and states) in order to identify appropriate comparables.  Think about it, the market for a 500-acre horse farm could easily span across miles, counties and state borders.

The Coyle Group - Exeter - Philadelphia AppraiserNow suppose you have that custom-built Mansion that I mentioned earlier.  There may not be many sales in the immediate area that would be considered comparable.  An appraiser may have to go 4-5 (or more) miles away to find a suitable comparable.  In cases like this it may even be appropriate to go outside Lower Merion Township (Montgomery County) into neighboring Radnor Township (Delaware County) to find comps.

If the appraiser stays within an area that would be considered to be the same real estate market place*, the comparables are likely going to be appropriate.  It’s also very important for the appraiser to explain their rationale for expanding the search for comparables. This is necessary to help the end user of the appraisal understand the appraiser’s reasoning and methodology.

Bottom-line, there is no rule or law that compels an appraiser to select comparable no more than a mile from the subject.  This is a guideline established by underwriters/lenders and has nothing to do with good appraisal practice.

* A real estate market place is where forces of supply and demand operate, and where buyers and sellers interact to trade real estate for money.  Market places have mechanisms or means for (1) determining price of the traded item, (2) communicating the price information, (3) facilitating deals and transactions, and (4) effecting distribution. The market for a particular property is made up of buyers who need a home and have the ability and willingness to pay for it.

The Coyle Group’s team of Philadelphia Real Estate Appraisers are a leading provider of appraisals for Estate/Probate, Divorce, Bankruptcy, Tax Appeal and Pre-Listing. If you need a guest speaker at your next sales meeting, please give us a call. We would welcome to opportunity to speak to your group and field any appraisal related questions you may have. For more information please visit our website at www.TheCoyleGroupLLC.com You can also contact The Coyle Group at 215-836-5500 or appraisals@coyleappraisals.com

 

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The 6 Month Rule

The Coyle Group - 6 Month Rule - Philadelphia Real Estate AppraiserWhile at an appraisal inspection in the Fishtown section of Philadelphia I met a Realtor who asked a question that I get a lot.  As he handed me the comparables sales he used to price the property, he asked…

“Why can we only use sales that settled in the past six months?”

Ah, the old 6 Month Rule. Well, the truth is there is no rule set in stone that says appraisers can only use comparables that have sold in the last six months.  While it would be ideal, that isn’t always possible.

It’s the appraiser’s job to identify the BEST comparables available.  If that means going back 7 months, that’s OK.  If it means going back 12 months, that’s OK.  If it means going back 18 months, that’s OK, too.  However, it is the appraiser’s responsibility to explain why they used sales older than six months.

For instance, if I have a perfect comparable located next door to the subject that sold 11 months ago…you bet I’m going to use it.  I’d probably be remiss if I didn’t.  As appraisers we can and should make time adjustments to reflect any movement in the market since the time of the older sale.  Note: In our office, we start by setting our search parameters at 12 months for each assignment.

So, next time you’re meeting an appraiser and want to provide sales data, feel free to provide sales older than six months.  I’d recommend no older than 12 months unless the sale is really relevant to the subject.  I’d also recommend providing only truly comparable sales to the appraiser.  You’d be amazed at the “comparables” we are given sometimes but, that’s a topic for another blog post.

The Coyle Group’s team of Philadelphia Real Estate Appraisers are a leading provider of appraisals for Estate/Probate, Divorce, Bankruptcy, Tax Appeal and Pre-Listing. If you need a guest speaker at your next sales meeting, please give us a call. We would welcome to opportunity to speak to your group and field any appraisal related questions you may have. For more information please visit our website at www.TheCoyleGroupLLC.com You can also contact The Coyle Group at 215-836-5500 or appraisals@coyleappraisals.com

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Five Fast FHA Fixes!

The Coyle Group - HUD LogoFor those Agents who deal with FHA and VA financing, you understand how the required repairs can be frustrating, costly and time consuming.  Sometimes the repairs may even kill your deal.  As Philadelphia Appraisers we certainly understand your situation. That being said, let’s keep in mine that the repair requirements are intended to protect the borrower/veteran.

There are; however, a number of fixes that can be done proactively to reduce or eliminate FHA required repairs.  Here is a list of five easy FHA repairs that can be done ahead of time that will save you and your seller time, money, hassle and in the end help the home get sold.

