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First off, home value and property value can be used pretty much interchangeably. Property value just sounds more encompassing because it includes the land on which the house is located. Home value should take into account the same thing, it just sounds like it only deals with the house itself.

Getting a home appraisal or assessment does give you your home value, but it comes from 2 different entities with 2 different motives. An appraisal is something you pay to get done – you higher a (hopefully) neutral third party to evaluate your house and come up with an accurate home value. In most cases, to qualify for any kind of home equity loan, you must have a home appraisal done. It’s most often done after improvements are made to a home.

An assessment on the other hand, is when the government (usually the city or county your property is located in) assesses your home value in order to determine how much property tax you should pay. Most governmental agencies do home assessments every 2 to 4 years, but that span can vary from area to area. In some areas you may never even know your home was reassessed because the government will base the home value on property sales records, age, condition, size and other factors of the home. In other areas officials will send a notice that an assessor needs to see the inside of your home to see if any improvements were made which may affect the home value.

Every governmental agency offers a window in which you can dispute their assessment of your home value. Some homeowners want to see an increased assessment because they may be considering selling, they have plans for a home equity loan, etc. Other homeowners prefer their home value to remain pretty static if not lowered when assessment time rolls around, so that their property taxes won’t sky rocket.

Keep in mind, an ASSESSMENT will ALWAYS affect your property taxes, where as paying to get an appraisal of your home value won’t necessarily do so because the government may never know about it. The two can also be used hand in hand. For example, if you think the government assessed your home value too high, you can pay for an appraisal that might lower your home value and therefore your property taxes. Of course, you do run the risk that the appraisal may wind up being similar to the government’s assessment.

Another term that is often used along with home value, assessment and appraisal is a comparative market analysis or a CMA. Getting a CMA done adds yet another third party to your home value search: a real estate agent. A CMA is an informal assessment of a property’s market value, usually done to generate a fair listing price if a home is selling. Real estate agents figure out your home value by comparing it to similar properties that have sold in the past year. For more accurate home value information, real estate agents will visit the property and do their version of an appraisal and than adjust the price based on similar homes that sold and come up with a comparative market analysis: basically, what you could expect to get your home for if you put it on the market.

There are many different ways to get an accurate home value, but the way you go about it should be determined by what exactly you want it for. If you’re thinking of getting a home equity loan, go for an appraisal. If you think your property taxes are too high, you may want to contact a governmental assessor AND and appraiser to get your home value in case you need to dispute the government’s assessment. On the other hand, if you’re thinking of selling, or you’re just curious and looking for a free home value report, go with a real estate agents.

There are plenty of sites online that offer free home value reports and get you hooked up with a Realtor. You don’t have to be selling, just willing to talk to an agent who is then going to follow up with you from time to time in an effort to win your business. Their home value report will be just as accurate as an assessor or appraiser, and if you play your cards right you might get some freebies from a real estate agent, along with that home value report you ordered!

Related Home Value Fl Articles

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I am a self employed medical professional. I have a contract with a local hospital and my gross income is around $ 340K annually. I have an outstanding loan for a vehicle and some small student loans for my oldest daughters college education. I have no current mortgage, as I recent sold the house I own in another city.

Will paying the charge offs now help my credit report and score? I have also noticed on my credit report hat I have some open accounts that I no longer use, tho the balance is zero on them. Should I close these accounts? Also since I am self employed my credit report shows no history of employment since 2003. How do I deal with that?

Will this negative history be of less significance after 7 years, as with bankruptcy?

Be very wary of credit “counseling” or credit consolidation services. I was NEVER told that this would reflect negatively on my credit history. I should have spent the money that I gave to them to pay off my bills. Now I’m suffering for it.

Best answer:

Answer by Judy
Paying off charge offs in your credit report will not improve your score.
It is advantageous if you go buy another home though.
Since major lenders like FHA do not look at scores.
They view reports in detail and make their own decisions.

