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►Valtech Appraisals Services List

►Valtech Appraisals Fee Schedule

FREQUENTLY ASKED QUESTIONS:

►Why do I need an appraisal?

►What do the main types of appraisals include?

►How do I prepare the property for appraisal?


Valtech Appraisals Services List
  1. Full Appraisal - Form 1004, 1073 or 1025

    • Single Family Residence - Form 1004
      The interior and exterior of a single family residence is inspected. Any irregularities are noted. The exterior is measured. The home's characteristics are compared to similar homes in the area and a value is determined.

    • Condominium - Form 1073
      The interior and exterior of a condominium is inspected. The interior living space is measured and any irregularities are noted. Homeowners' fees are noted. The condominium's characteristics are compared to similar condominiums in the area and a value is determined.

    • Multiple Family (2-4 Units) - Form 1025
      The interior and exterior of all units are inspected. All units are measured. Amount of rent for each unit is noted. The unit's characteristics are compared to similar units in the area and a value is determined. This report includes a rental survey and operating expense form.

    • Land
      The land is inspected and the characteristics are compared to similar parcels in the area for the purpose of value determination.

  2. Drive by Appraisals - Form 2055, 2065 or 2075
    The appraiser inspects only the exterior of the dwelling. The home's characteristics are compared to similar homes in the area.

    • Limited Walk Through Appraisals
      An interior inspection of the property is made. The exterior is measured.

  3. Rental Survey - Form 1007
    This form is completed when the home is non-owner occupied. It notes monthly rental, location, age, condition, room count, design and appeal.

  4. Operating Expense - Form 216
    This form is completed when the home in non-owner occupied. The form will provide the effective income and gross total operating expenses for the subject property.

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Valtech Appraisals Fee Schedule

Single Family - Condominiums
For FHA add $50
$350
Custom, Country and Foothills
High Dollar / Over 500K
$350+
Duplex-Fourplex w/216/Form $600-650
Form 2055 (drive by) $250
Form 2055 (w/inspect & sketch) $325
Form 216/income statement $50
Form 442 $75
CIR/Panel D $75
Form 1007 $75
Recert of Value $150+
Recert of Value & 442 $200
Desk Review $100
Field Review $200+
Land Appraisal / call for quote
Retype for New Lender $50

Note: Pricing for high balance appraisals are on a case by case basis.

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Why do I need an appraisal?
There are a multitude of reasons to have a selected property appraised. Some are lesser known than others.

  • To determine a listing price
    In order to provide an accurate value of the home, an appraiser is brought in to assist in determining the listing amount. An appraisal can be particularly useful in this case if the home is unique in comparison to the surrounding houses in the area.

  • To assist with acquiring a loan.
    In the event that you need an appraisal for a loan, check to ensure that the appraiser that you select is on your potential lender's list of approved appraisers. Valtech Appraisals is currently approved by many lenders, and in the event that we are not, we are usually able to provide the necessary approval information to the lender in question.

  • To avoid Private Mortgage Insurance Coverage (PMI) monthly fees.
    PMI is typically required when a home purchase is made with a down payment of less than 20% of the total price. Once 20% of your home mortgage has been paid for, you can drop the coverage and the associated monthly fees with your lender's approval. In order to do so, the lender will normally require an appraisal of the home by a state licensed or certified appraiser. Once the PMI coverage is dropped, the monthly savings allow for a full recoup of the appraisal cost usually well within the first year. To begin the process of getting rid of your PMI payments, check with your lender for their specific requirements.

  • When employees are relocated.
    When companies transfer employees, they will either offer to purchase the home from the employee or contract with a relocation company to make an offer of purchase. The company transferring staff or the relocation company will require an appraisal of the home prior to making an offer.

  • In the event of divorce or for other litigation reasons.
    If a disagreement over the value of property involved in a litigated dispute occurs, two appraisals of the site are usually ordered.