 

The Coyle Group - Defective Paint - Philadelphia AppraiserDefective Paint.  This is one of the biggest FHA issues out there and one of the easiest to recognize and repair prior to listing.  If a home was built prior to 1978, there is the potential for the presence of lead based paint.  This applies to the dwelling and/or all related improvements (garages, sheds, barns, fences, outbuildings and appurtenant structures).  The appraiser is to observe all interior and exterior surfaces including common areas, stairs, decks, porch, railings, windows and doors for defective paint (cracking, scaling, chipping, peeling or loose) and call for repair.

If these areas of distressed paint can be identified and taken care of ahead of time, your seller and you are ahead of the game which will result in saved time, money and hassle.

Please note that all repairs should be in compliance with HUD and EPA guidelines.

 

Missing Hot Water Heater Valve Extension.   The FHA requires that all hot water heaters be equipped with an extension to the pressure relief value that extends to within six-inches of the floor.  This is to prevent scalding should the valve release.  As appraisers in Philadelphia, we run into this one all the time.  The fortunate thing is that this is literally a $5.00 – $10.00 fix and can be done by almost anyone.  This fix can easily save hundreds in appraiser re-inspection fees, hassle and lost time that could jeopardize the deal.  Simply, go to the Plumbing Supply department of Lowe’s or Home Depot and explain your problem to an associate.  If they can’t point you a pre-made extension, they will easily be able to show you to the components to make one for yourself.

(HINT:  If you’re an agent that does a good deal of FHA/VA business in Philadelphia or the surrounding counties, you may want keep one or two of these in your car, just in case.  Also, some extensions will require an elbow joint as well.)

The Coyle Group - Hot Water Heater - Philadelphia Real Estate Appraiser

Heater without Extension

The Coyle Group - Pressure Relief Valve - Philadelphia Appraisal

Heater with Extension

 

 

 

 

 

 

 

 

The Coyle Group - GFCI Outlet - Philadelphia Appraiser

GFCI Outlets.  This is another one that we see all the time.  Look at it this way, if your seller has an electrical outlet within six-feet of a water source (a sink, washer, toilet, shower/tub, etc) they should replace it with a GFCI outlet.  If the outlet is already part of a GFCI breaker but doesn’t have the easy-to-see reset buttons, you may want to have a qualified electrical contractor write-up a certification to that effect prior to listing.  Show the cert to the appraiser and buyers.  It should take that FHA repair off the table.

 

The Coyle Group - Frayed ESW 2 - Philadelphia AppraiserFrayed Electrical Service Wires (ESW).  As a Philadelphia Appraisal firm, we appraise a lot of older homes.  Even if an older home has been updated, sometimes the exterior electrical elements can got forgotten.  After years of exposure to the elements, the exterior (and some times interior)  ESW can become cracked and frayed.  This poses an obvious hazard.  If your seller has this problem, recommend that the replace the exposed lengths of ESW.  Again, it’s an easy fix that will save money, time and hassle in the end. It will also show the buyer that the seller has been maintaining the electrical service.

 

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Non-Functional Appliances.  With the new FHA Guidelines for appraisers, one of the new requirements is that the appraiser must test that all appliances are operational.  While many appraisers feel that this is more a job for a Home Inspector, it is the way things are for now.  So, if your client has an y appliances that are non-functional, it is recommended that they repair or replace them prior to listing.  If the appraiser finds that they are not operational, the seller will have to repair/replace them anyway.  So why not proactively take the problem out of the equation?  The house will show better and there will be less wasted time, money and hassle.

By now, I’m sure you’ve caught on that these Five Fast FHA Fixes will all save your client and you a great deal of time, money and hassle.  I hope you found this informative.  If you have any questions about FHA repairs or any appraisal related matter reach out to us by email, phone or FaceBook.  Also, feel free to ask about our FHA Pre-Listing inspections where one of our appraisers will visit a property and inspect it for any potential FHA repair issues, prior to listing.

The Coyle Group’s team of Philadelphia appraisers are a leading provider of appraisals for Estate/Probate, Divorce, Bankruptcy, Tax Appeal and Pre-Listing. If you need a guest speaker at your next sales meeting, please give us a call. We would welcome to opportunity to speak to your group and field any appraisal related questions you may have. For more information please visit our website at www.TheCoyleGroupLLC.com You can also contact The Coyle Group at 215-836-5500 or appraisals@coyleappraisals.com

 

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ATTENTION AGENTS!!!

