Frequently Asked Questions

  1. Q: What is an appraisal?
    A: A real estate appraisal is a formal, written report resulting from an inspection of a specific property and relating to its specific value in dollars as of a specific date.

  2. Q: What does an appraiser do during his/her inspection?
    A: An appraiser inspects the property by walking through the interior and around the exterior noting all aspects of market-related value. The appraiser takes specific notes relating to the assets and liabilities of a property.

  3. Q: What does the appraisal report consist of?
    A: An appraisal report is the compilation of facts concerning a specific property put into a written format. The report consists of a complete description of all the operating and functional parts of a home that relate to market reaction, the inclusion of similar recently closed properties and if necessary, properties that are under contract, as well as competing properties that are presently on the market, color photographs of the property and the competing properties, sketches of the interior floor plan and exterior in order establish size, location maps, as well as a description of the property site and zoning.

  4. Q: How is an appraisal different from a Home Inspection? Different from a CMA?
    A: A home inspection is a written report of the findings of an extensive inspection of the condition of and functionality of the structure of the house and the working parts such as heating systems, roofing material and utilities. A real estate appraisal is a complete inspection of the properties for the purposes of establishing a market value, which is established through a marketing process.
    A CMA is a typically a written report establishing a future marketing value to determine a future sales price beyond that date of the CMA. An appraisal is the compilation of facts establishing present day value as of the date of the inspection and not future value.

  5. Q: Why do I need a professional appraisal report?
    A: The primary reason is that FNMA mandates the format of the appraisal so that investors and purchasers of martgages will be purchasing similar information of every property. Further, every State in the United STates require appraisers to be licensed and require that every appraiser meets stringent educational requirements and that the educational requirements be updated every two years.

  6. Q: Do you do appraisals for PMI removal?
    A: We complete appraisals for all purposes of which an evaluation of a property for the purposes of removing PMI is one.  We also complete appraisals for tax appeals, court cases, divorces, trusts, refinancing, purchasing or sell a property.

  7. Q: What home improvements affect my property value the most?
    A: Any improvement to a property enhances value.  Modernization of a property effects apperaance and increased functionality, but the most important aspect of value is to maintain the overall condition of the house so its appearnce is appealing ot Buyers.
    Naturally, expansion from 3 to 4 bedrooms, ample bathrooms to service the number of bedrooms, as well as close proximity of a bathroom for guests or occupants and expansion of the size or usable living area. Most importantly, an owner or owners should not personalize improvements to a property that are so personal that the marketplace will reject them.

  8. Q: Where can an owner, seller or buyer obtain all of the appraisal data contained in the report?
    A: Legally, we can only supply copies of an appraisal to that source that contracts us to complete the appraisal. The fact that someone pays for the appraisal does not warrant a copy of the appraisal from the appraiser. Typically, the mortgage company must supply a copy of the appraisal upon request.

  9. Q: Where do we obtain all of the appraisal data contained in the report?
    A:  Specific information concerning the subject porperty and comparables can be extracted from the Tax Assessor's records in the municipality offices.  Deed information is obtained from the records at the County Clerk's office.  Cost Approach calculations are based on the information obtained from builders, contractors and lumberyards.  General information concerning public sales is obtained from the numerous multiple listing systems, which are a part of this Company's computer system with which we have memberships.

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