PARK AVENUE APPRAISALS
A Peconic Appraisals, Inc, Company
New York State-Certified Real Estate Appraisal Services
Manhattan to Montauk and Everything In Between
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Who Needs an Appraisal?
|Posted on 28 November, 2018 at 7:35|
Who Needs an Appraisal
Who needs a residential real estate appraisal? The easy answer is this: almost every person who enters into any kind of real estate transaction will likely need an appraisal at some point in their life. An appraisal serves as a third party opinion of a property’s value and is necessary in order to keep real estate transactions accurate and quantitative as possible.
Appraisals can serve two main purposes in a residential real estate transaction: 1) to properly value a property’s appreciation over the years and 2) to realistically set a home’s asking price. Some people can be surprised when they find out that the market value of their home is much more than they had originally thought. So, investing in a professional appraisal can allow some people to receive several thousand more dollars than they would have had if it weren’t for the appraisal. On the other hand, other people have an inflated opinion of their home's value and a professional appraisal helped them to realistically price their home in order for it to sell. An overpriced home will likely not attract buyers, which means you may have wasted valuable time, money, and effort.
At Park Avenue Appraisals, we can provide you and your real estate agent with an appraisal that provides both an accurate description of your current and/or future home's features and a detailed analysis of the most recent and similar "comparable sales" or property’s in the home’s area. Professional residential real estate appraisals can also help you with the following:
• Appraisals can be a valuable negotiating tool with potential buyers.
• Appraisals can impress buyers with written proof of your home’s condition inside and out.
• Appraisals can make you aware of problems and eliminate last-minute repair hassles that might delay a closing.
• Appraisals can decrease the chance of unknown problems that can cause a sale to fall through.
• Appraisals can eliminate the wait time for the buyer or their mortgage company to get the appraisal done on their own.
The following three sections are broken up into three major parties who will benefit from professional appraisals: homeowners, buyers and estate executors. All three parties have distinct services that they require and as such, we have gone into detail in each category in hopes that the appraisal process will be easier and more convenient for when you need these services. So, whether you are a homeowner, a buyer, or an executer of an estate, we have residential real estate appraisal services specific to your needs.
Homeowner Appraisal Services:
At Park Avenue Appraisals, we understand the needs our homeowners have when it comes to the appraisal process. We also know that homeowners need appraisals for a variety of reasons, including: mortgage refinance, home equity loans, pre-listing services, and PMI removal. Since each of these reasons requires special attention to detail, we have provided a section for each of these services below. So, you can rest assured when you order an appraisal from us, you will receive the most accurate and professional appraisal services – no matter which of the reasons for needing an appraisal you may have.
Refinance/Home Equity Services:
As a homeowner, when you go to refinance your house and/or apply for a home equity line of credit, did you know that if your lender does not require you to use their appraisal firm, you are free to choose and appraisal firm of your choice? It’s true and if you are ever in this situation, we would like the opportunity to earn your business. However, even if your mortgage company does not require you to use one particular appraisal firm, most mortgage companies have a list of “approved appraisers” from which you may select. In this case, if you would like to have us work with you, please contact us (hyperlink) so that we may fill out the necessary documentation to become a part of your mortgage company’s “approved appraisers” list.
For-Sale-By-Owner (FSBO)/Pre-Listing Services:
It's hard to be objective about your own home oftentimes because of your emotional attachment to it, and we understand that at Park Avenue Appraisals. You see, professional appraisers are objective and will tell you what you need to know and not just what you want to hear. In addition to helping you set a realistic selling price so your home will attract buyers, a professional appraisal is very valuable as a negotiating tool once you have a potential buyer. It gives you something concrete to show your buyer. Potential buyers know you have an emotional attachment to your home and will be far more likely to give credibility to a professional appraiser's opinion of your home’s value rather than yours.
