Residential Appraisals for Thurston, Pierce, King, Kitsap, Mason, and Lewis County Washington
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Posted by: In: Epic Appraisal News 01 Jan 2016 0 comments

An appraiser may be required to condition the appraisal report “subject to” the completion of a specific item; however, most of the time, the type of financing dictates this.  Here is a quick list of the 3 types of financing and the lender requirements for each.

 

Conventional Financing

Property conditions for conventional financing have the least amount of requirements.  With conventional financing, there are many ways to appraise the subject property in its current condition.  An appraiser can often do a “cost to cure” adjustment to account for deferred maintenance or needed repairs. This is often decided by the lender on how they want the appraisal completed.

 

VA Financing – Safety, Security, and Structural Soundness

Conditions which impair the Safety, Security, or Structural Soundness of the dwelling will cause the property to be unacceptable until the defects or conditions have been remedied and the probability of further damage eliminated.  Some of these conditions include:

 

·   Defective paint on properties built prior to 1978

·   Access not available for attic or crawl space

·   Exposed wiring

·   Earth to wood contact on exterior of home

·   Defective construction

·   Evidence of continuing settlement

·   Leakage

·   Decay, and termites

·   Missing railings

·   Broken windows

·   Failure of the septic

·   Excessive dampness

 

Items such as smoke detectors, CO detectors, radon or radiation detectors, and hot water heater straps are NOT considered Minimum Property Requirements (MPR) items. These are considered to be code compliance issues.  VA states that they are not a code enforcement agency.

 

FHA/USDA Financing – Safety, Security, and Structural Soundness

Similar to VA Financing, conditions which impair the Safety, Security, or Structural Soundness of the dwelling will cause the property to be unacceptable until the defects or conditions have been remedied and the probability of further damage eliminated.  Some of these conditions include:

 

·   Hot water heater not double strapped

·   Missing CO detectors outside of ALL sleeping areas

·   Earth to wood contact on exterior of home

·   Utilities not turned on

·   Appliances not functioning

·   Defective paint on properties built prior to 1978

·   Access not available for attic or crawl space

·   Evidence of continuing settlement

·   Defective construction

·   Leakage

·   Decay, and termites

·   Missing railings

·   Broken windows

·   Failure of the septic

·   Excessive dampness

·   Exposed wiring

 

 

If the appraiser cannot determine that the property meets FHA’s MPR, an inspection by a qualified individual or entity is required.

Conditions that an inspection by qualified individuals or Entities include:

  • Standing water against the foundation and/or excessively damp basements;
  • Hazardous materials on the site or within the improvements;
  • Faulty or defective mechanical systems (electrical, plumbing or heating/cooling);
  • Evidence of possible structural failure (e.g., settlement or bulging foundation wall, unsupported floor joists, cracked masonry walls or foundation);
  • Evidence of possible pest infestation;
  • Leaking or worn-out roofs; or
  • Any other condition that in the professional judgment of the Appraiser warrants inspection.
Posted by: In: Epic Appraisal News 01 Nov 2014 0 comments

Over the years, Epic Appraisal has established itself as a leading provider for residential appraisals in Thurston, Pierce, and Lewis counties.  We are excited to announce that Epic Appraisal has now expanded to King and Mason counties!  The 3 certified appraisers (with a combined 50+ years of experience) who have recently joined our team will provide our clients with high quality appraisals throughout the greater Puget Sound.  Their extensive knowledge of King and Snohomish counties is a great addition for our company and for our clients.

Just as each market has specific influences (physical, economic, governmental, and social), appraisers also have specific expertise in their direct geographical region.  In order to provide clients with a credible appraisal report, we ensure that our appraisers only provide services in the markets where they have extensive knowledge and insight of the specific influences.

Watch for the ‘Our Team’ page to be updated soon with additional information about our new team members.

Posted by: In: Epic Appraisal News 21 Mar 2014 0 comments

My name is Mark Ellis.  I am a certified residential appraiser and owner of Epic Appraisal.  I reside in Lacey, WA with my wife and 3 boys.

I have specialized in appraising residential properties in the greater Puget Sound for almost 10 years.  During this time I have had experience in training other appraiser trainees, been a review appraiser for an appraisal management company, and built a company which has a great reputation for accuracy, integrity, and expertise. Homeowners, lenders, and realtors trust Epic Appraisal with their real estate appraisal needs due to our extensive knowledge of our unique markets.

I truly have a great passion for real estate. It’s not only my career, but it’s also a hobby. I want this blog to be a place for homeowners, lenders, and realtors to get quality information regarding their local real estate market. As my expertise is in residential properties in Thurston County and Pierce County, future posts will be primarily focusing on these markets.

I’m excited to begin this blog and hope that you enjoy it. If there are specific topics you would like to be discussed, please email your ideas to mark@epicappraisal.com.

If you would like, please subscribe to this blog, share it with friends, and feel free to leave comments and feedback.