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What to Expect In Your Appraisal Report: An Interview with Erin Waldron of Appraisal Specialists, Inc

By Erin Waldron

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

Please allow me to introduce myself. My name is Erin Elizabeth Waldron. I am the mother of 2 teenage boys schooling in the Oconomowoc School District, loving wife of 22 years, and have been appraising real estate in the lake country area for over 20 years. I started Appraisal Specialists, Inc. in 1992 after leaving a local title co. for whom I developed an appraisal division. With several appraiser trainees working under myself, I decided it was time to go on my own. With the knowledge and guidance of my mother and father who have been brokers for over 40 years, I bring to real estate sales and appraisal business, the experience of property valuation and knowledge of the ever changing market. With a strong background in public relations, I began working for a title company in 1990. This was the beginning of my career in the real estate industry. There I initiated an appraisal division, managed various aspects of the title insurance business, and went out on my own shortly thereafter. The rewards have been hard earned and steadfast.

The passion I have for real estate in general, stems from a family that has experienced success in the industry as a whole. Weather it is commercial, industrial, residential, or agricultural property, I carry a solid understanding of real estate and the value it holds.

We are a family oriented real estate operation with my husband David working as a licensed residential appraiser, and my mother Nancy Scott and father Vilas Scott offering consulting and expertise as licensed real estate broker's. I recently acquired my broker's license as well, incorporating the appraisal knowledge I've gained along the way.

The services we offer at Appraisal Specialists, Inc. include consulting, residential, vacant land, farm, industrial and commercial appraisals mainly in the Lake Country Area. We utilize state of the art software, and are constantly updating our educational portfolio in order to keep abreast of the ever changing requirements by the federal government as well as lender's.

Info. included in the home appraisal report include the following:

General Data: Economic; Market Analysis, Financial; Economic Base; Trends

Locational: Region; Community; Neighborhood

Specific: Appraised Property, Title and record data; relationship or site to land pattern; physical characteristics

Comparative Properties: Sales, Costs, Listings, Rentals

Highest & Best Use Analysis

Site Valuation

What kind of information is included in the home appraisal report?

Application of 3 Approaches to Value: Cost Approach, Sales Comparison Approach (Normally the most relied upon approach), Income Approach (Commercial/Industrial/Rental Properties)

Reconciliation of Value Indications into a Final Value Estimate of Defined Value

How long is the report and how long should it take to receive it?

The length of the report is dictated by the type of report requested. A standard 1004 Uniform Residential Appraisal Report is most widely utilized by lenders and the general residential real estate market. This is also the report that Fannie Mae and Freddie Mac require for loans bought and sold on the secondary market. The main portion of the 1004 report is basically 2 to 4 pages in condensed data, with multiple addendum pages including photos, maps, and other relative material. It normally takes 3 to 5 business days after inspection to return a report to a client. This time frame can vary depending on weather the property is average for the area, or complex.

What are two or three of the most common reasons for a low appraisal price?

Two or 3 reasons for a residential appraisal to come in below market value are: Condition, Location, and Overall Utility (bedroom/bath count). Most buyers are looking for at least 1.5-2 full baths on the main level of their home.

How do you suggestion someone find a qualified home appraiser?

If you are looking for a qualified home appraiser, the best resource is local WI Dept. of Safety and Professional Services. You can look for locally licensed appraisers in their directory. Local realtors are also a good resource.

What advice would you give to people who receive a poorly done report?

If you receive what you believe to be a poorly executed appraisal report, the first thing you should do is contact the lender if you are working with a bank, lender or mortgage company if it's a private appraisal you can contact the appraiser directly. Then step is to contact the appraiser directly with your questions. If that does not resolve the issues you have, then you can contact another appraiser to complete another appraisal. If that fails to work, you can contact WI DSPS and file a compliant. Normally your best solution for resolution is to work directly with the appraiser who conducted the appraisal.

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

You can reach us at (262)278-6007, or (262)490-0670. Our web site is : www.appraisalspecialists.com I am now a licensed Broker as well operating a real estate sales division called Property Dynamics, LLC. pdrellc.com

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