Q: When is your office open?
A: Monday - Friday 8am(EST) to 4:55pm (EST). Appraisal appointment times are set by the appraiser (not the loan officer) and may be different from office hours.
Q: Do you appraise antiques, furniture, equipment, or personal property?
A: No, we only appraise real property (land, the buildings that may sit on the land, and the bundle of rights associated with the ownership interest).
Q: Are you licensed to sell real estate as well?
A: No. We only appraise real estate. This limits any questions as to conflict of interest.
Q: Do you do appraisal work for my lender / my attorney?
A: We perform appraisal assignments for a large variety of lenders/attorneys. Let us know your lender/attornery's name and we can check. If we are currently not on their approved list, we can supply the required information to be put on their list.
Q: Can your fee be dependent on the amount that the property is worth?
A: No. USPAP restricts an appraiser from accepting such assignments. This is the cornerstone of an "unbiased opinion of value."
Q: What is USPAP and why is it relevant?
A: USPAP stands for Uniform Standards of Professional Appraisal Practice. This is a series of appraisal rules, standards, and statements that licensed/certified appraisers are bound by. Among other things, this requires the appraiser to deliver an unbiased opinion of value based on a logically supported and consistent process. USPAP training and compliance is required for all appraisers who are licensed/certified in New York State and for appraisers performing appraisals for mortgage lending and most court proceedings. Additional information on USPAP can be supplied upon request.
Q: Do you do "comp checks?"
A: No. These "comp checks" are often requested by mortgage brokers attempting to pre-determine whether a particular property will appraise for the necessary amount to fund the loan. The appraisal profession is bound by a set of standards (see USPAP) that precludes an appraiser from giving a value opinion before he/she has finished the full appraisal process. Whether you are asking about a specific value amount or asking whether a property is likely to be in 'this value range' or 'at least X dollars', you are still asking the appraiser to give an opinion of value before proper analysis is complete. If you wish to know the value of a piece of property, please order from one of our appraisal options and allow us to complete the appraisal properly. All appraisal requests that require a pre-determined appraised value will be rejected immediately.
Q: If I'm getting a bank loan but don't know which bank I am going to use yet, should I get an appraisal done on my own first to shop around?
A: Not if the intended use of the appraisal is for banking purposes. Make your decision as to which bank to use first then give them our contact information. This will save you money in the long run.
Q: Do I have to pay for the appraisal if I disagree with the value reported?
A: Yes. As was discussed above, an appraisal is an unbiased opinion of value. By definition, you as the home owner or loan officer can not be unbiased and therefore may very well come to a different idea as to the value of the property. We are hired to appraise the property because of our training and knowledge base and we expect to be paid to provide that service based on the agreed upon fee at the time we accepted the assignment.
Q: How long does an appraisal take to complete?A: Most people only see the appraiser at the time he/she inspects the property. This may take as little as a few minutes but this inspection is just the first piece in the appraisal puzzle. The appraiser must do significant research and computations before he/she can render an opinion as to the property's value. This may take anywhere from several hours to several weeks depending upon the complexity of the job and the hurtles that may need to be overcome. For this reason, the appraiser can not tell you how much your property is worth at the end of the inspection appointment. If you have specific time constraints, please let us know immediately so that we can attempt to meet your expectations or direct you to others who can.
Q: How long is an appraisal good for? A: This is not an easy question to answer. It depends on the intended use of the appraisal report and on the market conditions in your area. An appraisal is a 'snapshot in time' of a property's value and - in a quickly changing real estate market - may become obsolete in a short period of time. Most banks will not accept an appraisal that is over a year old.
Q: How much does an appraisal cost?
A: This varies dramatically based on the type of property being appraised, the needs of the client, how quickly you need the report, and the intended use of the appraisal. The best way to answer this question is to give us a call and let us understand the appraisal needs then we'll be happy to give you a quote. See our contact information on the home page.
Q: Do you do Home Inspections?
A: No. This is a separate and distinct service (separately licensed by NY State) which we do not provide. When we speak of "inspecting the property" this is a visit to the property and collecting of data with regard to the property for the purposes of performing an appraisal - not for Home Inspection services. Check with the NY Department of State, Division of Licensing for Home Inspectors in your area.
Q: Can you guarantee me that an appraisal will be done by a given date? A: We will provide you with an estimated completion date at the time we accept the appraisal assignment and will strive hard to meet that expectation. We will do everything we can to accommodate your needs but some necessary information from time to time may be unavailable and may delay the process unavoidably.
Q: Will you "reassign to me or X bank" an appraisal performed for someone else?
A: No. That appraisal was done for that client only and was done with their specific needs taken into consideration. The report may contain information which we are required to keep confidential. If you need a new appraisal of property we have previously appraised, we may - depending on the agreement made with the previous client - be able to accept this as a new assignment. Call us to discuss.
Q: If I am the one paying for the appraisal, am I entitled to a copy of the report?
A: Not necessarily. This is often confusing. The only person (or entity in the case of banks and corporations) whom we may send a copy of the report to is the client. The client is the person (or entity) who originally engages us to perform the appraisal. For example, your bank may call us to appraise your house for a home equity loan and the bank may ask us to pick up payment from you at the time of inspection. In this instance, the bank is still our client - not you the borrower. Most banks will provide a copy of the appraisal report as part of the closing papers or you may be entitled to a copy from them of the report upon request.
Q: Do you do appraisal work for FHA or VA loans?
A: Yes. We have several appraisers that can do appraisals which are for these types of loans depending on the location of the property.
Q: What is the difference between an appraisal, an assessed value, and a Broker's Opinion of Value?
A: An appraisal is an unbiased opinion of value derived by an individual trained in the profession of real estate valuation. He/she may (or may not) be licensed by New York state (currently NY is a voluntary licensing state but be aware most banks will likely require licensing for appraisals they request). An assessed value is a value derived for taxation purposes and may (or may not) reflect the full market value of the property. An assessed value may be derived by an individual assessor's analysis or through mass statistical data methods. A Broker's Opinion of Value is as the name suggests but may differ from an appraisal or assessment due to the potential use of listings, expired listings, sales, and older sales. The broker may not be bound to the provisions of USPAP to which an appraiser is bound. These three value types may (and often are) different. The issue as to which valuation is appropriate is dependent upon your needs.
Q: Why is state licensing/certification so important?
A: With a state licensed or certified appraiser, you can be assured that the appraiser has met certain minimum education and experience requirements and has passed a state test to demonstrate their knowledge of the subject. Additionally, NY State requires every appraiser to participate in multiple hours of continuing education every renewal period to remain current and expand their knowledge base. As mentioned above, New York is currently a voluntary state which means you do not have to be state licensed/certified to call yourself an appraiser. However, almost all banking establishments require the appraiser to be licensed or certified. Additionally, a state license or certification is desired and often carries more weight in court proceedings. The appraisal licenses and certifications are different and distinct from the real estate sales agent or real estate broker licenses.