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

Appraising cooperatives requires a unique skill set different from appraising single-family houses. You probably think of the market value of your co-op as the price you could sell it for on the open market. However, State law requires us to value residential cooperative apartment buildings as if they were rental apartment buildings. This means that we look at the income and expense statements of ...
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By in Residential

If you plan on purchasing a new home with a mortgage or refinancing your current loan (or even getting a reverse mortgage), you will most likely need to order a mortgage appraisal. It might also be required for a home equity loan. This is a comprehensive report that determines the value of your property based on a number of factors, ranging from gross living space, to the view and the year a prope...
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By in Real Estate Property

If you buy a home with an FHA loan, you will need to acquire an FHA appraisal. The FHA appraisal is different from a standard appraisal in several ways. It comes with stricter requirements, because FHA home loans are backed by the government, and the government wants to make sure that you get a safe place to live, and that it (and taxpayers) back safe, livable homes. Definition of FHA Appraisal ...
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By in Real Estate Property