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Pilgrim Colonial – Appraisal Definitions & Jargon
ABSORPTION RATEThe ratio of the number of properties in an area that have been sold against the number available. Used to show the volatility of a market.ABSTRACTION METHODThis method of estimating the value of property uses similar properties available in the same market to extract the value of a parcel of land.ACCELERATION CLAUSEA provision in a mortgage that gives the lender the right to demand immediate payment of the outstanding loan balance under certain circumstances. Usually when the borrower defaults on the loan.ACCESSORY BUILDINGA building separate from the main structure on a property. Often used for a specific purpose, such as a workshop, storage shed or garage.ACCRETIONThe natural growth of a piece of land resulting from forces of nature.ACRE43,560 square feet. A measurement of area.ACTUAL AGEThe amount of time that has passed since a building or other structure was built. See also: EFFECTIVE AGEADJUSTMENT DATEThe date the interest rate changes on an adjustable rate mortgage.AD VALOREM TAXTaxes assessed based on the value of the land and improvements.ADDENDUMA supplement to any document that contains additional information pertinent to the subject. Appraisers use an addendum to further explain items for which there was inadequate space on the standard appraisal form.ADJUSTABLE-RATE MORTGAGE (ARM)A type of mortgage where the interest rate varies based on a particular index, normally the prime lending rate.ADJUSTED BASISThe value of an asset (property or otherwise) that includes the original price plus the value of any improvement, and less any applicable depreciation.ADJUSTED SALES PRICEAn estimate of a property's sales price, after adjustments have been made to account for differences between it and another comparable property.AESTHETIC VALUEThe additional value a property enjoys based on subjective criteria such as look or appeal.AFFIRMATIONA declaration that a certain set of facts are truthful.AFFORDABILITY ANALYSISA calculation used to determine an individual's likelihood of being able… Continue Reading
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Pilgrim Colonial Appraisal Services
Pilgrim Colonial Appraisal Services | Professional Appraisal Network Are you seeking an experienced home appraiser? Welcome to Pilgrim Colonial Appraisal Services. Certified Residential Massachusetts appraisers covering Hampden, Hampshire & Franklin counties. We are not just your ordinary appraisal practice. Our mission is to provide the highest quality of real estate appraisal and consultation services. We strive to be the exemplar in our quality of work and customer service. From typical appraisal orders to the complex, we aim to exceed in client expectations. In each order, we consider the scope of work, location and time frame and match one of our appraisers with that criteria. Our clients say "PCAS made the ideal match. The service is very white-glove". Enlist us for your residential appraisal service needs. We work hard to establish a reputation for quality while remaining prompt as we understand the value and the importance of your time. Residential Real Estate FHA Approved Mortgage Refinancing PMI Removal Bankruptcy Estate Planning/Trusts Divorce Appraisals Multifamily Income Properties Appraisers who are in interested in becoming a part of Pilgrim Colonial's network, please inquire today. Every appraiser's style is unique. Preserve your autonomy and extend your professional services by joining our network where your unique skills are valued, revered and rewarded.
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Refinancing
As you know mortgage rates change daily. You may consider the savings in interest by refinancing your mortgage. Pilgrim Colonial works with several lenders in this process. When you apply for refinancing, an appraisal is ordered. Pilgrim Colonial will contact you to set up a time to inspect your property. Note, all federal bank transactions must initiate the appraiser. This cannot be ordered directly through Pilgrim Colonial. We measure your home and note the condition and quality of the property. A thorough data analysis of the market is also done to formulate an opinion of market value for the property. The savings can be worth considering refinancing. There are several refinancing calculators to determine the savings. Speak with a financial adviser to see if refinancing is right for you.
