If you are a real estate agent, lender, or prospective home buyer, you may need to order a house appraisal to learn more about its property value. However, some appraisal service providers do not deliver accurate information and may overcharge you for certain services. The real estate appraisal and consulting firm Rynne, Murphy & Associates in Rochester, NY, recommends taking the time to learn what is included in an appraisal so you can identify exactly what you need and be aware of any red flags.
Here’s what you can expect when ordering a house appraisal:
- Estate Settlement: A comprehensive report that displays the market value of a property specifically for a family and heirs. These appraisal reports are delivered to the executor of a will for asset valuation and distribution purposes. Anyone offering estate settlement and appraisal services must maintain a high degree of accuracy and confidentiality.
- Rental Analysis: If you own an investment property or are considering buying a property that you will rent out at some point, you may order a market analysis report or rental analysis from an appraiser. This provides in-depth information about the market and the potential income a certain property can generate.
- Market Feasibility Study: Some appraisal service providers also offer a market feasibility study or report that indicates the current condition of the market and how a property or development may perform in the market. Unlike an appraisal that provides an actual value of the property, the feasibility study serves as a prediction or a forecast. It can provide valuable information for a real estate investor, but those looking to learn about the actual value of a property need to order a standard appraisal.
If you think there may be a problem with your house appraisal or you have legal questions about real estate transactions, the team at Rynne, Murphy & Associates is here to help. Call them at (585) 262-3277 or visit the firm’s website for more information.