….regarding APPRAISALS!

....regarding APPRAISALS!

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(International/ Commercial/ Residential/ Sale/ Purchase/ Rental) 
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The purpose of the Appraisal is to protect everyone involved. It lasts for 6 months. In NYC it cost approximately Five Hundred Dollars ($500.00) Prices in New York City varies so immensely. In a 1 mile radius in Manhattan there is so much disparity. Your house is worth what someone will pay for it. The role of the Appraiser is to ascertain the true value of the property. Generally, the seller wants the best and highest price for his/her property based on their opinion of the value of the house which tends to incorporate their upgrades. Often times the Appraiser brings him/her back to reality. For the Appraiser, time is more important than distance. An appraisal should be conducted in an arms-length transaction (i.e. no pressure is placed on the buyer/ seller.) The Appraiser always looks at the :

• Comparisons (other properties in the neighborhood)
• Contract

The price of the last unit sold in the neighborhood is very important. The Appraiser gathers all the facts and develops a report with information regarding a specific property, then gives his professional opinion in addition. The value of the property is not dependent on renovations. The Appraiser only deals with the lenders/ underwriters. Overbuilding for a neighborhood does not affect the price. It doesn’t matter how many renovations or physical investments the seller has made to the property. Always remember, it is the price that sells the property and not the location.  

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