We Understand That a Lower Appraisal Value Will Help You!
Just read the top and know that we understand what you’re looking for! Is your town over assessing your property value? Call us to obtain a certified real estate appraisal so we may help you reduce your property taxes this year. Don’t hire a 3rd party grievance company and give them half your savings… It’s easy to just do it yourself! The process is easy - Fill out an application (see below) & submit it with a certified appraisal. (Call Us) We have been providing real estate appraisals to clients grieving taxes since 2003. All of our appraisers are certified with local expertise. Call us today and let us help you!
• Make sure all deductions to which you are entitled were granted.
• Determine any deadlines or legal requirements for filing the appeal or for claiming any deductions. Comply with the legal requirements and don’t miss the deadlines. Filing after the deadline is not permitted.
• Check the accuracy of the assessor’s math, the description of your property, any work papers, and the record card for your property. Some Towns provide the information online, but in most cases you’ll need to visit Town Hall.
• Consult with any experts who might be of assistance. Real estate brokers, attorneys, and appraisers can often provide data and suggestions. Hire an appraiser if you can.
• Locate at least five nearby comparable properties, preferably ones that have recently sold.
• Make adjustments for physical differences between your property and the comparables.
• Check your property’s assessment against the assessments of the comparables.
• If your assessment is unfair, make an informal appeal to the assessor first. If the assessor doesn’t agree, file your appeal (also called a grievance, complaint, or petition). The Board of Assessment Review (BAR) will render a decision. This is an Administrative Review.
• If you are unhappy with the Bar decision, you can file a Small Claims Assessment Review (SCAR) petition, requesting a Judicial Review. The fee is $30. Virtually all home owners chose a SCAR appeal rather than an Article 7 or Article 78 proceeding, which can only be filed by an attorney and may be time consuming and expensive.
• Attend a SCAR hearing to get a feel for the process.
• Prepare a written summary of your case and rehearse your presentation.
Useful Links for Tax Grievance:
Time is money. This is never truer than when you or your company need an appraisal of your “old” home when you’re relocating to a new area for work.
When you put your “old” home on the market and take advantage of your employer’s relocation assistance, you’re interested not in the “fair market value” of the home, but its anticipated sales price, typically as soon as possible — usually not to exceed 120-180 days. But the need for speed doesn’t mean the relocation appraisal is a more simple matter than your average lending/mortgage appraisal. Quite to the contrary. It entails special expertise and skills on the part of the appraiser or appraisal firm you select.
When we perform a relocation appraisal, we consider recent closed sales but also competing listings in the area as well as pending sales. We offer a forecast of the likely sales price you can rely on, considering the dynamics of the neighborhood at the time of the relocation. All relocation appraisals are reported on the standard ERC Residential Appraisal Report form, the industry’s accepted relocation appraisal format.
If you’re a relocation services company in need of a local appraiser, look no further. Our professional relocation appraisal service is backed by our superior service, turn time, and knowledge of the market. Whether you’re an employee or a service company seeking a relocation appraisal professional, please browse our website to learn more about our qualifications, expertise and services offered
In today’s dynamic market it is absolutely imperative to get your own independent, neutral and unbiased real estate appraisal. This way you know the fair market value and can use that information to make an informed decision. Sellers and Brokers have their own agendas so it’s important to protect your own best interest. We will appraise your property having your interests in mind with no bias. We aren’t affiliated with any realty group so you know you will get a neutral fair market value. With this knowledge you can then make an informed decision.
Even if you do agree to overpay for a property, the mortgage bank issuing the loan will decline the entire transaction because their appraiser has come in with a lower value. Banks have become a lot more stringent with lending since the housing collapse. It is best to know that you are paying a fair price and that the property will appraise.
Anyone who is looking to list their home for sale should get an independent, unbiased, certified appraisal. Online sites such as Zillow can be very inaccurate and unreliable. Brokers often have their own agenda and can’t be trusted. We will appraise your property having your best interests in mind with no bias. We aren’t affiliated with any realty group so you know you will get a neutral fair market value. With this knowledge you can then make an informed decision.
