Why An Appraisal?
Every year, countless people in the United States buy, sell or refinance their own slice of the American Dream. Most, if not all, of these transactions include a simple line item for an appraisal. It has become an understood and accepted part of a real estate transaction. “Let’s bring in the expert and make sure we’re not spending too much on this property.” This is not the only reason to get an appraisal. Are there other times when the services of a certified, licensed, independent real estate professional might come in handy? You bet!
Nord Appraisal Services LLC is ready to assist you on your appraisal needs.
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Purchasing Property
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. A professional appraisal report performed by Nord Appraisal Services LLC which is a qualified, state-licensed appraiser can provide you with an objective, third party opinion of a property’s current Market Value. And for the small price of this service, you can give yourself “peace of mind” prior to making an offer to purchase that you’re offering a fair price for the property.
If you’re considering investing in rehabilitated residential property, you’re making a smart choice. Real estate values have been climbing at the same time demand for homes has been increasing — an impressive combination.
Often, people and companies that sell rehabilitated real estate buy a dilapidated property, put a lot of money and sweat equity into it to make it attractive to a buyer, and then reap the reward when the property is sold for a lot more than the original buyer paid for it. There’s nothing wrong with this; on the contrary, it makes more housing available at a time when it’s in demand. And as noted, it’s often a good investment choice for the eventual buyer.
But before you invest in a rehabilitated property, you should obtain a professional appraisal, from an appraiser with your interests in mind. Normally an appraisal will need to be performed on behalf of the lender, by an appraiser working closely with sellers, brokers and agents. Too often lately homes are “flipped” for considerably more than they were recently paid for without any substantial improvements to justify the higher price. You’d be the one left holding the bag — shouldn’t you have someone on your side like Nord Appraisal Services LLC making sure your money is being invested wisely?
It’s easy to protect yourself. Hire Nord Appraisal Services LLC to ensure the property has had the improvements put into it that justify the asking (or agreed upon) price. If you’re buying more than one property at a time from the same buyer, it’s even more important to have them appraised by a professional working for you, instead of another party to the transaction. There are cost effective ways to protect yourself in an investment into many properties. We perform “drive-by” appraisals, sanctioned by housing giant Fannie Mae, which can be more cost effective than a full appraisal with an interior inspection. When combined with the expertise of a licensed home inspector, you should be able to buy with confidence that everything is as represented by the seller.
It’s smart to always have an inspection done before closing on a property. It’s equally important though to obtain an opinion of value from an appraiser. An inspector will tell you if everything that is present in the structure is functioning properly, what repairs may need to still be done, and whether there are any safety or soundness issues with the property. An appraiser can translate that into dollars. As rehabilitated, is the property worth what it’s selling for? If something unexpected happened and you needed to sell right away, would you be able to recoup your investment?
Maybe you feel like you don’t need an “appraisal” but you’d still like some help gathering local property and sales data. Nord Appraisal Services LLC appraisal reports help you to make an informed buying decision. We understand the complexities of buying a home and know what you are going through and will do our best to make it easier for you by giving you a high quality, professional appraisal that you can depend on!
Selling Property
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 not add nearly enough to the value to justify the expense. This is where an appraisal from Nord Appraisal Services LLC can help you be more informed.
If you’re working with a real estate agent to list your property, more than likely they’ll provide you with a Comparative Market Analysis that lists selected sales in your area as one of the first steps in determining what to set as the “Listing Price”. This step is vital if you’re going to maximize your profit and minimize the home’s time on the market. But even if you’re working with the most experienced real estate agent, it’s probably in your best interest to have an “objective” third-party’s opinion of value prior to signing a Listing Agreement. And that’s where Nord Appraisal Services LLC comes in. We can provide you with a pre-listing appraisal so both you and your agent have an accurate description of your home’s features and a detailed analysis of the most recent and similar “comparable sales” in your area. In addition to helping you set a realistic selling price so your home will attract buyers, a professional appraisal can be a very valuable negotiating tool once you have a potential buyer, impress buyer’s with written proof of your home’s condition inside and out and make you aware of problems and eliminate last-minute repair hassles that might delay a closing. This helps decrease the chances of unknown problems that cause sales to fall through. A pre-listing appraisal also can eliminate the wait for the buyer or their mortgage company to get the appraisal done on their own.