Looks like you could probably buy your next car in cash, and you won’t be needing a home anytime soon. You can allow those charge offs to remain in your report a full 7 years and then they will drop off. It’s called Statute Of Limitations.
They may try to come after you after the 7 year period – just tell them to take a hike in Iraq.

Do not close accounts that have a 0 balance – it will hurt you in 2 ways:
1. You may be closing your oldest credit card account.
“Length of credit history” is 15% of your fico.
2. It will reduce the overall available unused card limits you have on all your cards – a number creditors look at.

Try to live debt free from now on.
That way you won’t have to worry so much about your credit rating.
You can get your reports at annual credit report.com
You can dispute your employment and add a note “self-employed” and your company name.
/

What do you think? Answer below!

Best answer:

Answer by zeuz
Kansas Real Estate Appraisal Board
Jayhawk Tower, Roof Garden Level
700 SW Jackson, Ste. 1102
Topeka, KS 66603

Phone
Phone: (785) 296-6736
Fax: (785) 368-6443

E-mail
Cheryl Magathan
Sally Pritchett

Give your answer to this question below!

Creditor Harassment: If you go for bankruptcy then law will take responsibility to protect you from creditor harassment. Once a bankruptcy has been filed successfully a stay automatically becomes effective and your creditors can then make no efforts to retrieve their money without violating the law. They can not ask you for money via phone, letters or anything else. On the other hand no law can prevent them from doing this in case of debt negotiation.

The immunity offered by bankruptcy can be a big plus for you if you are already depressed because of growing demands of your creditors.

Privacy: If you go for bankruptcy then hardly anyone will find out about it. But if someone really wants to then he can. On the other hand there is absolutely no way of finding out about a debt negotiation program.

Effect on Credit Scores: Credit scores are very important for getting loans. Unfortunately, after going through a bankruptcy credit scores get hurt pretty badly. Discharged debts stay on a persons credit reports for a time period of 7 to 10 years after the bankruptcy. However if you take good care of your finances then the scores will start improving within a few weeks. Some creditors are of the view that people gone bankrupt are actually better for lending purposes because they have no debts and they can’t go bankrupt again.

Tax Effects: A bankruptcy in Tampa doesn’t require you to pay extra money in taxes but a debt negotiation program does. This can prove to be an extra burden on people who opt for debt negotiation.

Repayment: Chapter 7 bankruptcy wipes out all the debt and no repayment is required. Chapter 13, however, requires a person to make regular payments on monthly basis for a time period spread over years. That is why a person needs to earn a specific amount of money, higher than his expenses, each month in order to be eligible for Chapter 13.

Both debt negotiation and bankruptcy have their own pros and cons. In order to make a good choice you need to have a look at your financial status or you can hire a bankruptcy attorney and share your financial data with him. Since attorneys know a lot about debt and finance, he is the person truly capable of helping you out. If you are looking for a bankruptcy attorney in Tampa then look no further because internet is the best place to find a good attorney.

Let me just say first, hate to admit it but I am not an environmentalist, I don’t drive a hybrid and I’m not even good at recycling my own trash. I approach this as a real estate expert that has learned a thing or two and have been drawn to the green-side. If I could wave a wand right now, I would replace my cars with hybrids and have solar panels on my roof and cut my energy costs to zero. But I’ll have to take baby steps for now.

Going green when you purchase a home or remodel refers to buying or installing more energy efficient appliances, windows, lighting and generally saving resources, both yours and the planets. In the best case, installing solar panels or recapturing resources allows you to live cheaper and in some cases healthier. Many of these improvements can directly increase your homes market value or could be the difference in getting your home sold. A qualified appraiser can tell you in advance what improvements will add most value.

Here are some ideas that can save you money on energy costs and may add value…

Energy efficient appliances can lower your electric and water bills and can add real value if you sell or refinance. The monthly energy saving can even help recoup the cost of the appliance over time. Also, some energy companies offer cash rebates to further increase your savings.

