Carlin Appraisal Service FAQs

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Q: What is a real estate appraisal?
A: An appraisal is an objective, supported opinion of the value of an adequately described piece of property, made by a person who has sufficient knowledge and experience to accurately estimate its value. Appraisers use comparable sales, rental information and listing data, plus information about the property being appraised (the subject property), its neighborhood, community, and region, and the local and national economy and current supply and demand to support their value estimates.
 
Q: Who may make a real estate appraisal?
A: The State of New Jersey requires anyone providing real estate appraisal services be licensed or certified by the State Appraisal Board. A “RA” or “RC” licensed appraiser may provide residential valuation, an “RG” certified appraiser may provide residential, commercial or more complex appraisals. An extensive examination and continuing education is required to assure proficiency at each level of licensing.



 
Q: Why would you need an appraisal?
A: The most common purpose for an appraisal is for sale or purchase of property, mortgage financing or refinancing of your home or commercial property. Employee relocation, estate settlement, property tax appeal, federal, state and county property appeal under eminent domain may indicate the need for an appraisal.
 
Q: What is the difference between a mortgage appraisal and a relocation appraisal?
A: A mortgage appraisal establishes the value as of date of the inspection; it is used to secure the amount of mortgage the financial institution has pledged. Only closed comparable sales are analyzed. A relocation appraisal seeks to establish a value allowing a “reasonable amount of time” to expose the property for sale in the local market, by “forecasting” anticipated future market actions. Comparable closed and pending sales are analyzed as are well as current listings.
 
Q: What is the difference between an appraisal and a broker's market analysis?
A: An appraisal must be legally performed by a state licensed or certified appraiser. It is a detailed study of all factors relating to a final, distinct value conclusion. A broker's market analysis is provided by a real estate agent and contains a value range which is generally provided as a means to establish a listing price.
 
Q: What relationship is my tax assessment to current value?
A: Municipal tax assessments do not necessarily take into consideration current market data nor do they consider improvements made to your home since the last revaluation inspection. Examples may be updated kitchens and baths, redecoration or landscaping, all of which generally increase market value.
 
Q: How long does it take and what can I expect in the appraisal report?
A: The residential property inspection usually takes up to one hour. It includes interior and exterior measuring of the building to establish the gross living area and to produce a detailed floor plan. Then comparable sales and other pertinent data are thoroughly researched to formulate a value conclusion. Most reports can be anticipated within a week depending upon the complexity of the subject property. The final report will include subject property photos, floor plan, tax map location, deed and tax information as well as a detailed analysis based upon the appraisal process.