Newspaper Page Text
June 29, 2011
PAGE 4
Middle GA Really
HOMES &LANIJ
"Service You Deserve, People You Trust"
78 North Lee St. • Forsyth, GA
~ 478-994-5900
L KA
DIAL I A I A f I
Always There For You®
www. er amiddleg-eorgiar ealty. com
4 BR, 3 BA spacious home on 8.02 acres in S. Monroe
Cty. Large BRs. Open living area w/ old wood beams.
3 BR, 3.5 BA 10.84 wooded acres w/ pond & dock.
Workshop w/ electricity. Hot tub.
3 BR, 2 BA on 3.19 acres. Split floor plan, open &
spacious rooms, pool with pool house. Seller motivated.
3 BR, 4 BA with full finished walkout basement. Large
yard, dock, workshop & outbuilding. 8.39 acres and pond.
S. Monroe. Carriage apartment
over 3 car garage.
3 BR, 2 BA with split bedroom design. Small screened
porch & front porch. 3.2 acres mostly wooded.
3 BR, 2 BA split floorplan. 1 acre corner lot
w/fenced backyard.
4 BR, 3.5 BA Italiante style home in Forsyth. Sunroom.
Workshop. 2.72 acres. Recently renovated.
4 BR, 4 BA, hardwood floors, high ceilings. Extensive
molding. Carriage house/apartment.
3 BR, 2 BA 2-car garage. New floors. 1 acre in 4 BR, 3 BA. 4.26 acres, private dock, open floor plan,
established neighborhood. in-law suite, workshop. Secluded but convenient location.
LAND
19 ACRES- Gorgeous creek, heavily wooded. Lots of privacy. $138,500
CREEKSIDE-1-9+acres. Creek frontage lots available. Restrictive covenants. Prices starting at $37,750
1.057 ACRE LOTS- Plenty of hardwoods. 2,000 sq. ft minimum. Prices starting at $26,900
3.15 ACRES- Deer Creek Manor Subdivision in S. Monroe Cty 2,000 sq. ft. minimum. $49,900
WOODED 4.3 ACRES- City water available. Mobile homes allowed. $37,800
Myths and facts about the appraisal process
Whether you’re talking about a commercial
or residential property, there are some myths
about the appraisal process. Here a few.
MYTH: If you are buying or selling, the
appraisal that the lender gets always comes in
at the sales price.
FACT: The appraiser should not appraise a
property to arrive at the sales price. The
appraisal should be what the typical
purchaser would pay for the property.
Sometimes these are two different
things.
For instance, if you getting a great
deal on a property because of a fore
closure or other type of forced sale,
what you pay for the property will be
less than what someone else would
typically pay under normal condi
tions. Your appraisal should not be
different just because you happen to
be getting a good deal or you are a
shrewd negotiator. If the market is
defined by foreclosures, however, the
appraisal will reflect that fact.
That being said, many times the appraisal
value does come in at the sales price. That’s
because if it is a typical transaction under nor
mal circumstances, it stands to reason that
the seller is getting what the property is
worth and the buyer isn’t getting taken to the
cleaners and overpaying. Either way, the data
used in the appraisal to arrive at that figure
should reflect this.
MYTH: The primary purpose for the apprais
al is to make sure the buyer doesn’t overpay
for the property.
FACT: While this may be a byproduct of the
process, the primary purpose is to protect the
lender. If they are going to lend
thousands or hundreds of thousands
of dollars on a property, they want to
make sure that they are covered if
the loan is ever defaulted on. This is
why the appraisal takes place before
the final approval of the loan is
made. Lenders don’t like the idea of
owning overpriced property and I
don’t blame them. You can’t stay in
business long if you do.
MYTH: Appraisers have the final
say so in the value of the property as
to whether or not the bank makes
the loan for the sale.
FACT: Appraisers have both FNMA and
lender specific guidelines they must follow
when choosing comparable sales and reconcil
ing a final value. For example, if the subject
property is unique and the appraiser believes
the best comparable sale occurred over one
year ago, the appraiser still cannot place
emphasis on that sale. That’s because it is out
side FNMA and, more than likely, lender
underwriting guidelines. The bank can’t tell
the appraiser what value to put on the proper
ty but they can reject the appraisal if they
choose.
MYTH: Appraisers have a specific formula
they use (price per square foot, etc.) to figure
out how much a home is worth.
FACT: While a unit of measure such as pack
age price per square foot is considered, there
are many other factors weighed in the
appraisal process. A few of these are the condi
tion of the property, the upgrades that have
been done, proximity to schools and shopping,
the other properties around it, and if it is
overbuilt or underbuilt, just to name a few. In
addition, a cost analysis and an income
approach must be considered in every full
appraisal.
Each property is unique and we rely on our
expertise and experience to choose and ana
lyze data that will give the most accurate indi
cator of value possible.
Tom Wilson has been appraising for over 23
years and is the owner of Wilson &Associates -
Middle Georgia's oldest and largest appraisal
firm. He holdsthe SRA Designation from the
Appraisal Institute and is a Certified
Residetial appraiser in the state of Georgia.
Tom Wilson
PAGE 5
June 29, 2011
Reporter
County OKs new duplex
on Martin Luther King
Monroe County commissioners gave James Green permis
sion to build a duplex on his lot on Martin Luther King Drive
last Tuesday.
That after Green complied with commissioners’ request that
he have a survey done of the property to satisfy a neighbor
ing property owner concerned about the proposed new con
struction.
Rev. Martha Randall, who actually lives in Stone Mountain
but owns an adjacent lot, has objected to Green’s plans.
Green, a former candidate for county commission chairman,
Forsyth mayor and school board, had asked commissioners in
May for a variance allowing him to tear down an abandoned
home on the property to build a two-story duplex.
Commissioners postponed a verdict until the survey could be
done.
Randall commended Green for doing the survey to find out
exactly where their property line is, but said she’s still con
cerned that Green might have cut down some trees on her
property. Green said he doesn’t know, but if he did he will
compensate her or plant new trees.
Green had to get a variance because his lot is smaller than
one acre, the county minimum.
Randall also said she’s concerned about how high the
duplex will be. Commissioner Jim Ham said they couldn’t do
anything about that.
“I can’t blame Mr. Green for being extremely wealthy and
wanting to build a tall house,” said Ham. “The Lord has
blessed him.”
m*b
MONROE COUNTY BANK
Local. Listening. Leading.
Faster Service
Competitive Rates
• Home Mortgages
• Construction, Land
and Lot Loans
1 EAST MAIN ST. • FORSYTH
(478) 994-1000
10788 ESTES RD. • BOLINGBROKE
(478) 992-9100
Member
FDIC
See One of Our Loan Officers Today:
Bill Bazemore, Tony Ussery, Cole Davis,
Ron Rankin, Chris Hewitt
tSl
EQUAl HOUSING
Middle
Qemgia
Real
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