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Linda and Bob Reeder
Chesterfield-Missouri-Real-Estate-Homes-Condos.com
Prudential Alliance, Realtors®
Toll Free (888) 434-SOLD
(636) 861-3790
One of the most misunderstood facets of the buying process is the “appraisal” of the property to be purchased. There are several questions you may have about this process.
WHO is the appraiser?
Appraisers are licensed by the State of Missouri. These individuals undergo an extensive 2-year apprenticeship process of training on the job with an experienced appraiser. The final opinion of value is based primarily on the experience and logic of the particular appraiser. The appraiser is generally selected by the lender.
WHAT does it cost?
The fee for a standard residential appraisal is generally a standard for a given geographic area. In the Metro area, the normal cost is approximately $300 - $350. If the subject property is valued at $500,000 or above, the cost will be more; and some investors will require more than one appraisal. If a government mortgage (FHA or VA) is being used, the fee is regulated by these agencies.
WHERE do I get a copy of the appraisal?
From the lender at time of closing. With some lenders, you must request a copy.
WHEN will the appraisal be done?
Immediately after loan application the lender will order an appraisal of the property, and it will generally be completed within seven to ten days. The appraisal will be submitted with the loan package for review by the underwriter.
WHY do I need an appraisal?
Before a lender will make a loan on a property, an estimate of value is required. It is common for lenders to require that appraisals conform to the Uniform Standards of Professional Appraisal Practice. This is done for the protection of both the bank's and the buyer's investment.
Note: An appraisal done for re-financing is NOT necessarily the same. You could get a BIG surprise in the difference in appraised value between the two! Also, appraisals done for corporate relocation buy outs are often different than either of the two above. We would be glad to discuss these differences with you - just give us a call at (636) 861-3790 or contact us via the web.
HOW is the value determined?
An appraisal is simply a supported estimate of value. There are three approaches to estimating market value of a property:
In most appraisals the appraiser correlates the indication of value by each of the three approaches, giving each a relative weight, and a determined value. When doing an appraisal for a home purchase, the direct sales comparison approach is usually the most relevant.
Contact us via the web, or call us at (636) 861-3790!
Linda and Bob Reeder provide Chesterfield Missouri real estate information and resources in order to assist home owners and home buyers with the process of buying and/or selling their Chesterfield home or other residential real estate (house, condo or other property in Chesterfield MO). Linda and Bob Reeder are top Chesterfield real estate agents and will assist you in getting the best value for your purchase or sale of a Chesterfield MO home. Their on-line services include free search of the St. Louis Multiple Listing Service (St. Louis MLS includes Chesterfield MO real estate - Chesterfield homes, Chesterfield villas, Chesterfield houses, Chesterfield lofts, and Chesterfield condominiums) with NO REGISTRATION, Email updates on new listings as they become available, and more. They provide you the information to help you learn more about Chesterfield condominiums, Chesterfield houses, and other Chesterfield MO real estate. Bob Reeder is a Graduate, REALTOR Institute (GRI). Linda Reeder is also a GRI and is designated a Certified Residential Specialist (CRS) and Coldwell Banker University Graduate (CBU). Additionally, Linda Reeder is also an Accredited Buyer's Representative (ABR). When you want a top Chesterfield REALTOR, Linda and Bob are your best choice. Linda and Bob can help you obtain financial services, professional building inspections, assist you in maximizing your relocation benefits, advise you on how to prepare your Chesterfield home for sale to maximize your selling price, and make your Chesterfield home buying or Chesterfield home selling process go smoothly and successfully. When you need a Realtor in Chesterfield MO, call us.
Our real estate practice is limited to serving clients purchasing or selling improved properties located in St. Louis County, St. Charles County, Jefferson County, and Franklin County. This includes the communities of Chesterfield, Town and Country, Clarkson Valley, Ballwin, Wildwood, Ellisville, Manchester, Maryland Heights, Frontenac, Sunset Hills, Valley Park, Fenton, St. Peters, Wentzville, O'Fallon, Arnold, Mehlville, Webster Groves, Kirkwood, Des Peres, Ladue, Creve Coeur, Eureka, St. Charles, Oakville, High Ridge, Pacific, Washington, Union, Lake St. Louis, Dardenne Prairie, Cottleville, Weldon Springs, City of St. Louis, and many more. Additionally, we do not work with improved properties under a listing price of $100,000. Exceptions are made for past clients and past client relatives on referral only, multiple purchase/sale investors, and our own friends and relatives. We regret that we can not provide service on a general basis outside of these restrictions. We will gladly refer you to a Chesterfield Realtor or Missouri Realtor who can serve you in those areas we do not have service available.
OTHER SITES WE HOST:
Information about St. Louis homes MLS search, St. Louis villas, St. Louis condominiums, St. Louis houses, and St. Louis lofts can be found at St. Louis Real Estate (Missouri).
Information about Chesterfield homes MLS search, Chesterfield villas, Chesterfield condominiums, Chesterfield houses, and Chesterfield lofts can be found at Chesterfield Real Estate (Missouri).
Information about Ballwin homes MLS search, Ballwin villas, Ballwin condominiums, Ballwin houses, and Ballwin lofts can be found at Ballwin Real Estate (Missouri).
Information about Town and Country homes MLS search, Town and Country villas, Town and Country condominiums, Town and Country houses, and Town and Country lofts can be found at Town and Country Real Estate (Missouri).
Information about Wildwood homes MLS search, Wildwood villas, Wildwood condominiums, Wildwood houses, and Wildwood lofts can be found at Wildwood Real Estate (Missouri).
FUN! Want a great vacation rental close to Chesterfield? Rent a chalet at Innsbrook. This is NOT our property and we are not offering it for rent, we just love to stay and relax there! Thought you might want to take a look at this wonderful get-away chalet at Innsbrook Rental. Linda & Bob Reeder Prudential Alliance, REALTORS 1000 Shnucks Woodsmill Plaza Town and Country, MO 63017 (636) 386-2900 |
Prudential is a registered service mark of The Prudential Insurance Company of America. Equal Housing Opportunity. An Independently Owned and Operated member of The Prudential Real Estate Affiliates, Inc.
Linda and Bob Reeder
Toll Free (888) 434-SOLD
(636) 861-3790
