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Why you may need an appraisal - 

Many circumstances exist where the services of a Professional State Certified Real Estate Appraiser might be beneficial. All of which are extremely important reasons to consider. Please know that we are qualified to appraise residential properties ranging from a small condominium unit to a large luxurious - high end residence. 


Appraisals for Divorce Settlement or Buyout 

 

Divorce can be a particularly daunting event for both parties, and often complicated. To insure that both parties are entirely aware of the true market value of their real estate, it is a wise decision to order an appraisal from Tri Borough Appraisals. The value conclusion reported in our appraisals is developed competently and with independence, impartiality, and objectivity.  

If the parties wish to sell the home, they will have a better idea of what listing price to set. And if a "buyout" is the chosen option, both parties will need to be confident that they've received a fair impartial evaluation.  The ethics provision within the Uniform Standards of Professional Appraisal Practice (USPAP) binds us to impartiality, and we take these ethical responsibilities seriously.


Appraisals for Estate Planning & Gift Tax 

 

Settling an estate from a death, or probate, often requires an appraisal to establish Fair Market Value for the real estate involved. The ethics provision within the Uniform Standards of Professional Appraisal Practice (USPAP) binds us with confidentiality, guaranteeing the utmost degree of privacy.

Many Americans do not have dedicated estate planners or executors to manage these affairs. A residence often makes up an unequal share of the total estate value, so understanding the true market value of the real estate at hand is of significant importance. This ensures that all involved parties are confident that they've received a fair, impartial, and accurate evaluation.

Attorneys, accountants, executors, and others have relied on Tri Borough Appraisals for "Date of Death" valuations. These appraisals require years of expertise. They also require an appraiser to be geographically competent, and can effectively research and verify appropriate supporting market data that is relevant to the valuation of the subject property. 


If you intend to report the value of a residential property to the Internal Revenue Service; your attorney, accountant, or estate planner may strongly recommend engaging the services of a qualified appraiser pursuant to IRS specifications. In New York State a qualified appraiser, as defined by the IRS, is at a minimum a New York State Certified Appraiser that has regularly prepared appraisals for similar properties as the subject property that they are hired to appraise. Tri Borough Appraisals provides real estate appraisals for estate planning and tax reporting purposes. Contact us to discuss our qualifications as well as your appraisal needs.   


Appraisals to help with selling your real estate

 

Whether you decide to sell your residence on your own, or use the assistance of a local real estate agent, a professional appraisal will help with making a educated decision when determining your asking price. An appraiser has no vested interest in what price the house sells for, which may be different than the interest of other market participants. Our fees are based on the estimated degree of difficulty to perform the appraisal, complexity of the assignment, and are not related to the sales price or final value conclusion.

We can determine the overall impact on value with improvements such as a remodeled kitchen, bathrooms, and other major components that have been upgraded. These improvements can have a significant affect on both value and marketing time in most market areas. We are experts in determining how long properties are typically on the market, which is based on market extracted data. So, seeking a professional appraisal is a reliable way to determine what improvements will add value, and what an appropriate offering price is for your residence. This information can help so you don't come up short, or have your property on the market for a extended time period, costing you time and money.


Appraisals for Bankruptcy


When the intended use of the appraisal is for a bankruptcy, it is likely to be an important part of the hearing. The appraisal is part of what helps determine the equity in the real estate, all of which may influence the outcome of the bankruptcy hearing. The judge that is assigned to the case may closely review the details of the appraisal. To increase the chances of a favorable outcome in your case, it is highly recommended to consider engaging the services of a professional New York State-Certified Real Estate Appraiser that offers years of experience and geographic competence. 


**Prospective clients please note, it is of the utmost importance to consider verifying the appraisers competence and integrity prior to engaging their services. Shopping for the lowest fee may not be the best approach in locating a competent professional appraiser to value your property. Reach out to us for additional information regarding this topic if needed.


 

Got a Question?

Do you have a question relating to real estate appraisals? We can help. Simply fill out the form below and we'll contact you with the answer, with no obligation to you. We guarantee your privacy.

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