What is a real estate appraisal?
The process of forming an opinion of value on a real estate is called an appraisal. An appraisal is conducted in a systematic manner by an independent appraiser to determine the market value of a property. A real estate appraisal is also commonly referred to as a “property valuation”.
When would you need an appraisal?
A real estate appraisal service is needed whenever a person is financing the purchase of a property, or when an owner is looking to refinance. Someone might also have an appraisal done before listing their property for sale in order to determine a fair listing price. Appraisals are commonly required during estate sales and divorces, and they can also be used to determine tax liabilities.
Who conducts an appraisal?
Most states mandate that appraisers should be licensed or certified. If a commercial real estate appraisal or a residential real estate appraisal is required as a condition of your loan (whether you’re purchasing or refinancing), the bank will initiate, hire, and oversee the appraisal. New regulations do not allow Fannie Mae and Freddie Mac lenders to be directly in contact with appraisers so most banks will initiate the appraisal through an appraisal management company that has a number of appraisers from which to draw. If the appraisal is for your home before you sell it, hire the appraiser directly.
What is the function of the Appraiser?
An appraiser’s job is to determine the current value of a property. He will provide an objective, impartial and unbiased opinions about the value of the real property, providing assistance to those who own, manage, sell, invest in and/or lend money on the security of real estate.He will walk the length of the property to determine its exterior condition. Evaluate any amenities such as a swimming pool, finished basement, or built-in bar.The real estate appraisal service during appraisal takes into account the age, condition, size, location and overall amenities before ascribing a value to the property. The appraiser will then compare the home being appraised to comparable homes that have recently sold in the area. Positive or negative adjustments are made for any dissimilarities and a reconciled value is determined.
Schedule a real estate appraisal
A team of real estate appraisers from RD Clifford Associates is providing credible and timely commercial and residential reports for real estate valuation of commercial and residential properties at a competitive price in New Jersey. They are equipped to efficiently handle any kind of real estate appraisal having acquired colossal and wide-ranging experience in the market over the years. Multi-industry clients and cross disciplines have benefited from their professional services in New Jersey. Apart from New Jersey we also conduct commercial real estate appraisals in New York and Pennsylvania. Driven by high standards, made possible by their stickiness to employ only the best real estate appraisers in NJ they deliver experience and integrity to their customers’ projects.
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