If a home inspection is performed prior to the appraisal and that report is provided to the appraiser, a more useful appraisal can result. This is because the appraiser, who is not an expert home inspector, will be told if there are substantial construction defects or major repairs required. This information can cause the appraiser to arrive at a different, probably lower, opinion of value. This information may be particularly helpful if one or both of the parties requesting the appraisal may end up in possession of the property. This is sometimes the case with property in a divorce settlement or a legal judgment.
To qualify, the homestead property must have been uninhabitable for at least 30 days and affected owners must file a sworn application for Abatement of Taxes for Homestead Residential Improvements (DR-463) along with supporting documentation to the Property Appraiser. If approved, the Property Appraiser will issue an official written statement to the Tax Collector, who will calculate and issue the credit.
Our experience in the personal property field is second to none. Each appraisal assignment we perform is held to the highest level of scrutiny. We pride ourselves on our honesty, integrity and commitment to service. All of our appraisals are prepared with the knowledge that we are ready and able to stand up in court, if necessary, to justify our findings.
An appraisal is a licensed appraiser's opinion of a home's market value based on comparable recent sales of homes in the neighborhood. Appraisals are usually ordered on behalf of a buyer's lender to protect the interests of the lender. The lender's underwriter will compare the appraisal price to the final purchase price of the home to ensure the buyer is not borrowing more than the house is worth. If the home appraises lower than the final sale price, the buyer may be able to renegotiate a lower price with the seller. If the seller won't lower the price, the buyer's lender may ask that the buyer put more money toward the down payment in order to make up the difference. Get an instant estimate of your home's value or learn how to increase your home's appraisal value.
With effect from the 1st of August 2017, new amendements to the Federal Valuation Law came to impose the compulsory certification of valuers by a state-affiliated testing centre. Consequently, this 2 hour written-exam certification measure, aimed to counter a perception of wide-spread malpractice among the members of the national valuation profession, provides for 3 valuer-specializations: real estate valuers, plant and machinery valuers, and business and intanglble asset valuers, with the exam content requirements varying substantially for each specialization. Valuers would lose a right to practice, unless they comply with the requirement to take this compulsory certification exam at or before March 31, 2018. A general assessment of this measure is that the numbers of certified valuers in Russia are set to dwindle down to some 2000-3000 valuers nationwide (across all the specialisms mentioned), i.e. decimating some 80% of the current Valuer SRO's membership, due to the complexity of the certification exams.