Philip 's Blog

PRIMARY DAY "SUPER TUESDAY"

Philip Maltaghati (Allstate Appraisal Group, Inc.) — Thu, 31 Jan 2008 08:51:00 -0600

Get Primed for Primary Day!

New York, New Jersey, and Connecticut's primary day for the upcoming federal election is Tuesday, February 5, also known as "Super Tuesday." Voters in 22 states will cast their ballot on the same day. This will be an exciting primary because the candidates for the nomination have never been more diverse. We have two candidates from New York: former Mayor Rudy Giuliani, and current United States Senator Hillary Clinton. The candidates range in age from 46 to 72 years old and represent the different racial and religious backgrounds that make our country unique.

Voting is a privilege that millions of people around the world never get a chance to exercise. Do not take it for granted. Please make some time to vote not only in general elections, or in the "big races," but also at every opportunity. The primary is a great way to get involved in the political process!

Please check your local state information below for polling hours and locations.

New York: http://www.elections.state.ny.us/

New Jersey: http://www.state.nj.us/lps/elections/electionshome.html

Connecticut: http://www.sots.state.ct.us/ElectionsDivision/Electionindex.html

Great deal in Ozone Park. Cheapest Renovated 1 Family 4Sale 370K

Philip Maltaghati (Allstate Appraisal Group, Inc.) — Tue, 25 Sep 2007 21:23:20 -0500

***There is not one house for sale in all of OZONE PARK that is cheaper than this one. Lowest priced 1 Family house listed for sale in OZONE PARK is 389k and that house is in original condition with no updates. This house Will not Last and is FULLY RENOVATED!

First Floor:         Living Room, Dining Room, New Kitchen, and a New Half Bathroom
Second Floor:    Bedroom, New Bathroom, Bedroom
Basement:         Full finished with Outside Entrance

The house is fully renovated with new heating system (Just converted to Gas), new bathrooms with new tile work and fixtures, new kitchen with new cabinets, tile backsplash, and stainless steel appliances, wood flooring throughout, freshly painted, new vinyl exterior, concrete patio in backyard, and new doors throughout.

******TAXES ARE ONLY $1448.
Close to Trains, buses, shopping, churches, public and private schools.

****** House is great for first time buyers or investors. House is R5 Zoning (can expand house and convert to 2 family with proper permits)

****** CHEAPEST HOUSE ON MARKET IN ALL OF OZONE PARK. OWNER WANTS A QUICK SALE. TAKE ADVANTAGE!!!

PRICE IS $ 370,000 to 375,000

Call Phil 646 369 3099 for more information.

What is an Appraisal

Philip Maltaghati (Allstate Appraisal Group, Inc.) — Tue, 11 Sep 2007 11:50:05 -0500

What is an appraisal

A home purchase is the largest, single investment most people will ever make. Whether it's a primary residence, a second vacation home or an investment, the purchase of real property is a complex financial transaction that requires multiple parties to pull it all off.

Most of the people involved are very familiar. The Realtor is the most common face of the transaction. The mortgage company provides the financial capital necessary to fund the transaction. The title company ensures that all aspects of the transaction are completed and that a clear title passes from the seller to the buyer.

So who makes sure the value of the property is in line with the amount being paid? There are too many people exposed in the real estate process to let such a transaction proceed without ensuring that the value of the property is commensurate with the amount being paid.

This is where the appraisal comes in. An appraisal is an unbiased estimate of what a buyer might expect to pay - or a seller receive - for a parcel of real estate, where both buyer and seller are informed parties. To be an informed party, most people turn to a licensed, certified, professional appraiser to provide them with the most accurate estimate of the true value of their property.

The Inspection
So what goes into a real estate appraisal? It all starts with the inspection. An appraiser's duty is to inspect the property being appraised to ascertain the true status of that property. He or sho must actually see features, such as the number of bedrooms, bathrooms, the location, and so on, to ensure that they really exist and are in the condition a reasonable buyer would expect them to be. The inspection often includes a sketch of the property, ensuring the proper square footage and conveying the layout of the property. Most importantly, the appraiser looks for any obvious features - or defects - that would affect the value of the house.

Once the site has been inspected, an appraiser uses two or three approaches to determining the value of real property: a cost approach, a sales comparison and, in the case of a rental property, an income approach.

Cost Approach
The cost approach is the easiest to understand. The appraiser uses information on local building costs, labor rates and other factors to determine how much it would cost to construct a property similar to the one being appraised. This value often sets the upper limit on what a property would sell for. Why would you pay more for an existing property if you could spend less and build a brand new home instead? While there may be mitigating factors, such as location and amenities, these are usually not reflected in the cost approach.

Sales Comparison
Instead, appraisers rely on the sales comparison approach to value these types of items. Appraisers get to know the neighborhoods in which they work. They understand the value of certain features to the residents of that area. They know the traffic patterns, the school zones, the busy throughways; and they use this information to determine which attributes of a property will make a difference in the value. Then, the appraiser researches recent sales in the vicinity and finds properties which are ''comparable'' to the subject being appraised. The sales prices of these properties are used as a basis to begin the sales comparison approach.

Using knowledge of the value of certain items such as square footage, extra bathrooms, hardwood floors, fireplaces or view lots (just to name a few), the appraiser adjusts the comparable properties to more accurately portray the subject property. For example, if the comparable property has a fireplace and the subject does not, the appraiser may deduct the value of a fireplace from the sales price of the comparable home. If the subject property has an extra half-bathroom and the comparable does not, the appraiser might add a certain amount to the comparable property.

In the case of income producing properties - rental houses for example - the appraiser may use a third approach to valuing the property. In this case, the amount of income the property produces is used to arrive at the current value of those revenues over the foreseeable future.

Reconciliation
Combining information from all approaches, the appraiser is then ready to stipulate an estimated market value for the subject property. It is important to note that while this amount is probably the best indication of what a property is worth, it may not be the final sales price. There are always mitigating factors such as seller motivation, urgency or ''bidding wars'' that may adjust the final price up or down. But the appraised value is often used as a guideline for lenders who don't want to loan a buyer more money that the property is actually worth. The bottom line is: an appraiser will help you get the most accurate property value, so you can make the most informed real estate decisions.

Protect your largest asset. Use an Appraiser to determine Market Value, not a computer website

Philip Maltaghati (Allstate Appraisal Group, Inc.) — Mon, 10 Sep 2007 13:53:59 -0500

Only trust an appraiser to determine your property value.

It's the largest asset you have - protect it.

Allstate Appraisal Group, Inc.

Some lenders and property owners are relying on Automated Valuation Models (AVMs) to determine property values. These computers are located in cities far away and they rely on data gathered from a hodge podge of sources (most are unreliable). They mix the data up and then spit out a "value". Simply put, relying on that data instead of a professional appraiser can result in disaster. This data does not take into consider all factors that affect market value like location, condition, and market appeal.

If you're refinancing, buying or selling, insist on a real appraisal from Allstate Appraisal Group, Inc. for a true market valuation. We are professional appraisers with years of experience in New York including the following counties: Nassau, Suffolk, Queens, Kings, Bronx, and Richmond. We know your neighborhood and your housing market. And, we actually come to your home and evaluate the features and amenities of your property. No computer can compare.