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Bill Cobb

Baton Rouge Appraiser Offers Pre-Listing Appraisal Services ForRealtor Listings and FSBO Listings

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Real Estate Appraiser with Accurate Valuations Group, LLC LA St Certified 851

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September 14, 2008 05:25 PM

Baton Rouge Home Appraiser Offers Pre-Listing Appraisal Services http://www.gbrprelistingappraisals.com/

A smooth transaction is one when one has accuratelyrepresented the physical characteristics(in writing) of one's home, whether it be listing the home with an agent or selling ityourself(FSBO). "The main step is to acquire the accurate livingarea during the whole process of obtaining the accuraterepresentation of one's property", says William D. Cobb, CREAwho is the owner of Accurate Valuations Home Appraisal Groupin Baton Rouge, Louisiana. An agent will enlist a CMA orComparative Market Analysis for determining a home's listingprice. Still, one should have with them, a precise calculation ofthe living area.

Also, to be on the safer side, it would be a wise decision to havea third-party measure the living area and value of the propertybefore one signs the Listing Agreement. A residential appraiser isthe best option in this case.

This has the following advantages:· When an appraisal report is done in a professional manner, it leaves a good impression on the potential buyer as itsupports the price quoted as well.· An appraisal generally includes photographs, location map, accurate sketch, precise dimensions, outline of theneighborhood etc. Also, 3 to 4 comparable sales must be present adjusted to subject property.· Enlisting recommendations for repair or enhancements, if any. This listing appraisal can indicate a value foraddition(s), items that require repairs, etc..· Accurate estimation of Living-Area size lends peace of mind, especially with values @ $100/sf +

In U.S, majority of real estate professionals base the price per square foot of a home on living area size. Living Areais measured from the exterior walls. All real estate professionals are to follow the ANSI Standards for Single-FamilyResidential Buildings (American National Standards Institute) when calculating area home sizes. In a seminar inApex Appraiser Home Sketching Software and National ANSI Standards in Houston, TX, the ANSI instructor, who is

also on the Appraiser Standards Board in South Carolina, stated that one of the most common lawsuits in RealEstate today is "misrepresentation of living area size".

Consider: A 2,000sf home is for sale, priced at $240,000. Instead of measuring the home, the living area wasobtained by County Records; estimating the typical home size in that development. The home is listed with a livingarea of 2,000sf. A purchase agreement for $240,000 is received and is accepted. The appraisal is ordered by thebuyer's lender. The sellers submit an offer on a $350,000 home in a neighboring development. The offer is accepted.However, the appraiser for the home turns in her appraisal showing 1,840sf and an appraised value of $220,800,much less than the purchase price. The sellers are asked to renegotiate the purchase price as the living area is1,840sf, and not the 2,000sf. The sellers sue for misrepresentation of living area.

Thus, it's crucial to have one's home measured by the person listing your home. It is strongly recommended thatwhen interviewing the person listing your home, one must confirm that they follow ANSI, that they will measure yourhome, and provide you a calculated sketch. Thus, a written verification of true living area is present.

Bill states that he recently performed a purchase appraisal in a South Baton Rouge Subdivision on a 2,026sf livingarea, for $260,000, listed FSBO. The home was marketed WITHOUT obtaining a professional opinion on the value ofthe home. The buyers end up with $9,000 in equity as the home appraised at $269k. So, as against a loss of $9,000the seller should have paid $225 to get the listing appraisal done.

An appraisal helps homeowners make the best decisions like investment in homes and setting a competent salesprice. Thus it is strongly recommended to have a Listing Appraisal before one lists their home.

About the Author:William D. Cobb, CREA, with Accurate Valuations Group has operated as a home appraiser for 16 years primarily inthe Greater Baton Rouge, Louisiana market. For more information on William D. Cobb, CREA and AccurateValuations Group, visit: http://www.batonrougehomeappraisals.com . Also, visit William D. Cobb's Video Blog @http://batonrougerealestateappraisers.com .

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