More and more homeowners today are choosing to sell their homes FSBO (For Sale By Owner) and foregoing the help of a real estate agent. Selling your home by this method can end up saving you a potential “hefty” commission (industry average is 5-7% of the home’s selling price). Plus many FSBO sellers feel that they have more control in the process of selling their home since they’re in essence making all the rules. But selling your home on your own will require a significant amount of “homework” if you’re going to do it right. One piece of advice that is consistently given by the experts in selling your home FSBO….Do NOT “Overprice” Your Home! It’s very hard to be objective about your own home because of your emotional attachment to it. A Nord Appraisal Services LLC appraisal is objective and will tell you what you need to know, not just what you want to hear.
Whether you choose to sell your property on your own or use the assistance of a real estate agent, a professional appraisal from Nord Appraisal Services LLC 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 property sells for. It’s easy for the appraiser to step in and give you the information to help you make your decision. Appraiser fees are based on efforts to complete the report and not a percentage of the sales price. So seeking a professional appraisal can often help property owners make the best decisions on investing in their property and setting a fair sales price.
Relocation Appraisal
Time is money. This is never truer than when you or your company need an appraisal of your “old” home when you’re relocating to a new area for work.
When you put your “old” home on the market and take advantage of your employer’s relocation assistance, you’re interested not in the “fair market value” of the home, but its anticipated sales price, typically as soon as possible — usually not to exceed 120-180 days. But the need for speed doesn’t mean the relocation appraisal is a more simple matter than your average lending/mortgage appraisal. Quite to the contrary. It entails special expertise, training and skills on the part of the appraiser or appraisal firm you select. Nord Appraisal Services LLC prides itself on maintaining and expanding our skill set to meet your needs.
When Nord Appraisal Services LLC performs a relocation appraisal, we consider recent closed sales but also competing listings in the area as well as pending sales. We offer a forecast of the likely sales price you can rely on, considering the dynamics of the neighborhood at the time of the relocation. All relocation appraisals are reported on the standard ERC Residential Appraisal Report form, the industry’s accepted relocation appraisal format.
Refinance/Home Equity Loan
If you need to consolidate bills, have college tuition to pay, or just want to tap into the equity of your home, you’ll need a new loan, which oftentimes requires a new appraisal of the property. A Nord Appraisal Services LLC appraisal is objective and will help inform you on how much equity you may have.
PMI Removal
Private Mortgage Insurance (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 pay down – dips below this 80% level. A Nord Appraisal Services LLC appraisal can provide you with information regarding the home value pursuing the removal of the PMI with your mortgage company.
Foreclosure/REO appraisal
Homes in foreclosure and homes that have reverted to your institution’s ownership present special appraisal challenges. At Nord Apprasial Services LLC, we’re more than ready and able to help.
For a property in foreclosure, you may need to know the difference between fair market value and “quick disposition” value, to know your potential charge-off liability. We have experience in both providing snapshots of fair market value for our mortgage lending and servicing clients as well as “quick sale” forecasts that understand your timeline.
Owners of property in foreclosure, of course, present special challenges. They may be unwilling to allow an inspection of the property. If they have abandoned the property already, they may have neglected care of the home for some time — or worse, caused damage. We have the experience and training to deal with the special dynamics of a foreclosure appraisal, and you should not hesitate to rely on us.
For a property that has already reverted to Real Estate Owned, you likewise will be interested in a quick disposition. But you may want to know and compare three values: As-is, as repaired, and “quick sale.” These represent the value of the property without any work done to it, with the work required to make the property marketable to full market value commensurate with competing properties in the area, and, somewhere in-between, with minimal investment in repairs — selling the property quickly, probably as a “fixer-upper.” Again, we understand your timeline and the unique circumstances of an REO property, as well as the special information you’ll need — competing listings, market trends, and the like.
Expert Witness Testimony
Nord Appraisal Services LLC offers a full range of Real Estate Appraisal services, with experience in many types of property. We are also experienced in litigation support and expert witness services. Clients who have used our expert testimony services include government agencies, tax entities, financial institutions, legal and accounting firms and many other businesses. In many cases, our independent, supportable analysis has allowed clients to settle cases without going to court.