Attention Agents - The Coyle Group

Attention all Real Estate Agents!  Do you want to stand out from the crowd and really stay in the minds of your clients and prospects?

Well, you’re in luck…its tax appeal season!  For the next few of months homeowners across the Philadelphia region will have a chance to appeal their tax assessments.  This is a great opportunity for real estate agents to reconnect with current clients, old clients and prospects!  It’s also an opportunity to bring real value and show them that you’re not just any-old real estate agent but, a trusted partner who is looking out for their best interest.

Over the next few weeks, try reaching out to your old clients and prospects suggesting that they might want to consider appealing their taxes.  Show them that you’re looking out for them and want to help them save money.  Imagine how happy your client would be if you were able to help them save hundreds or thousands of dollars off their tax bills each year!

If you have any questions on how the assessment and appeal process works (in Philly, Montgomery, Bucks, Delaware, Chester or Berks Counties) or how to figure out if your clients/prospects would be good candidates for an appeal, please feel free to contact our office.

The Coyle Group’s team of Philadelphia appraisers are a leading provider of appraisals for Estate/Probate, Divorce, Bankruptcy, Tax Appeal and Pre-Listing. If you need a guest speaker at your next sales meeting, please give us a call. We would welcome to opportunity to speak to your group and field any appraisal related questions you may have. For more information please visit our website at www.TheCoyleGroupLLC.com You can also contact The Coyle Group at 215-836-5500 or appraisals@coyleappraisals.com

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Spring Cleaning time!

Spring Cleaning Just Ahead Green Road Sign with Dramatic Clouds, Sun Rays and Sky.

It was almost 60 degrees this past weekend and really started feeling like Spring. I know I just probably jinxed us into another blizzard or two in March and April. Regardless, the weather got me in the mood to do some clean-out in our garage.

While moving some things around and tossing others, it got me thinking that now is the time for agents to start doing “Spring Cleaning” with their current inventory. We all know Spring is when the Buyers come out of hibernation and savvy Sellers want to list. Now is the time to revisit those listings that maybe haven’t moved as quickly as once hoped. Perhaps, the sellers have been “stuck” on a price or maybe the original list price was just too aggressive. What ever the case, if your listing has been on the market for longer than the average days on market for your area, it’s time to rethink your pricing.

TCG DOM Chart

There are thousands of shiny, new listings on the horizon. These listings are going to compete directly with your older listings. Many of the buyers currently in the market are anxiously waiting to see these new listings, even holding off pulling the trigger until they arrive.  Some of them are the same buyers that may have already seen and passed on your listing. The only way to get their attention again is to make a calculated change to your pricing and marketing strategy.

When looking to make a pricing change consider these points…

Be honest…with yourself and your client. If the pricing of the house was off from the beginning, admit it and start fixing the problem.
Be realistic…sometimes real change hurts. Adjusting the price by a couple hundred dollars just to have the listing show up on the hotsheet probably isn’t going to do it. Real change will involve careful thought and meaningful action.
Be in the market, not just on the market. If your listing is priced higher than the immediate competition, it will be passed over. Look at it this way, why would an informed buyer purchase your listing when they can get a very similar home down the street for less? The answer is “they won’t.”
Be willing to seek help. We all like to be the real estate expert. We all like to think we have our finger on the pulse of the market and our pricing is spot on. Well, this goes back to point one. Be honest with yourself…sometimes we need help or a fresh set of eyes to look at the situation. Be willing to get help from another agent, your broker or a real estate appraiser.
Be willing to walk away. Sometimes cutting ties is best for all involved. Maybe your Seller is unwilling to budge on the price or “has to get” a certain number. This is where you have to make a sound business decision. Are you able to help your client to the best of your ability in a situation like this? If not, it’s probably time to step away and direct your talent, effort and energy elsewhere.

The 2016 Spring Selling Season is poised to be pretty significant. Low inventory, low rates and pent up buyer anticipation are going to add up to a hot market. Hopefully, you and your clients can take full advantage of it with adjustments to the pricing of your older inventory.

If we can be of assistance to anyone considering making some changes please feel free to contact our office. We are always helping agents and their clients with Pre-listing and Market Value Appraisals as well as Home Measuring Services.

