Property Preservation Guide

Comparables in Real Estate

You have probably heard about comparables or comps especially if you are trying to sell or buy a home. Basically it is a real estate appraisal term used by agents to look at properties with characteristics that are similar to the one you want to get a mortgage loan for. Comparable sales are those that most closely resemble your home. So agents will select the homes that are most identical to your home in size, shape and condition.

How it works is that a real estate agent establishes the value of a home or property through market analysis or, by a licensed or certified appraiser or surveyor. As in the case of using method used in performing a real estate appraisal such as in the condition of sale, financing conditions, market conditions, locational comparability, physical comparability.

As you are probably aware the comparables are the samples that are drawn and measured, this is how they come up with the estimate of value also known as an opinion of value.

The goal is to get a single best estimator, but when the market is in a state of change the appraisal process must rely on multiple simultaneous approaches to value, so the judgmental reconciliation used to arrive at the appraiser's opinion will require comparable data for the appraisal approaches such as the cost approach, sales comparison approach and income approach.

It is important to note that before putting a home on the market or listing with a real estate agent, home sellers must obtain a comparative market analysis or CMA. What these reports do is tell you how much your home is worth that will help with determining your final home price.

A standard comparative market analysis report will contain data on active listings, pending listings, sold listings, as well as properties that are off market, have been withdrawn or canceled. Expired listings could show up on an active listing at a new price.

Comparable Home Value Sales
When it comes to examining comparable sales things to be considered include similarities in square footage, most appraisers compare homes based on square footage.

Simply because a larger sqft home is worth less per square foot than a smaller one would be. It has been reported that the variance among a group of median price home should not exceed more than 500 square feet.

Other characteristics would be similarity in age of construction, when it comes to the age of the home, appraisers will look at the year it was built, it is common to find homes within a few years of other comparable sold homes.

As for mixed in age subdivisions of homes built in the 1950s, and then the 1970s. One will find that although in the same neighborhood the home built in the 50s will sell for more than the newer homes.

Due to the value of homes falling in the current economic climate you will find homes of similar amenities, upgrades and condition that will affect the overall price such as in the case of a home with a swimming pool will have a different value than a home without a pool and a remodeled home is going to be worth more than a fixer upper. It also goes for homes with one bath are worth less than homes with two or more baths.

You have heard the saying location, location, location well the same holds true when it comes to real estate, as you are probably aware if a home has a city view it will be worth more than one that is facing a field or a wall. Undesirable locations usually will fetch a lower selling price, which can be good if you are in the market for flipping a home for a profit.

Real Estate Appraisal Methods in a CMA

As has been mentioned earlier things that are usually reported have to do with what the comparable recently transacted under such as arms length, distress sale, estate settlement within the standard of value the appraisal is being performed.

Next there is the question of financing conditions, is the comparable transaction influenced by non-market or other favorable financing terms as in the case of the comparable being sold has a below-market interest rate from the seller then the appraiser may adjust the comparable price by an amount equal to the estimate of the favorable financing.

Some market conditions will include the time adjustment needed for changing prices over time and when it comes to locational comparability two houses in the same neighborhood may have different views which would allow for one to be more valuable than the other.

In the case of physical comparability t is important to notate size, condition, quality, and age. So many agents when selecting properties that they consider comparable to the subject property they will come across sales far above or far below the bulk of the group so they will need to be able to justify why certain comps are not being used in determining the market value and instead pull comparable properties from the target property area or close by to compare homes sold recently in similar construction types.

Home Value Estimates
Comparative Market Analysis Software for Realtors is designed for use by Realtors, Appraisers, and Assessors. Its functionality and formulas result in extremely accurate price point determination. Top of the line software computes the price point scientifically,and it will revolutionize the CMA process. In traditional Real Estate Board software it narrows down the comparables to what they will be, whereas top of the line software can actually take the comparables and provide the basis for CMA analysis.

Cost Approach - estimates the construction cost of the improvements and deducts factors for depreciation, dis-utility, and external obsolescence, the value of the site and site improvements. Comparable data is used to estimate the site value, as well as estimating construction costs.So apparently it means that the buyer will not pay more than the cost to build the property.

How it works is that the cost approach value is the sum of the market value of the land, depreciated replacement cost and the land is valued using the sales comparison approach so that the replacement cost is the cost to build a building of the same quality and functional utility for the target property.

