Single-Family Home Appraisals

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 th...
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By in Residential

Appraising a multi-family property is usually more complicated than appraising a single-family home.  Two-, three-, or four-unit buildings are sometimes subject to confusion when it comes to arranging a loan for purchase or refinancing.  Generally, appraisers use the 'market value' approach when appraising these properties, but also must consider the 'income' approach. The purpose of an apprais...
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By in Residential

An appraisal is a formal process that establishes the estimated fair market value of a condominium property. This is what your investment is objectively worth at that point in time. Appraisals are usually required by banks before they approve a mortgage. This is to make sure the loan amount isn’t beyond what the lender can expect to recoup if the buyer defaults on the mortgage. If your property...
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By in Residential

A co-op appraisal requires a different skill set than appraising a single-family house. New York and Connecticut state law requires appraisers to value residential cooperative apartment buildings using the sales comparison approach — meaning we look at recent sales of comparable co-op units with similar characteristics, not simply what you could sell your shares for on the open market, to determin...
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By in Residential