A certified appraisal can be a very valuable negotiating tool. Many people are surprised when they find out that the market value of their home is much more than they thought, so investing in a professional appraisal actually allowed these people to receive several thousand more dollars than they thought they would when their home was sold. Conversely, others have an inflated opinion of their home’s value and an appraisal helped them to realistically price their home in order for it to sell. An overpriced home will not attract buyers, which means no offers and no closing and that you have wasted valuable time, money, and efforts. Lastly, once you have a potential buyer an appraisal can be a very valuable negotiating tool.
In addition to “how much?” there may be other important questions to ask yourself before listing your home. Questions like ”Would it be better to paint the entire house before we sell it?”, ”Should I put in that third bathroom?”, ”Should I complete my kitchen remodel?” Many things which we do to our houses have an effect on their value. Unfortunately, not all of them have an equal effect. While a kitchen remodel may improve the appeal of a home, it may not add nearly enough to the value to justify the expense.
We can step in and help make these decisions. Unlike a real estate agent, an appraiser has no vested interest in what amount the house sells for. Our appraisal fees are based on efforts to complete the report and not a percentage of the sales price. So a professional appraisal can often help homeowners make the best decisions on investing in their homes and setting a fair sales price.
PMI, the acronym for private mortgage insurance, allows individuals to purchase their home with less than a 20% down payment. If you are paying PMI, the question you need to ask yourself is; “Is it time to stop paying monthly PMI into an escrow account and instead start putting that money into your pocket?”
Every month, if you’re like most of us, you dutifully make your mortgage payment. Have you ever given any thought to exactly what makes up your monthly payment? For most of us, the mortgage payment not only pays off the mortgage loan, but a portion also gets put into an escrow account to pay for real estate taxes and a variety of different types of insurance (homeowners, hazard, flood, PMI, etc).
If you purchased your home with conventional financing and put less than 20% down, it’s likely you’re paying PMI. Private mortgage insurance protects the lender or investor against loss if a borrower stops making payments. Often, homeowners mistakenly pay this insurance years after it’s no longer needed and as a result end up paying thousands in useless insurance premiums.
Here’s the good news that many homeowners don’t realize – Once you’ve reached 20% equity in your home by appreciation, improvements made to the home or by paying down the principal balance of the mortgage (or any combination of the three), you can force the lender to cancel the private mortgage insurance. All you have to do is request in writing that the private mortgage insurance is canceled (most lenders have a brief form which must be filled out) and provide the lender with proof of sufficient equity over 20%.
In most cases, the necessary proof is a state certified appraisal. Recent legislation (the Homeowners Protection Act) requires servicing lenders to make homeowners aware of the existence of any PMI they might be paying for and the requirements necessary to have it cancelled. Fortunately, you don’t have to wait for the lender’s notification to rid yourself of PMI. In most cases, if you have equity of 20% or more you’ll be able to cancel it almost immediately.
PMI is not required in all instances. The general rule is that if a homeowner has put down less than 20% down on a home purchase (single family), mortgage insurance will be required. Homes purchased with a down payment of at least 20% should have enough equity to cover any potential losses by the lender, so PMI is generally not required. There has been a surge in the mortgage insurance industry because of the popularity of purchasing homes with less than 20% down. MICA claims that because of mortgage insurance making up for the down payment difference, over 15 million Americans have been able to purchase homes over the past four decades.
PMI does not protect a homeowner against loss, so a borrower that’s required to purchase it will probably never deal with the mortgage insurance company itself. All dealings concerning mortgage insurance are usually handled by the lender. It’s also the lender (or the eventual purchaser of your mortgage loan, if any) who has the ultimate decision when it comes to mortgage insurance, meaning how much and when the homeowner has built up enough equity in the property to drop the insurance. Therefore one must remain in contact with the lending institution which services their mortgage (collects the monthly payments) to inquire about this type of insurance and the requirements necessary to have it cancelled.
After a homeowner has built up 20% equity for a single family owner occupied residence (a few banks may require as much as 25% equity – check your loan documents to ascertain what applies in your situation) in the home, they may begin to initiate steps towards canceling the mortgage insurance. The first step is to contact the lending institution to where you send your mortgage payments (loan servicer). This may or may not be the lender who gave you the loan originally. Your loan servicer will be able to help you with the cancellation procedure and will also be able to tell you exactly how much your remaining mortgage balance is. Every loan servicing institution can have different policies regarding this procedure. Ask your servicing lender to provide in writing their specific requirements to cancel PMI insurance.