An appraiser must remain unbiased in performing an appraisal of a property. But we can consult with you and advise you about the relative strength of an appraisal presented by opposing parties. We can also perform additional research and analysis to support or discredit assumptions or conclusions. Some examples of issues we have experience with include valuation of “stigmatized” property, valuation as of a date in the past, valuation for condemnation and eminent domain cases, effect on value of properties with history of flood, effect on value caused by insect infestation, estate settlement and valuation for divorce, partnership, taxation issues etc. With our experience and proven track record we at Nord Appraisal Services LLC are ready to take on any type of appraisal assignment and our appraisal values stand up under the most severe scrutiny.
Estate/Date of Death Valuations
The loss of a loved one is a difficult time in life. As an executor you have been entrusted to carry out the wishes of the deceased as swiftly and exactly as possible. You can count on Nord Appraisal Services LLC to act quickly and with sensitivity to the feelings of everyone involved. Settling an estate from a death, or probate, often requires an appraisal to establish Fair Market Value for the real estate property involved. There are many situations where you might need an appraisal of property that states an opinion of what the property was worth on a date some time ago, rather than when the appraisal is ordered. For Estate Tax Liability, Disposition of assets under a will or in probate of a decedent, a “date of death” valuation is often required. Nord Appraisal Services LLC is 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.
Attorneys, accountants, executors and others rely on Nord Appraisal Services LLC for “date of death” valuations because such appraisals require special expertise and training. They require a firm that’s been in the area for some time and can effectively research comparable contemporaneous sales. We provide appraisal reports that meet the requirements of the courts and various agencies.
All too often, people do not fully appreciate the need to have a detailed real estate appraisal prepared. Real property isn’t like publicly traded stock or other items which don’t fluctuate in value very much or for which historical public data is available. You need a professional real estate appraiser, bound by the Uniform Standards of Professional Appraisal Practice (USPAP) for a high degree of confidentiality and professionalism, and you need the kind of quality report and work product taxing authorities and courts need and expect. You can always count on Nord Appraisal Services LLC for this.
Opinions of value used in documents filed with the revenue authorities should be supported by a detailed report as to how the appraiser arrived at his conclusions. Such a report will certainly demonstrate to the authorities that the numbers used are well founded and substantiated. 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.
Divorce Settlement Appraisals
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?”. Finalizing a divorce involves many decisions and 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. 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. As an attorney handling a divorce, your needs oftentimes include an appraisal to establish fair market value for the residential real estate involved. Often the divorce date differs from the date you order the appraisal. 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 divorce. We provide appraisal reports that meet the requirements of the courts and various agencies.
The ethics provision within the Uniform Standards of Professional Appraisal Practice (USPAP) binds us with confidentiality, ensuring the fullest degree of discretion. A Nord Appraisal Services LLC understands these needs and are used to dealing with all parties involved. When you order an appraisal from Nord Appraisal Services LLC, you are assured that you will get the best in professional service, courtesy, and the highest quality appraisal.
Assessment Appeal Services
Most localities determine your property tax burden based on an ad valorem assessment of the property’s value. Sometimes, as a property owner, you get an unwanted surprise in the mail telling you your taxes are going up, and sometimes it may seem as though your assessment is too high.
Often, matters like this can be resolved with a phone call. However, if after discussing your assessment with your local taxing authority you still feel as though your property was overvalued, a professional, independent, third-party appraiser is often your best bet in proving your case. That’s where Nord Appraisal Services LLC comes in.
There are as many different procedures for appealing assessments as there are property taxing districts, so it’s important to enlist the help of a professional appraisal firm that’s experienced and trained in the ins and outs of your particular jurisdiction.
Please note: It makes sense to do your own research before determining whether to go forward with a property assessment appeal, especially before you make the decision to hire a professional appraiser. However, according to the Uniform Standards of Professional Appraisal Practice (USPAP), Nord Appraisal Services LLC is not allowed to take “shortcuts” — i.e., your research — and use it on its face as part of our independent evaluation. When you hire Nord Appraisal Services LLC for an assessment appeal, you’re commissioning an independent, third-party professional appraisal report. As such we do our own evaluation, beginning to end. If you’re right that your property has been overvalued, an independent report such as ours will be even more persuasive than any other evidence you can marshal on your own. But it depends on our ability to do the work independently.
Sometimes, you will have a hearing on your assessment appeal and will need for the appraiser you’ve hired to testify on your behalf. Be assured that at Nord Appraisal Services LLC, we are able to professionally and persuasively testify at appeal hearings.