With the help of professional appraisals, more homeowners today are choosing to sell their homes FSBO (For Sale By Owner) and are choosing to forego the help of real estate agents. Selling your home by this method can end up saving you a potential “hefty” commission (industry average is 5-7% of the home’s selling price). Plus many homeowners feel that they have more control in the process of selling their home since they’re in essence making all the rules when selling FSBO.
PMI Removal Appraisal Services:
A popular money-saving opportunity for many homeowners is to get the PMI (Private Mortgage Insurance) removed from their mortgage loan, thus saving them money on their monthly mortgage payments. Once a homeowner’s loan amount is down below 80% of the value of your home, in most cases, homeowners can apply to the lender to have the PMI removed from your loan (which will make monthly payments go down). At Park Avenue Appraisals, we are experienced in helping our customers save money on their mortgage payments through the removal of PMI.
It has been our experience when working with customers in PMI removal situations, that the hardest thing to know is just when their home equity rises above the 20 percent point. This is where we can help. It is our job to know the market dynamics of the New York area. We know when property values have risen and/or declined and offer specific services to help our customers find the value of their homes and remove PMI payments. With the data gathered from the appraisal report, mortgage companies will oftentimes eliminate the PMI with little trouble. The savings from dropping the PMI pays for the appraisal report in a matter of months. After this short period of time, homeowners can enjoy the savings from not paying monthly PMI from that point forward.
Field & Desktop Appraisal Review Services:
Have you just received a copy of your appraisal report that was done by an appraisal firm you have never worked with before and are not completely sure you trust the results? Would you like to have a professional appraiser of your choice "double-check" the report for accuracy? Or, do you need a second opinion of your home’s value without the expense and delay of waiting for a whole new appraisal? At Park Avenue Appraisals, we offer field and desktop appraisal review services that are as unique as your specific situation.
During an appraisal field reviews, we will check your appraisal report for accuracy and provide exterior "field inspections" of the subject and comparable properties for maximum appraisal certainty. An appraisal field review is perfect for any situation demanding a second opinion on value.
During an appraisal desk review, instead of physically coming out to your property, we check over the findings of your current appraisal report for accuracy. We will do this by using our extensive Internet research capabilities and office files to deliver reviews with the highest degree of precision in the industry.
Buyer Appraisal Services:
Are you looking to buy a home but feel like you may not need a full-blown "appraisal," but would still like some help gathering local property and sales data? At Park Avenue Appraisals, we can provide low cost sales and listing reports that will guide you through the maze of raw data. We understand the complexities of buying a home and promise to do our best to make the buying process easier for you by giving you a high quality, professional appraisal that will help you to make a more informed buying decision.
What You Can Expect From us As a Buyer:
When you order an appraisal report from us, you can expect a prompt response to your initial inquiry. We will give you personalized information for your particular appraisal needs – just tell us your situation and we will make suggestions. We also provide quick turnaround time by typically completing most buyer appraisal requests in one week or less from the date the request is received.
Our reports are clearly written, understandable, and meet or exceed the Uniform Standards of Professional Appraisal Practice (USPAP) that governs the appraisal practice. If you have any questions regarding your appraisal, please do not hesitate to contact us at (888) 843-4141
Settling an estate is an important and sometimes stressful job. As an executor you have been entrusted to carry out the wishes of the deceased as swiftly and exactly as possible. At Park Avenue Appraisals, you can count on us to act quickly and with sensitivity to the feelings of everyone involved.
Attorneys and accountants rely on our values when calculating real property values for estates, divorces, or other disputes requiring a value being placed on real property. We understand their needs and are used to dealing with all parties involved. We provide appraisal reports that meet the requirements of the courts and various agencies. Opinions of value used in documents filed with revenue authorities should be supported by a detailed report as to how the appraiser arrived at their conclusions. Such reports will demonstrate to authorities that the numbers used in determining the estate’s value are well founded and substantiated.
Having a professional residential real estate appraisal firm such as Park Avenue Appraisals, gives the executor solid facts and figures to work with in meeting IRS and state agency requirements. It assures peace of mind to everyone concerned because we are there to stand behind the appraisal if for some reason it is challenged.