Welcome to our home page. We are a leading provider of real estate valuations for the mortgage lending marketplace. With many years of experience in the business, we have a proven track record of reducing lenders time, efforts and costs in managing the appraisal process.

We are a leading provider of appraisals for:

 
Our investment in training and technology has helped our customers greatly reduce their workload. By offering on-line appraisal ordering, coupled with automatic report status updates and electronic delivery of the final product, we are able to eliminate the run around and phone tag hassles associated with this process. And since this process saves us money as well, we can keep our rates competitive with anybody in the industry.

Through this web site, you can perform a number of tasks. Ordering an appraisal is just a click of a button away. Or, spend some time and find out a bit more about the appraisal business. The more you know, the better decision you can make. And check back frequently, as our content is always being updated.

Some Myths and Realities About

Real Estate Appraisals and Appraisers

Myth: Assessed value should equate to market value.

Reality: In Florida, tax assessments are closest to market value after a revaluation of the municipality, which is usually ordered by the County Tax Board when the community's ratio of assessed value to market value drops below 85%, based on recent sales.

In Florida, the basis for assessment is the fair market value of the property as of October 1^st of the prior year and assessments are set as of January 1^st. Assessments are typically determined through mass appraisal, which can be performed by the local tax assessor's staff or by an independent appraisal firm that specializes in revaluations.

Properties are appraised based upon fair market value, which is usually developed by applying the three basic approaches to value: the sales comparison, cost and income approaches. The sales comparison approach, most commonly used for residential property, involves reviewing similar properties in the area that have been sold, comparing them to the subject property and making adjustments for different characteristics. Once the homeowner receives their assessment, they must file an appeal by April 1^st if they believe the assessment does not reflect the fair market value of their property. Tax appeal forms can be obtained from the local tax assessor, from the county tax board or downloaded from the State of Florida Division of Taxation web site at http://dor.myflorida.com/dor/forms/2001/dr486.pdf.

Because fair market value is the basis for assessment, value must be proved by credible evidence, which is typically recent sales of similar properties in the neighborhood. It is important to note that other property assessments are not considered to be credible evidence.

Although comparable sale data can be obtained from a variety of sources, it often takes an expert in the analysis of this data to develop a credible value estimate. Although it is not required, an independent appraisal of the subject property is generally the best evidence to support value. In the State of Florida, only municipal tax assessors and state certified real estate appraisers are considered experts in the valuation of real estate and can testify on fair market value in tax appeal hearings. MAI and SRA residential appraisers have the expertise to ascertain the special demands of a tax assessment appraisal assignment and how the results should be communicated to best convey the analysis.

Myth: The appraised value of a property will vary, depending upon whether the appraisal is conducted for the buyer or the seller.

Reality: The appraiser has no vested interest in the outcome of the appraisal and should render services with independence, objectivity and impartiality - no matter for whom the appraisal is conducted.

Myth: Market value should approximate replacement cost.

Reality: Market value is based on what a willing buyer likely would pay a willing seller for a particular property, with neither being under pressure to buy or sell. Replacement cost is the dollar amount required to reconstruct the buildings. Market value, as estimated in the Cost Approach, includes both the value of the underlying land and the depreciated cost of the improvements.

Myth: Appraisers use a formula, such as a specific price per square foot, to figure out the value of a home.

Reality: Appraisers make a detailed analysis of all factors pertaining to the value of a home including its location, condition, size, proximity to facilities and recent sale prices of comparable properties. There are no universal formulas that can be used to value real estate.

Myth: In a robust economy - when the sales prices of homes in a given area are reported to be rising by a particular percentage - the value of individual properties in the area can be expected to appreciate by that same rate.

Reality: Value appreciation of a specific property is based on the specific positive or negative qualities of that property, factoring in data on comparable properties and other relevant considerations. This is true in good times as well as bad.

Myth: You generally can tell what a property is worth simply by looking at the outside.

Reality: Property value is determined by a number of factors, including location, condition, size, improvements, amenities, and market trends.

Myth: Because consumers pay for appraisals when applying for loans to purchase or refinance real estate, they own the appraisal.

Reality: The appraisal is, in fact, legally owned by the lender - unless the lender "releases its interest" in the document. However, consumers must be given a copy of the appraisal report, upon written request, under the Equal Credit Opportunity Act.

Myth: Consumers need not be concerned with what is in the appraisal document as long as it satisfies the needs of their lending institution.

Reality: Only if consumers read a copy of their appraisal can they double-check its accuracy and question the result. Also, it makes a valuable record for future reference, containing useful and often-revealing information - including the legal and physical description of the property, square footage measurements, list of comparable properties in the neighborhood, neighborhood description and a narrative of current real-estate activity and/or market trends in the vicinity.

Myth: Appraisers are hired only to estimate real estate property values in property sales involving mortgage-lending transactions.

Reality: Depending upon their qualifications and designations, appraisers can and do provide a variety of services, including advice for estate planning, litigation, dispute resolution, zoning, tax assessment and feasibility studies.

Myth: An appraisal is the same as a home inspection.

Reality: An appraisal does not serve the same purpose as an inspection. The appraiser forms an opinion of value in the appraisal process and reports the result. A home inspector determines the condition of the home and its major components and reports these findings.

I give free presentation to explain the appraisal process to Real Estate Agents, Mortgage Lenders or anyone else who wants to learn about the appraisal process. Email me to setup your presentation in your office.