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REASONS TO ORDER AN APPRAISAL:
A homeowner planning to sell their home may need an appraisal to determine current Market Value and to assist with the asking price or Listing Price decision. Everyday, thousands of homes are purchased and sold across the country and most, if not all, of these transactions will require some level of an appraisal.
But this is not the only reason a homeowner may have need of an appraisal. There other times when the services of an independent, licensed or certified, real estate appraisal professional might come in handy.
PURCHASE OF A HOME:
One of the most important issues involved in purchasing a property is developing an opinion of what it's worth so that you can make an informed offer to purchase. An appraisal report performed by a qualified, state licensed or certified appraiser can provide you with an objective, third party opinion of a property's current Market Value. And usually with only a small fee for this service, you can give yourself the peace of mind needed prior to making an offer to purchase, rather than being unsure of the value and your offer.
REFINANCE OR GET A HOME EQUITY LOAN:
If you need to consolidate bills, have a college tuition to pay, or just want to tap into the equity of your home, you'll need a new loan, which usually requires a new appraisal of the property.
PMI REMOVAL:
Private Mortgage Insurance or PMI is the supplemental insurance that many lenders ask home buyers to purchase when the amount being loaned is more than 80% of the value of the home. Very often, this additional payment is folded into the monthly mortgage payment and is quickly forgotten. This is unfortunate because PMI becomes unnecessary when the remaining balance of the loan - whether through market appreciation or principal paydown - dips below this 80% level. In fact, the United States Congress passed a law in 1998 (the Homeowners Protection Act of 1998) that requires lenders to remove the PMI payments when the loan-to-value ratio conditions have been met. The costs of these services are very often recovered in just a few months of not paying the PMI. (Also see "PMI" tab on Homepage)
DIVORCE SETTLEMENT:
A divorce can be a particularly traumatic experience for both parties and is often further complicated by the difficult decision of "Who gets the house?". In most divorce cases, the Court won't usually force the parties involved to "buyout" the other party's interest but it may however order the sale of the home so each party gets an equal share of the equity. Regardless of the situation, it's a good idea to order an appraisal so both parties are fully aware of what the true market value is. If the parties want to sell the home, they'll have a better idea of what price to set. And on the flipside, if a "buyout" is the chosen option, both parties will feel like they've gotten a fair assessment.
ESTATE LIQUIDATION:
The loss of a loved one is a difficult time in life and settling an estate from a death, or probate, often requires an appraisal to establish Fair Market Value for the residential property involved. The ethics provision within the Uniform Standards of Professional Appraisal Practice (USPAP) binds us with confidentiality, ensuring the fullest degree of discretion. Unlike many wealthy individuals, the majority of Americans do not have dedicated estate planners or executors to handle these issues. Also, in most cases, a home or other real property makes up a disproportionate share of the total estate value.
Here too, an appraiser can help. Often the first step in fairly disposing of an estate is to understand its true value. Where property is involved, the appraiser can help determine the true value. At this point, equitable arrangements can more easily be arrived at among disputing parties. Everyone walks away knowing they've received a fair deal.
RELOCATION / ERC APPRAISAL:
The relocation appraisal assignment requires a high level of expertise. The appraiser must utilize neighborhood comparable sales, recent pending sales and comparable listings in the "ERC Appraisal Report". In addition, neighborhood data on past and current market conditions must be utilized to determine future market conditions with "foresasting" when warranted, to arrive at an "Anticipated Sale Price" of the property within the normal "short term period" of less than 120 days. We understand the stress involved with an employee relocation and we take great care with all parties involved in the process. During our thorough inspection, we encourage relocating employees to provide input on the positive attributes of their property along with information about any recent sales or listings in their neighborhood that they want considered.
HOME IMPROVEMENTS TO ADD VALUE:
Before you decide to sell your home, there are several decisions to be made. First and foremost: "How much should it sell for?" But don't forget there may be other equally important questions to ask yourself such as "Would it be better to paint the entire house before we sell it?", "Should I put in that third bathroom?", "Should I complete my kitchen remodel?" Many things which we do to our houses have an effect on their value. Unfortunately, not all of them have an "equal effect". While a kitchen remodel may improve the appeal of a home, it may very well not add enough actual value to justify the expense.
SELLING A HOME:
Whether you choose to sell your home on your own or use the assistance of a real estate agent, a professional appraisal can help you make a better educated decision when determining your selling price. Unlike a real estate agent, an appraiser has no vested interest in what amount the house sells for. Thus, the appraiser may be more likely to give the information needed, to help you make a decision. Appraiser fees are usually nominal based on efforts to complete the report, and not a percentage of the sales price as with real estate agents/brokers. So utilizing a licensed or certified, professional appraiser can often help homeowners make the best decisions, when investing in their homes or setting a sales price.
OHIO "STATE LICENSED" or "STATE CERTIFIED" APPRAISER:
"Licensed Residential" entry level with limits on difficulty, type and value range.
"Certified Residential" highest level for residential, no limit on value or complexity.
NATIONALLY RECOGNIZED APPRAISAL DESIGNATIONS:
Professional Appraisal Designations are awarded to an appraiser that has achieved significant training, experience and education which exceeds current state and federal requirements for state certification. In addition, the appraiser must successfully complete a (self-contained) narrative demonstration appraisal report which meets the national requirements of quality for the professional appraisal association.
Probably the most highly regarded of the national appraisal organizations are the Appraisal Institute, the National Association of Independent Fee Appraisers and the American Society of Appraisers. All three of the above national appraisal organizations are original sponsors of the Appraisal Foundation and are similar in requirements for residential designation. The appraiser must first join as an Associate Member, pass background/character requirements, complete an ethics course and submit sample reports for review, before becoming a Candidate Member. The Residential Candidate Member must then complete significant hours of experience and successfully complete additional tested appraisal courses which exceeds current state and federal requirements for residential certification. In addition, the appraiser must satisfy the bachelor degree or equivalency requirement, as well as the narrative (self-contained) demonstration appraisal report which will reflect the appraisers level of knowledge and methodology, pass the national peer review process and be approved by the national association, before being awarded the;
*American Society of Appraiser's, " ASA " Designation Certification
*National Association of Independent Fee Appraiser's, " IFA " Designation
*Appraisal Institute's, " SRA " Designation Certification
In addition, all three of the above national appraisal organizations require their designated members to complete additional continuing appraisal education which exceeds state and federal requirements.
STANDRAD APPRAISAL FEES: ( EXISTING RESIDENTIAL / NON-COMPLEX )
*Form 2055 (Ext View) $295 *Form 1004 (Int-Ext View) $350
*Form 1075 (Condo/Ext) $325 *Form 1073 (Condo/Int) $375
*Form 1004C (Manufactured) $395 *Form 1025 (2U $550/3-4U $600)
*Form LND (Vacant Land) $300 *Form ERC (Relocation) $750 or TBD
*FHA / HUD = Add $100 Per Form* *With 1004MC = Add $50 Per Form*
(Fees For Complex, Unique Design or Waterfront To Be Determined By Hours)
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