Appraisals, Mortgages and Real Estate Agents – Oh, My!

Home foreclosures in the United States have increased each quarter for two consecutive years and ballooned 121 percent in the second quarter of 2008 over the same period just one year ago, with over 700,000 homeowners – about one in every 171 – receiving foreclosure notices.



This week, Congress passed comprehensive housing relief legislation, as it aims to stem the foreclosure crisis, help struggling mortgage companies and stimulate the housing market.



Meanwhile, many homeowners or potential buyers on the market are scratching their heads and wondering what options they have, as they look to improve the value of or sell their existing home, or to purchase a home.



Angie’s List (www.angieslist.com), the nation’s leading provider of consumer ratings on local service companies – including appraisers, mortgage companies and real estate agents – consulted its highly rated service providers in the aforementioned industries to get some tips for consumers who are having their home appraised or who might be buying or selling a home in this tumultuous market.



“Finding an appraiser, a mortgage company or a real estate agent that is reliable and trustworthy is absolutely essential in the current housing market conditions,” said Angie’s List founder Angie Hicks. “We talked to our housing experts and a common theme was that the once-small details that were ignored are now being fully scrutinized.”



Angie’s List offers detailed tips for all three industries. Here is a brief overview:



· Appraisals: The appraisal reporting process has become much more important and thorough, as lenders have begun requesting more data and a deeper analysis from appraisers. As a homeowner, you may have reason to question the value of your home on various occasions. You may plan to sell it, appeal your property tax assessment, or undertake a major home renovation project. A recent nationwide poll by Angie’s List found that nearly half of the respondents believed their home decreased in value in the past year. Angie gives some advice on how to get the most out of an appraisal.



· Mortgage companies: What was simple just a few years ago has become much more complex. Home sales are at their lowest level in more than a decade ...