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Explaining the Appraisal for Buffalo

December 19, 2008

What is an Appraisal?

To protect the interest of their investors, the buyer’s mortgage lender hires a licensed appraiser to give an independent, objective opinion of what the property is worth. The appraiser compares the house with similar homes in the neighborhood that have recently sold.Appraisal of your WNY home

Appraisals are generally used at the time of contract by the buyer’s lender. But there are times that a Seller may benefit from an appraisal in setting a listing price. Setting the right price is an important first step in the process of selling a home. Is it necessary to spend $200 to $400 for a professional appraisal of your property before placing your home on the market?

Too often sellers believe that it is what the buyer and they that control the sales price. And that is true if the buyer is paying cash, however if there is a loan, the lender’s appraisal will impact the sale.

Things taken into consideration for the value of the WNY home are:

  • Square footage

  • Amenities

  • The condition of the home

  • Renovations and home improvements add value to the home

  • Defects such as needed repairs or code violations decrease the property’s value

Different appraisers might come up with different figures. Even if all of them agreed on a value, there is no guarantee that you would receive that amount for your property.

Appraisers are licensed in the state of New York and are required to go through continuing education. Like home inspectors it is a good idea for you to select your Appraiser before you find a home if you will be selecting the appraiser.

Read Also: Check Appraiser’s New York State License

New York State Society of Real Estate Appraisers

What is the difference between market value and appraised value?

The appraised value of a house is a certified appraiser’s opinion of the worth of a home at a given point in time.

Market value is what price the house will bring at a given point in time. A comparative market analysis is an informal estimate of market value, based on sales of comparable properties, performed by a Real Estate Broker or Agent.

Read also: National Association of Realtors® Appraisal Resource Page

Western New York Appraisal Services:

Here is a list of several Western New York Appraisers. Make sure you ask friends and family for additional recommendations if you are selecting an appraiser. If you are getting a mortgage, your mortgage company will select the appraiser.

  • William Kushman – Kushman Appraisal Service, Inc 408 Richmond Avenue, Buffalo (716)632-0008
  • Gary Ersing – Lawrence Appraisal Services 4449 North Millgrove Road, Akron (716)759-1288 1569 Ridge Road, Lewiston (716)754-0036
  • Michael James – Michael K. James, Appraiser 6646 Crosby Road, Lockport (716)434-2265
  • Artur Tyski – On Time Appraisal Services883 Borden Road, Cheektowaga (716)903-0971
  • Mike TomainoTomaino Appraisal LLC 237 Bewley Building, Lockport NY (716) 478-0234
  • Gerald Pirritano – Allstate Appraisal, Inc P.O. Box 464, Hamburg (716)312-0103
  • Eugene Barill – Barill Appraisal Services 29 School Street, Buffalo (716)882-4748
  • Lois Gerace – Bob Harris Realty 6 Ellicott Avenue, Batavia (585)343-8366
  • Carol Harvey – C.D. Harvey Appraisals 3395 Baseline Road, Grand Island (716)773-3687
  • Mark Deangelis – DeAngelis Appraisal Service 8 Jenny Lane, Lancaster (716)440-2314
  • Linda Krysztofowicz – Hamptonbrook Appraisals101 Hitchcock Drive, Depew (716)684-7157
  • David Zale – I-Con Appraisal Services Inc. 1621 Billington Road, East Aurora (716)687-1196
  • Dale Kadish – Independent Appraisal Services3407 Delaware Avenue Suite 257, Kenmore (716)871-9495
  • Keith Hughes – J & K Real Estate Services 16 Char-Del Way, Williamsville (716)316-0580
  • John Brearley – JD Brearley Consultants, LLC 3629 Center Lane, Hamburg (716)912-5154

Interview Questions to ask your appraiser:

  • Are you licensed in NY State? What continuing education have you taken?
  • What professional associations do you belong to?
  • How much will your appraisal cost me?
  • How will you handle items which may be outside your area of expertise?
  • What will my Appraisal look like?
  • What constitutes a typical appraisal?
  • What rules must appraisers follow?
  • How long will it take for me to receive my appraisal?
  • What qualified you to appraise my property?

Read Also: Uniform Residential Appraisal Form

Thinking of buying or selling a Western New York home? Call Colleen Kulikowski at (716) 743-5297 today!

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