Estate Appraisals:

Sometimes called Probate Appraisals or Date of Death Appraisals. In most cases, these are retrospective appraisals, meaning the effective date is a specific date in the past. Be sure the appraiser you hire understands estate appraisals must not only be in compliance with the Uniform Standards of Professional Appraisal Practice (USPAP), they must also adhere to the Internal Revenue Services’ Real Property Valuation Guidelines.

Divorce Appraisals:

Be sure to hire someone who understands the extra work required behind the scenes. It’s imperative they analyze all possible sales and listings, not just those included in your appraisal. By doing so, you and your team will be fully prepared in the event the appraisal is contested.

Bankruptcy Appraisals:

Be sure the appraiser you hire understands bankruptcy appraisals must not only be in compliance with the Uniform Standards of Professional Appraisal Practice (USPAP), they must also be in compliance with federal bankruptcy laws.

For Sale By Owner (FSBO) Appraisals:

It’s true, selling your home on your own can save you money. However, this will only happen with a good marketing plan. Crucial to a good marketing plan is a good pricing strategy. Price it too high, your listing will become stale. Price it too low, you could be leaving money on the table. This is where I can help. A professional, unbiased appraisal can help you maximize profits within a reasonable period of time. In fact, you can use the appraisal as part of your marketing plan. Handing a potential buyer a professional unbiased appraisal shows them you’ve done your homework.

Buyer Appraisals:

In most cases your lender will have an appraisal done. However if you’re paying cash or the transaction is seller financed, how do you know you’re paying a fair price? Whether this is your first home or your tenth home, this is still a large transaction. Protect your investment with a professional, unbiased appraisal.

Multi Family (2-4 units) Appraisals:

Be sure the appraiser you hire is well versed in multi-family properties. Having been a landlord since 2001 and a member of the Connecticut Property Owners Association, I have the hands on experience and expertise to provide you with a rock solid appraisal that includes (when required) rent projections and operating income statements.  

Tax Appeal Appraisals:

If you think the town/city has overvalued your property, the first thing you should do is ask yourself the following four questions:
1. Could I sell my property for that amount? (Remember, in Connecticut the assessment is 70% of the town’s appraised value.)
2. Does the tax assessor have the correct data pertaining to my property? This includes gross living area (GLA), room count, age, amenities, lot size, etc. (Many times such a mistake can be cleared up with a simple phone call or visit to the assessor’s office.)
3. How much are similar properties in my neighborhood selling for?
4. How much have similar properties in my neighborhood been assessed for? 

If after answering these questions you still think the municipality has overvalued your property, your next option is to appeal your assessment. It’s at this point people who successfully challenge their assessments arm themselves with a compelling, well supported appraisal. Because in some neighborhoods values can vary from block to block, it’s imperative you hire someone who knows the area as well as or better than the Board of Assessment Appeals (BAA).

Foreclosure/REO Appraisals:

Be sure the appraiser you hire is familiar with the various requirements of different institutions. This includes completing a notarized Affidavit/Oath of the Appraiser, the market conditions addendum, REO addendum, AS-IS value, AS-Repaired value, quick disposition value, cost-to-cure, etc.   

Financing / Mortgage Appraisals:

Be sure the appraiser you hire is familiar with typical underwriting and UAD requirements as well as FNMA, FHA and USDA guidelines for both purchase transactions and refinances.

Still have questions? Call Larry Rabago at 860-307-7161, email at LRabago@NWCTappraisals.com or simply fill out the quick form below and hit submit.