Sales Comparison Approach - In this case the appraiser seeks at least three comparables for the residential analysis,then makes adjustments to the comparables selling price. the selling price of the comparable will be adjusted downward to account for this difference in value.

Income Approach - the use of discounted or capitalized estimates of future cash flows must be estimated using comparable income generating properties such as discount rates and capitalization rates that are estimated using recent sales of comparable properties, with appropriate adjustments to account for differential risk between the comparable and the subject.

Where to find Home Price Comps
If you are looking for house comparables a good place to look is on Zillow they provide free real estate information. So you can search homes for sale, home prices, home values, recently sold homes, mortgage rates, and apartment rentals.

Another place online to find your home value, house values and prices are on Yahoo Real Estate.

You can find the Home Price Comparison Index compiled by Coldwell Banker Real Estate LLC which allows you to quickly approximate how much your home might cost as well as a variety of tips and articles for home buyers and those looking to sell. The.Coldwell Banker Real Estate Home Price Comparison Index Release United States, International Markets is available on their website

How to get started with Mortgage Field Services Training

Foreclosure cleanup businesses services

The foreclosure cleaning business is hard work , if you own a foreclosure cleaning business you will have to bid for contract work or else you will need to contact real estate investors and find out if they have foreclosed homes that they want you to maintain, if so then you can hire a Field Inspector to do the cleaning and hauling of the trash to the dump sites, Find out how you can work at home based inspection, learn how to earn good income and what the field service representative inspection business is all about.

if you are looking to get into the field of property preservation or field service inspection you will need a list of companies that will need your service. Field Inspections and Field Service Companies occupancy determination.Find Field Service Representative jobs in Delaware on Monster Job Search.

Some of the services you will provide is inspection services including commercial property inspection services, residential property inspection services, insurance loss inspection services, manufactured housing inspections, REO Field Services,

10 tips for Some of the various Casualty Loss Inspections

How to Perform Loan Collateral, on-site Property Inspection include:

Commercial Property Inspections
Commercial Property Inspections
Secondary Mortgage Market Investor Diligence
Construction Progress Inspections
Casualty Loss Inspections
Drive-by Field Inspector

As an independent contractor you will be working with large property preservation companies who will need to subcontract out work to handle all the foreclosures that will be hitting the market from acquiring banks.

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Experience needed for field Inspectors.

Before you apply to the national companies you will need to make sure that you are able to offer the following things:

Lock changes,Winterization,Debris removal Grass and grounds maintenance,Initial Securing

HUD Conveyance Preparation,Eviction services,Code violation abatement,Repair and Renovation Estimates,Special Services

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35 Other types of inspections that you will need to be familiar with include:

Property Inspection Reports
Occupancy Verification
REO Occupancy Status Inspections
Rush Inspections and Occupancy Verifications
Evening Occupancy Verifications
Sale Date Inspections
Insurance Loss Inspections
Natural Disaster Inspections
Quality Control & Annual Inspections
Photographs

Some will require that you have your own camera as well as transportation and a way to document and record the inspections.

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standard for property preservation

Commercial Property Inspection

During inspection you will be required to meet on-site with borrower and/or the borrower's representative to verify;

the extent of the casualty damage,
cost to repair, the repair schedule,
a subsequent on-site inspection to verify the completion status of the casualty curative work

These types of inspections are ordered by banks/lenders and insurance companies.Demand is high for someone who can go by take photos and check on these vacant, boarded up, REO and Foreclosures. As you can imagine it takes much skill and practice to be able to advance into the many other areas of the mortgage industry

Some of the types of inspections you can expect to do are:

on site merchant verification for banks or credit card processing companies,
residential property inspections for insurance companies or mortgage companies,
business verification for companies applying for consumer credit access
construction site inspections.

You will be required to fill out field inspection reports can vary from a few yes, no questions and some photos, to a longer more complete report.It is more specifically known as field service, this industry is legitimate, flexible, profitable and can be done from home. You will just be cautious of ads that promise to good to be true claims.

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Property Inspection jobs photo

Property Inspection jobs

site verification inspections

type of inspections

Verification Inspection Types

Once you have determined what type of inspection you will choose to do next you will want to know what the different on site verification inspections include, some are:

Assumption Diligence,

Modification Diligence,

Consent or Waiver Diligence,

Pre-Loan Closing Condition Diligence,

Post Loan Closing Compliance,

Watchlist Threshold Diligence,

Partial Release Partial Reconveyance Diligence,

Verification of Physical Occupancy and much more...

