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A Proactive Approach to Home Valuation

A Proactive Approach to Home Valuation. David Barnes Sr. Relationship Manager DavidBarnes@GotAppraisals.com 925.965.0378. Ultimate Mortgage Expo Atlantic City, N. J. June, 2013. Today’s Topics . Benefits of understanding potential value up-front How to leverage that knowledge

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A Proactive Approach to Home Valuation

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  1. A Proactive Approachto Home Valuation David BarnesSr. Relationship ManagerDavidBarnes@GotAppraisals.com 925.965.0378 Ultimate Mortgage Expo Atlantic City, N. J. June, 2013

  2. Today’s Topics • Benefits of understanding potential value up-front • How to leverage that knowledge • Structuring the deal around potential value • Positioning yourself as the expert • Realtor-based business

  3. Appraisal Issues • Appraisals ruining your deals • Unrealistic value expectations • Price adjustments due to LTV/CLTV

  4. Understanding Potential Value • What does the borrower think the home is worth (or purchase price)? • What do you need the home to be worth to make your deal? • Is there anything going on with the subject property that could impact its value or your loan (i.e. deferred maintenance, permit issues, unique situations, etc.)?

  5. Why Let Value Kill Your Deal? • Have a good idea of potential value while packaging the deal • You need something more accurate than a BPO or an AVM and that is cost effective • Knowledge is POWER!

  6. Leverage Your Knowledge • Educating your client • Setting realistic expectations for youand your client • You are the mortgage expert

  7. Structuring The Deal • Best and worst case scenario • Will the deal still work? • Cash to close • Mortgage insurance • Potential for a rate increase due to LTV/CLTV

  8. You ARE The Mortgage Expert • Creating long-term relationships and referral-based business • Stand above ALL of your competition

  9. Realtor-Based Business • Knowing up-front if there will be potential value issues with purchase transactions • Make your agent look great! • If there is an issue, get out before contingencies are up.

  10. Now Introducing! &

  11. The interactive AVM, compared • Standard AVM: • Low cost, automated estimate of market value • Automation is a shortcoming • GotVal and GotVal Plus interactive AVM’s: • Start with an AVM • Add insight from trained staff members • More accuracy, without losing speed or economy

  12. Interactive AVM • Geo-statistical formulas and analytics • Multiple data sources • Confidence scoring, plus additional data • Trained staff* intervention to adjust subject and comp criteria • Elimination of sales data that is not pertinent *Trained staff is not necessarily an appraiser.

  13. Interactive AVM

  14. Interactive AVM

  15. Interactive AVM All of the benefits of GotVal, AND… • Property inspection report • Exterior Photos

  16. Interactive AVM

  17. Interactive AVM

  18. Interactive AVM

  19. Interactive AVM

  20. The Professional Abbreviated Report (PAR) • Completed in 24-48 hours • Done by local certified appraiser • Direct knowledge of the subject neighborhood. • Order full appraisal within 10 days • Get $50 off • Will be completed by the same appraiser.

  21. The PAR Advantage • Fast • Always done by a local appraiser • Always USPAP-compliant • Save money on follow-up appraisal • Full-time support staff to answer questions • No conflict of interest with broker agenda • Photos of subject and comps available • High accuracy

  22. PAR

  23. PAR

  24. Thank You! By doing a little homework up front in properly qualifying your collateral, you can save yourself and your borrower a lot of frustration, time and money. You will have better quality loan packages and much happier clients. If you have any questions contact: davidbarnes@gotappraisals.com 925.965.0378

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