Energy efficient furnace and air condition units. In some climates an air conditioner compressor can be running year round and having a new energy efficient unit with programmable thermostat can save big money and properly sealed ducts can make sure the air is going where it’s needed and most efficient. A balanced system will be airtight but allow for proper ventilation and allow unhealthy air out.

Dual pane e-rated windows save money, look and operate better and as an added bonus shut out unwanted noise from your neighbors or street noise. A good e-rated window will be cool to the touch even when it’s over 100 degrees outside. Some neighborhoods near airports have offered grants to help homeowners cope with noise.

Replacing conventional lights with fluorescent bulbs and exterior lights with solar powered can cut lighting costs by over 60%. Most conventional lights can be readily replaced with compact fluorescent lights aka CFL right away and many energy companies will offer full rebates to offset the cost. Also, there is less heat from fluorescent and thus less cooling costs.

Solar panels can be installed on the roof in sunny climates and actually make your electric meter stop or reverse during the day and then the stored power is used at night with a net zero cost. In homes I have appraised, owners have told me their electricity cost is between zero and $ 30 from a peak of nearly $ 300. There are government rebate programs, state programs and local power rebates bringing the cost down considerably and paying for itself. I will be installing these panels on my next house.

These next few ideas are becoming more popular. Concrete counter tops in the kitchen. They can look like granite and are poured & crafted on site with no quarry, no trucking, no factory and the raw costs are in the $ 30 range. My brother in-law did his kitchen with a beveled edge for $ 28 and it looked beautiful, he then did both bath’s with a 2″squared edge. I have seen many luxury homes and hotel lobbies with colored or stained concrete floors, looks good and is durable. Also, using renewable natural products reduces toxic formaldehyde used in many adhesives.

There are several outdoor projects as well. Wood decks can now be built with recycled plastics that last longer and are bug and weather resistant and is a renewable resource. I have seen them and think they look better than redwood decks because they are always in perfect condition, never weathered, twisted or rotted.

Drip irrigation vs. sprinklers helps drastically reduce water waste. In Las Vegas new homes are required to use drip irrigation and in fact, grass in front yards has been eliminated on virtually all new construction. Not the most pleasant looking to me but I get the point – there is only so much water in the middle of the desert and yard water typically uses more than all the total water used inside.

So, there you go. Just doing the research has won me over to be just a little more “green” in my thinking. You can improve your home, save money, live healthier and help the planet as a bonus.

Please call me if I can be of any appraisal service to you or your clients.

Appraiser/Author Clifford Diamond, CREA

A Chapter 7 bankruptcy attorney is the person who possesses the required skills and expertise to represent your case successfully. There are several important factors to think about when choosing an attorney. Cost, specialty, education and experience are a few of them. In this article I will talk about a few of these factors in detail so that the daunting process of choosing a Chapter 7 bankruptcy attorney can become a bit easier for you.

Expenses Related to a Chapter 7 Bankruptcy:

Expenses vary from case to case and depend on the city you live in, the number and quality of legal firms in your area and most importantly the level of proficiency of your bankruptcy attorney. The fees of an attorney can range any where between $ 600 to $ 4000. However there are some standard expenses which are quite predictable. For instance you need to pay somewhere between $ 247 to $ 299 as court fees. Take some time to familiarize yourself with the fee structure in your area. Also, if you find the expenses to be too much then you can attach an application for a waiver while filling.

Communication with the Attorney:

Mostly, attorneys have assistants with them who take care of most paperwork and some important matters. Sometimes this can be harmful for your case. If an attorney asks you to meet him in a free consultation session then it’s the best time to ask him about his style of communication. Will the attorney stay in contact you on a regular basis? Will there be regular exchange of information between you and your attorney? These are some questions that you must ask in the session. If your attorney keeps you in dark then you won’t feel comfortable so it is best to clarify in the beginning.

The time factor:

Time is essence. The sooner your cases closes the better. After all, you don’t want to keep worrying for a long time. Do you? Good attorneys give the due attention to their clients and try to minimize the amount of time involved in the legal procedure.