The ideal situation is if you can work at home, this job allows you the flexibility to create your own schedule and get out of the house, field inspection just might be the perfect job for you. Field inspectors complete inspection jobs for mortgage companies, banks and insurance agencies.

Have you decided to offer property inspection services? Are seeking the knowledge you need to complete inspections competently?

Mortgage Field Inspector is needed in the Carrolton, Roopeville,Temple, Rome, and surrounding areas, former real estate appraisal experience helpful but not necessary person must maintain organized work environment and high standard to details.

You may have seen that there is an additional Income Opportunity in field inspection guide, field inspection service for those looking for the Independent Contractor Jobs as well as Jobs for Field Inspectors Mortgage Field Inspector Mortgage Field Service Companies also it is going to be very competitive for other businesses that need Mortgage Field Services to help with Supplemental Income.

commercial inspection jobs

commercial inspector

How to get started in working as a commercial field inspector

First you must understand that many field inspection companies do not post open positions on job boards or in the classified section in the newspaper. Thats because all you need to do is sign up with the field inspection companies and they start sending you work orders via email.

Here are a list of some of those companies hiring field inspectors:

First American Field Service, offers property preservation services
LPS Field Services is a national field service company
A-1 Field Services
National Field Representatives inc. performs field services for the Mortgage industry

You can determine to either accept or decline those orders based on your own schedule. It is important to note that for most field inspection companies no certifications or special licenses are required.

Tools for performing Field Inspections

First it will be required that you have a computer with internet access,then if you have an email account, a printer,along with a digital camera and transportation.

The benefits of such a job working as a field service inspector is the flexibility to work your own schedule and the opportunity to earn an extra income.Lending, Leasing and Insurance institutions nationwide have vested interests in homes, cars, commercial property, businesses, trucks, RVs, boats, or any entity requiring financing or insurance.

So that is why this field is in demand because these institutions need to have updated and accurate information on the condition of this property continuously the current economic slowdown has opened up more opportunities for field service inspectors because homes and commercial properties that are being refinanced.

All those foreclosed homes that are vacant still require frequently updated photos and reports Lending, Leasing and Insurance institutions nationwide need to have updated and accurate information on the condition of this property continuously. So, these institutions contract out this work to freelance field service inspection representatives all over the country.

perform field inspection

tools needed to do inspections

Property Preservation Industry Field Service Inspection

Become a field inspector

List of Property Preservation Companies

American Property Management, Inc.
Corporate Asset Management LL
Cyprexx Service
Default Services, Inc.
Field Asset Service
First American Field Services
First American REO Servicing
FirstService Corporatio
Five Brothers Mortgage Services
Fontaine Inspections Inc.
Lender Processing Service
LPS Field Services
M&M Mortgage
Maxim Enterprises
Mortgage Contracting Services
North American Property Preservation
Now Property Preservation
REO Allegiance
Safeguard Properties Inc
Sierra Field Services
SingleSource Property Solution
Southeastern Asset Services
Spectrum Field Services Inc
Trinity Field Services
Wolverine Real Estate Service

Home Inspection Licensing

Did you know that home inspection has become a standard in the home buying process?

There is no national licensing. Currently, fewer than half the states license or certify home inspectors. Many states have licensing laws or registration requirements for home inspectors. Some states have proposed or pending legislation.

Home Inspector Licensing Requirements and Home Inspection Legislation. Find the latest information on home inspection legislation and regulation in your state. Oldest and largest professional organization for home inspectors in North America. Become a Home Inspector with PHII, offering hands-on distance training and home study classes including mold, pest, radon, and manufactured housing.

The North Carolina Home Inspector Licensure Board (NCHILB) is chartered to safeguard the public health, safety, and welfare - protect the public from being harmed by unqualified persons by regulating the use of the title "Licensed Home Inspector" and by providing for the licensure and regulation of those who perform home inspections for compensation.

Local Home Inspections

The best way to find local home inspectors in your area is to start with the online directories, some that I found to be really helpful is in the inspectorfinders.net site, they have companies listed in the united states.

You can browse through home inspectors by state: Alabama, Alaska, Arizona, Arkansas directory, California, Colorado, Connecticut, Delaware, District of Columbia, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan,Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, Washington, West Virginia, Wisconsin, and Wyoming You can also search by major cities.