  • When an estate appraisals is needed.
    If one of the home owners dies, an appraisal is frequently required for tax purposes. Please check with your accountant for specific details, but as a general rule, it is wisest to have the property appraised as soon as possible after the date of death.

Other reasons for appraisals include refinancing, second deed trusts, equity private loans, bankruptcy and insurance losses. Valtech Appraisals can confidently provide an appraisal for virtually any situation.

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What do the main types of appraisals include?

  • Single Family Residence - Form 1004
    The most frequently requested appraisal is that of a single family residential property. This type of appraisal is used by the majority of lenders when a full appraisal is needed. This type of appraisal is used for FHA, VA and Conventional loans, for PMI drops, and for litigation and probate purposes. The Form 1004 appraisal provides a description of the neighborhood, location, site overview and home improvements to outline an accurate representation of the value of the home. This appraisal includes a floor sketch with exterior dimensions and square footage calculations. Front, rear and street photos are included with front photos of all comparable homes. A 439 form (limiting conditions statement), parcel and location map are also provided.

  • Multiple Family (2-4 Units) - Form 1025
    Used most commonly by lenders for two to four unit properties, this appraisal requires a detailed presentation of income approach and rent comparables. The appraisal provides all of the information found in a Form 1004 appraisal, but also requires the listing of comparables in addition to the sale comparables. The fee for this appraisal is higher due to the work involved in preparing the additional comparable data.

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How do I prepare the property for appraisal?
To streamline the appraisal process and to avoid re-inspection, follow these helpful guidelines to prepare the property.

General:
  • Provide the appraiser with a copy of the sales contract and the completed transfer disclosure statement prior to the inspection appointment. By doing so the appraiser will be able to check any questionable items during the time of inspection.
  • Have all utilities on at the time of inspection.
  • If the dwelling was built prior to 1978, it may be necessary to have the home inspected for lead based paint. Any flaking, cracking or peeling of paint of any kind will need to be removed and repainted.
  • Ensure that all electrical systems are operating correctly and show no visible signs of safety hazards.
  • Properties located in FEMA Special Flood Hazard zones A or V require flood insurance.
  • Ensure that all crawl spaces and attic access are free of obstructions. Both must be free of ponding water and need to be well ventilated.
  • If the property is more than one year old, a pest inspection is required.
  • For two to four unit properties, each unit must have individual service shut offs for all utilities.

Inside the home (FHA Appraisals Only):
  • Have all broken or cracked windows replaced.
  • The heating and air conditioning systems should be in working order.
  • Water heater(s) should have proper earthquake straps.
  • Water heater(s) should have non-adjustable temperature and pressure-relief valve.
  • Water pressure must be adequate and not decrease dramatically when multiple fixtures are in use.
  • Dwellings that use wood burning stoves or solar systems as a primary heat source must have permanently installed conventional heating systems that have the ability to maintain a temperature of at least 50 degrees Fahrenheit in areas that contain plumbing systems.
  • Garage doors must operate.
  • Garage door openers must automatically reverse or stop when met with resistance during closing.
  • Security bars on doors must comply with local fire codes. Generally, this means that security bars located in bedroom windows have quick release systems.
  • Wood flooring that is worn to the point of exposing bare wood will need to be sanded and refinished.
  • Peeling interior paint, seriously cracked plaster or seriously cracked sheetrock will need to be repaired and/or repainted.
  • All windows and doors must operate.

Outside the home:
  • Ensure that the property is free of known hazards and adverse conditions. These conditions include hazards that could affect the health and safety of the occupants, conditions that could affect the structural soundness of possible improvements or conditions would impair the use of the property.
  • The property must be graded to promote drainage away from any perimeter walls and to prevent standing water.
  • Private road easements are required to have recorded road easements and maintenance agreements.
  • Structures with flat roofs require inspection regardless of age. Roofs that appear to have less than two years of remaining life are required to be repaired or replaced. If the roof is in need of reshingling and the home currently has three layers of shingles, all old shingles will need to be removed prior to reroofing.

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