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5 Tips for a Faster Home Appraisal: an Interview with Jorge Barreiro of Barreiro Appraisals

By Jorge Barrerio

Tell us a little bit about your company history and the services you offer.

Barreiro Appraisals has provided real estate appraisal services in the Southeastern Wisconsin area for ten years. Barreiro Appraisals is a locally owned and operated real estate appraisal firm. Our goal is to provide our clients with fast and reliable residential appraisals of the highest quality possible. We provide appraisal services for mortgage financing, REO, loss mitigation, PMI removal, relocation, new construction, reviews, divorce, probate and tax purposes.

Our reputation precedes us with up-to-the-minute status reports, fast turn-around times, and minimal revision requests.

Rated as one of the area's best in residential appraisals, we go "the extra mile" to guarantee the satisfaction of clients, lenders and homeowners, alike.

Our investment in training, technology and competent staff has helped our clients greatly reduce their workload. By offering on-line automatic status updates and electronic delivery of the final product, we are able to eliminate the run around and phone tag hassles associated with this process. In addition to providing a high level of professionalism from experienced licensed and certified appraisers, we are also able to offer rates that are competitive with anyone in the industry.

What is the the typical amount of time that it takes to have a home appraisal done?

Upon receipt of an order, the property contact will be called within 24 hours to schedule the inspection. The inspection typically occurs within one week of the order date. The report is completed within 48 hours of the inspection completion. Any revisions requested by the client, after the initial report is submitted, are done within 24 hours. If the appraisal is completed for a lender, the lender must provide a copy of the appraisal to the homeowner, as the appraiser is only able to provide a copy the appraisal report to the lender identified in the appraisal. This is defined by the Uniform Standards of the Professional Appraisal Practice (USPAP) and all appraisers must comply.

Can you give some common examples of unique property features you've seen in Wisconsin area houses?

Homes that have the kitchen and dining area in a level that is below-grade. The appraiser must determine whether this causes any functional obsolescence. If it does, adjustments must be made for the functional obsolescence. Another example is homes that have main levels of the living area that are not entirely exposed or above-grade. Both examples require the use of comparable sales with features or characteristics that are equal to the subject property (property being appraised). This also provides support for the marketability of the subject property.

What are two ways that a homeowner or occupant can help speed up the home appraisal process?

A homeowner or occupant can help speed up the appraisal process by providing timely access to the property. If it is a multi-family property, access to all the units during the inspection must be provided.

5 Tips for a faster home appraisal:

  1. Provide a list of improvements made to the property in the last ten years and when they were completed.
  2. Provide a list of upgrades to construction made to the property.
  3. If available, have a copy of the blueprints to be reviewed.
  4. Relay any location/view attributes that have an adverse or beneficial effect on value.
  5. If the property is leased, provide all the lease information and any items included in the lease.

In most cases, how much contact does a home appraiser have with homeowners after the appraisal is complete?

In most cases, the appraiser does not have much contact with the homeowner after the appraisal is completed. If there is contact, it is usually to answer any questions the homeowner may have about the appraisal.

If in need of appraisal services, be certain that you utilize an appraiser that will provide a timely appraisal that is of high quality. One way to verify this is to use the services of an appraiser that is designated by the Appraisal Institute. I am currently a candidate for SRA designation and have an expected designation time of August of 2014.

The Appraisal Institute is a global professional association of real estate appraisers, with nearly 22,000 professionals in almost 60 countries throughout the world. Its mission is to advance professionalism and ethics, global standards, methodologies, and practices through the professional development of property economics worldwide.

The majority of Appraisal Institute professionals are practicing real estate appraisers and property analysts who provide valuation-related services to such clients as mortgage lenders, financial institutions, government agencies, attorneys and financial planners as well as homeowners and other individual consumers.

Appraisal Institute Designated members have met rigorous requirements relating to education, testing, experience and demonstration of knowledge, understanding and ability. Those individuals holding the Appraisal Institute's MAI and SRPA designations are experienced in commercial valuation, including industrial, retail and multifamily properties. Those holding the SRA designation are experienced in residential valuation. All Appraisal Institute professionals adhere to a strictly enforced Code of Professional Ethics and Standards of Professional Appraisal Practice.

What's the best way for people to contact you and your company?

The best way to contact me is via my cell phone at (262) 993-7388 or via my email at barreiroj@att.net. The office can be contacted at (262) 228-0087 or visit the website at www.barreiroappraisals.com

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