The Coyle Group’s team of Philadelphia appraisers are a leading provider of appraisals for Estate/Probate, Divorce, Bankruptcy, Tax Appeal and Pre-Listing. If you need a guest speaker at your next sales meeting, please give us a call. We would welcome to opportunity to speak to your group and field any appraisal related questions you may have. For more information please visit our website at www.TheCoyleGroupLLC.com You can also contact The Coyle Group at 215-836-5500 or appraisals@coyleappraisals.com
* Data obtained from TReND MLS. Average Days on Market measured from February 1, 2015 thru February 22, 2016.

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Appraisers Helping Philadelphia Realtors

AppraiserHelpingPhiladelphiaRealtors - Cover Page

Hi Everyone.  Thank you for all your support of the Philly Appraisal Blog over the past couple of years.  In an effort to take the Appraiser/Realtor interaction to the next level I’ve created the Appraisers Helping Philadelphia Realtors Facebook group!!

The group was created to be “THE” go-to source of help and information for realtors in the Greater Philadelphia region looking for answers to their appraisal questions, to stay at the forefront of appraisal issues that are affecting the real estate industry and to bridge the gap of misinformation that often exists between realtors and appraisers in Philadelphia’s ever changing marketplace.

As part of this group, we have assembled a network of “THE” top appraisers locally and nationwide whose focus is on helping Philadelphia Realtors. You’ll notice that some of the leading real estate professionals in the Philadelphia area are also members, including the top agents, brokers and mortgage professionals. All are here to share ideas, provide information and help realtors and their clients in making informed real estate decisions and provide solutions to your valuation questions.

From time to time we will spotlight members of the group so that you can hear their story, learn from their experiences and network with your peers.

We will also be posting PDF files that may be helpful on topics such as “FHA Repairs”, “How to Contest a Low Appraisal” and “How to Calculate the GLA of a House.” So, be sure to check the “File” button under the cover photo.

Please accept this invitation to join the Appraisers Helping Philadelphia Realtors FB Group by clicking on the link or image above.  You are encouraged to introduce yourself to the group, get involved, share your stories and ask questions. Also, please feel free to tell other Philadelphia real estate agents and brokers about the group.

Get involved, ask questions, share your experience and add value!

Thanks!

Mike

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Tax Appeal Deadline Approaching!!!

The Coyle Goup - Tax Appeal - Philadelphia AppraisersHey, I know it’s kind of last-minute but, if you or your clients live in Montgomery, Bucks, Chester or Delaware County you have until the end of business August 1, 2015 to file the paperwork for your tax assessment appeal.  If you live in the City of Philadelphia you have until Monday, October 5, 2015 to file your appeal.  This is a great way to reduce your tax burden.  It typically involves filing the necessary paperwork with the county assessors office along with a fee.  You should check with your county assessors office to find out what the exact fee may be.

After that, if you live in the Counties, you will receive a hearing date at which time you will be able to plead your case in front of the Board of Assessment (please note that Philadelphia works a little differently, go figure).  You will want to take with you any evidence, photos or data that would demonstrate that your property is over-assessed (MLS Sheets will usually not cut it) .  The most effective way to illustrate your case to the board is with a current appraisal of your property showing that the value is less that implied assessment value and they you deserve relief.  Now, some folks represent themselves at the hearing, others hire attorneys to handle their case.  Either way the burden of proof is on the property owner.

Real Estate Agents: this is a great way for you to reconnect with past clients by offering them professional assistance without trying to sell.  Imagine how happy our past client would be if you were able to help them save hundreds or thousands of dollars off their tax bills each year!

If you have any questions or if we can help you or your clients determine if an appeal is reasonable, feel free to contact our office before the deadline.  We can also help you with an appraisal of the property prior to the hearing.  Good luck!!

The Coyle Group’s team of Philadelphia appraisers are a leading provider of appraisals for Estate/Probate, Divorce, Bankruptcy, Tax Appeal and Pre-Listing. If you need a guest speaker at your next sales meeting, please give us a call. We would welcome to opportunity to speak to your group and field any appraisal related questions you may have. For more information please visit our website at www.TheCoyleGroupLLC.com You can also contact The Coyle Group at 215-836-5500 or appraisals@coyleappraisals.com

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