Residential Appraisals
Domus Appraisals has been one of the leading local residential appraisal providers since its inception in 1971. Our client base has consistently grown due to the focus we place on providing accurate, reliable appraisals within the time frame needed by our clients. For residential properties, we typically provide an appraisal within 2-3 days after the inspection of the property.
Residential properties are classified as a property containing no more than 4 units, all of which have residential usages. Any property containing more than 5 units or containing at least 1 commercial unit is considered to be a commercial property. Residential properties include: single Family Properties, 2-4 unit residential properties, condominium units, cooperative units, and vacant land zoned residentially. Some specialty type residential properties may include: farms, horse properties, and complex properties (mansions, waterfront properties, castles, etc).
The Types of Residential Appraisals We Do
Real estate appraisals have been relied upon for decades in assisting banks with lending decisions, aiding attorneys in estate and trust planning, and providing buyers and sellers with the knowledge needed to buy or sell properties.
In many instances, pre-purchase appraisals are requested by the parties involved with a potential purchase/sale of a property to obtain the market value. This might be to determine the sale price, help negotiate a fair sale price, or to set an offering price.
Whenever there is financing involved with the purchase of a property, banks retain the services of an appraiser to determine the current market value of the property. When homeowners are refinancing or obtaining a home equity loan, the lender also requests an appraisal of the property. Homeowners going through a loan modification will be asked to provide the lender with a property appraisal.
Properties facing foreclosure or subject to a short sale usually have multiple appraisals by the banks holding the mortgage and also by banks providing financing for the potential buyers.
There are a variety of other reasons that residential appraisals are needed. A property’s value is typically required for matrimonial (divorce) and bankruptcy proceedings. If a homeowner believes they are being over-assessed or over-taxed, an appraisal is utilized as the primary support to justify and prove the over-assessment within the tax grievance process.
Real estate appraisals can be requested for the current market value of a property or for a retrospective value of a property, in which the property is appraised as of a specified previous date. This is most common on estate and matrimonial appraisals where a property’s value is needed for a prior date (date of death/ date of separation).
Need a Home Appraisal?
Domus Appraisals has appraised residential properties with values in excess of $40,000,000. Because of our extensive experience in appraising unique and high-end homes, Domus Appraisals specializes in the valuation of these complex type properties. Call us today at 1-866-468-0271 or fill out a contact form.