Keep in mind it’s the servicer’s ultimate decision and they’ll take many factors into consideration including the borrower’s payment history over the life of the loan before allowing you to drop this insurance. This factor alone could alter the servicer’s decision.
Although mortgage insurance may have allowed you to purchase a home, there will come a time when this added monthly expense will no longer directly benefit you. Therefore, it’s in your best interest to keep the provisions surrounding it’s cancellation in mind because no one is going to cancel it for you.
You are, ultimately, your own financial advisor, and even the smallest expenses should be eliminated if at all possible. By continuing to carry PMI which is no longer required, nor needed only decreases the amount of money you have available in your pocket or your bank account.
Most lenders require a real estate appraisal by a state certified appraiser as the primary proof required to eliminate unnecessary PMI insurance. At Long Island Appraisals, we specialize in helping people just like you rid themselves of unneeded and unwanted PMI insurance.
We offer a free initial consultation and will help you to determine if you have sufficient equity in your home to enable you to cancel your PMI.
It is more and more common in the recent real estate market for a lender to cut your line of credit. They do this because some computer program tells them that your house isn’t worth enough anymore to support that line of credit. And where does that leave you? It leaves you high and dry. Your solution is to get your own independent appraisal done to show your bank that your home value does indeed support your HELOC. That’s where we step in and can provide you with a high quality appraisal report that can help you re-instate your line of credit.
Homes in foreclosure and homes that have reverted to your institution’s ownership present special appraisal challenges. At Long Island Appraisals, we’re more than ready and able to help.
For a property in foreclosure, you may need to know the difference between fair market value and “quick disposition” value, to know your potential charge-off liability. At Long Island Appraisals, we have experience in both providing snapshots of fair market value for our mortgage lending and servicing clients as well as “quick sale” forecasts that understand your timeline. Owners of property in foreclosure, of course, present special challenges. They may be unwilling to allow an inspection of the property. If they have abandoned the property already, they may have neglected care of the home for some time — or worse, caused damage. We have the experience and training to deal with the special dynamics of a foreclosure appraisal, and you should not hesitate to rely on us. For a property that has already reverted to Real Estate Owned, you likewise will be interested in a quick disposition. But you may want to know and compare three values: As-is, as repaired, and “quick sale.” These represent the value of the property without any work done to it, with the work required to make the property marketable to full market value commensurate with competing properties in the area, and, somewhere in-between, with minimal investment in repairs — selling the property quickly, probably as a “fixer-upper.” Again, we understand your timeline and the unique circumstances of an REO property, as well as the special information you’ll need — competing listings, market trends, and the like.
Please browse our website to learn more about our qualifications, expertise and services offered.
Finalizing a divorce involves many decisions, including “Who gets the house”? There are generally two options regarding the house – it can be sold and the proceeds divided, or one party can “buy out” the other. In either case, one or both parties should order a certified fair market value appraisal of the residence.
Divorce appraisals require a well-supported, professional appraisal that is defensible in court. When you order an appraisal from us, you are assured that you will get the best in professional service, courtesy, and the highest quality appraisal.
We also know how to handle the sensitive needs of a divorce situation.
Estate tax liability. Disposition of assets under a will or in probate. There are many situations — none of them lacking stress and complexity — where you might need an appraisal of property that states an opinion of what the property was worth on a date some time ago, rather than when the appraisal is ordered. For estate tax purposes or disposition of the assets of a decedent, a “date of death” valuation is often required. (Sometimes, the executor of the estate may choose to have the date be six months after the date of death — but the same principles apply.)
Real property isn’t like publicly traded stock or other items which don’t fluctuate in value very much or for which historical public data is available. You need a professional real estate appraiser, bound by the Uniform Standards of Professional Appraisal Practice (USPAP) for a high degree of confidentiality and professionalism, and you need the kind of quality report and work product taxing authorities and courts need and expect.
Estate Planning is an important part of the financial planning process. Proper planning can ensure a smooth transfer of your assets to you heirs. Often times an appraisal can help minimize inheritance taxes. Call us to help you with this process.