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Frequently Asked Questions

Here, you’ll find a few of the most frequently asked questions we’ve received from our customers.

Why do I need an appraisal?

A correct appraisal of your property means that you can get the right amount of money for it when you sell it, that you are buying a property for a fair amount, or it may help you settle a tax dispute with your county taxing authority. Appraisals are also useful in situations pertaining estate planning and any disputes over a property.

What is an appraisal?

A full appraisal of your property will include researching the local neighborhood, previous sales amounts for homes like yours, and the property value or depreciation (in the case of commercial appraisals), and any income that the property may produce. Appraisals are not inspections – they are assessments of the value of a property, not of the adequacy or state of the property or structures on the property. Usually, a lender will require an appraisal of a property before the closing, so that an accurate measurement of the property’s cost has been aligned with the lender’s expectation for the loan.

The lender has hired you for my appraisal. Does that mean you’re just going to tell them what they want to hear?

Absolutely not. Appraisers are special in that they play the “disinterested third party” in real estate transactions. The only fiduciary responsibility we have to the lender is to hand them the appraisal by the due date they give us. What this means is that we cannot ethically become involved in the transaction - we are disinterested in the outcome, we cannot make or lose money based on the report we write, therefore we do not tease the numbers to please the lenders.

What happens when you show up to make an appraisal? And how long will it take?

The appraiser generally starts by taking pictures and measurements of the outside of the house. If you’re home, he will proceed inside to take pictures and measurements as well. A thorough visual inspection of the property will be done. At this time, the appraiser will make note of any special features your property might have. The entire process could take anywhere from 20 minutes up to an hour or more, depending on the skill of the appraiser, and the size of the property. Our appraisers generally average 30 minutes for a full appraisal of a single family home.

Do you use “comp checks”?

Yes – Comparative analysis of the property’s current location is vital to a correct assessment of the value. What other properties in the vicinity have sold for is a huge consideration, along with market trends, the value of the land it sits on, improvements to the property and more, when creating a full-bodied appraisal.

What is your service area?

Currently we are serving the downtown and outlying areas of Rockland County, Orange County, Westchester County, and New York City.