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Aaron Appraisal 585-244-5660

There are many reasons to order a Real Estate Appraisal.

Here are some you may not have considered.

 Estate Appraisals

As an Executor you have been entrusted to carry out the wishes of the deceased as swiftly and exactly as possible. 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. Settling an estate usually requires an appraisal to establish Fair Market Value for the residential property involved. Often, the date of death differs from the date the appraisal is requested. We are familiar with the procedures and requirements necessary to perform a retroactive appraisal with an effective date and Fair Market Value estimate matching the date of death. The ethics provision within the Uniform Standards of Professional Appraisal Practice (USPAP) binds us with confidentiality, ensuring the fullest degree of discretion. Having a professional appraisal 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 it is challenged.  

Finalizing a divorce involves many decisions, including "Who gets the house"? There are generally two options regarding the house - it can be sold and the proceeds divided, or one party can "buy out" the other. In either case, one or both parties should order an appraisal of the residence. Divorce appraisals require a well supported, professional appraisal that is defensible in court. When you order an appraisal from us, you are assured that you will get the best in professional service, courtesy, and the highest quality appraisal. We also know how to handle the sensitive needs of a divorce situation.  

To contest high property taxes

If property owners feel that their property is assessed too high, then they may order an appraisal from a qualified appraiser to contest the assessment. In certain parts of the country this practice is common, but many property owners are not aware that this avenue for reducing their tax burden is available. The return on investment is easy to perceive when the cost of an appraisal is compared to several years of lower taxes. The appraiser, however, must be careful not to base the appraisal fee on the dollar amount of the appraised value, which could be a violation of the USPAP. 

To establish just compensation for condemnation

The appraiser may represent either the landowner or the condemning authority. Usually, the government entity that needs the land for public use orders an appraisal and offers to purchase the land for the value indicated by the appraisal. If the landowner feels that the amount offered by the condemning authority is not enough, then the landowner may also order an appraisal. If the parties cannot agree on a price, then the matter will be settled in court with each appraiser testifying on behalf of their respective value estimates. The appraisers are not advocates for their client; they are expert witnesses trying to support their value estimates. Often landowners do not consider ordering another appraisal from an appraiser of their choice. Usually, they try to settle with the authority by negotiation rather than incur the expense of an appraisal. It is obvious that the landowner's negotiating position would be enhanced if a supporting professional appraisal report were available. 

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. AARON APPRAISAL offer a specific service for home owners that believe they have met the 80% loan-to-value metric. For a nominal fee(often recovered in just a few months of not paying the PMI) the appraiser can provide you with a real estate appraisal showing the new home value.  

Appraisals obtained for establishing the loss risk in case of fire are often limited to providing an estimate of the replacement or reproduction cost of the improvements. The insurable value may not be representative of market value and usually does not include the value of the land. Insurance agents may order appraisals when their standard cost service manuals are not adaptable to an atypical home or structure. Property owners may order appraisals to contest the annual appreciation increases mandated by some insurance companies, especially when the increase in the insurance coverage results in an unrealistic premium. 

Appraisals of real property for bail bonds

Sometimes our appraisals can be done the same day. Please call for availability as such service may not always be possible. Other assignments will have to be re-scheduled, work in progress must be postponed. 

We are Real Estate Appraisers in the Greater Rochester NY area.  FHA Approved * FHA Reviewer 

Home Buyer / Investor Checklist

The Home Buyer / Investor Checklist identifies some of the important factors to consider when choosing a home. In addition to an affordable sales price, you will also want to be sure that the neighborhood and house meet the needs of your family or investment goals.

Take this checklist along when you go shopping for your house. It will help you evaluate the neighborhoods and assess the availability and condition of various features of up to three homes in a side-by-side comparison. To PRINT this page, hit control-P. Questions ? http://www.aaronappraisal.net/

Questions ? http://www.aaronappraisal.net/

For homeowners, a real estate appraisal is the linchpin to buying or selling their home. It allows

the property transactions to occur among the buyer, seller, real estate agent and mortgage

lender.

Before an Appraiser arrives, there are a few things you should know. By law, an appraiser must

be state licensed to perform appraisals prepared for federally related transactions. Also by law,

you are entitled to receive a copy of the completed appraisal report from your lender.

To facilitate the appraisal process, it's beneficial to have these documents ready for the

appraiser:

• A plot plan or survey of the house and land (if readily available)

• Written property agreements, such as a maintenance agreement for a shared driveway

• Title policy that describes encroachments or easements

• Home inspection reports, or other recent reports for septic systems wells etc.

• List major home improvements and upgrades, the date of their installation and their cost

(for example, the addition of central air conditioning or roof repairs) and permit

confirmation (if available)

• A copy of Purchase Agreement if a sale is "pending".

• Information on "Homeowners Associations" or condominium covenants and fees.

• A comprehensive list of "Proposed" improvements if the property is to be appraised "As

Complete".(renovation or new construction)

Once your appraiser has arrived, you do not need to accompany him or her along on the entire

site inspection, but you should be available to answer questions about your property and be

willing to point out any home improvements.

Here are some other suggestions:

• Accessibility: Make sure that all areas of the home are accessible, especially to the attic

and crawl space

• Housekeeping: Appraisers see hundreds of homes a year and will look past most clutter,

but they're human beings too!

• Maintenance: Repair minor things like leaky faucets, missing door handles and trim etc.

• FHA Inspection Items: If the owner/borrower is applying for an FHA loan, be sure to ask

your appraiser if there are specific things that should be done before they come. Some

items they may recommend might be: Install smoke detectors on all levels (especially

near bedrooms); install handrails on all stairways; remove peeling paint and repaint the

effected area; provide inspection access to the attic and crawl space.

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