When it comes to real estate, single-family home appraisals account for the vast majority of all properties. Both buyers and sellers are in a holding pattern until the appraiser arrives at the property, looks it over, and comes back with a figure for what he/she thinks the property is worth.
The appraiser’s valuation is his or her opinion of what the property is worth. It doesn’t matter what the buyer is willing to pay or what the seller is willing to accept. At the end of the day, real data must support the appraiser’s opinion so all of the report’s readers can rely upon its conclusion.
Our expert appraisers are State Certified, insured & FHA approved for all Local and National lenders. We are equipped to provide the highest quality residential property appraisals at the best prices.
Why Do I Need A Single-Family Home Appraisal?
Getting a home appraisal plays a key role in the home financing process, both for a purchase and for a refinance, thus it’s important to understand the home appraisal process. In a purchase transaction, the appraisal is used to confirm whether the purchase price is a true market value.
In a refinance, the appraiser assesses the value based on market conditions and comparable sales, with no consideration of the loan amount or value estimate of the borrower or the lender. The appraiser also looks for any defects in the home, and if necessary, recommends repairs to be completed prior to loan closing.
You may need to get an appraisal yourself.
- Tax abatement
- Divorce
- Estate planning
- Bail bonds
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When Should I Get An Appraisal?
The Single-Family Residential Appraisal is used to estimate the market value of the subject property as defined in Uniform Standard of Professional Appraisal Practice (USPAP). It provides the benefit of a full interior and exterior inspection.
A significant portion of our work is for mortgage lending and banking institutions. We understand the importance of speed and accuracy in today’s lending environment. We offer the fastest and most accurate appraisals at competitive prices.
Why pay a broker’s commission of up to 6%? Get a reliable estimate of your home’s market value. You choose how to market your home while saving substantial sums of money. You can sell your house with the help of our expert knowledge & valuations.
Not sure if you’re getting a good deal? Get an appraisal done on the house BEFORE you buy and be certain. You can even use the report to get a mortgage after you sign contracts.
It’s important to understand how single-family residential appraisals work because nowadays, the appraisal can be a potential deal-killer when you’re trying to sell, buy, or refinance. At Hudson View Appraisal Services, our appraisal experts determine the value of a home based on comparable sales in the same neighborhood. The appraiser will look for similar homes that sold within a six-month period.
Why Does An Appraiser Make Adjustments?
If the comp is bigger or smaller than the subject property by land or square footage, the appraiser will calculate an adjustment. Similarly, the appraiser will make an adjustment if there are any additional features such as a deck, a pool, or a view, which add value to a property. Cosmetic features such as a renovated kitchen or exterior molding have varying impacts on value. Negative factors can also play a role in value development, like proximity to a busy road or a poor layout. The appraiser must diligently study the market to determine the size of the adjustment. These adjustments help the appraiser calculate the value of your house or apartment.
To Learn More…
If you would like to learn more, please visit the FAQs section, or contact us today to Get Started. Or visit us on LinkedIn.
Use our services for managing your appraisal needs in the New York & Connecticut areas.
Hudson View Appraisal Services has over 20 years of experience in the business, we have a proven track record of reducing lenders aggravations, efforts, and costs in managing the appraisal process.
