INTERIOR & EXTERIOR APPRAISALS
Interior & Exterior Appraisal Services
At Home Appraiseology, we specialize in providing accurate, credible, reliable, and professional interior and exterior field appraisals for clients across Long Island and across the Nation. Our team of experienced and certified appraisers is dedicated to delivering high-quality appraisal services tailored to your individual needs.
Whether you're a homeowner, investor, or real estate professional, our interior field appraisals can help you make informed decisions about your property.
Why Choose Home Appraiseology for Your Interior & Exterior Appraisals?
On-site Inspections: Our interior field appraisals involve an interior and exterior inspection of your property to assess its condition, improvements, and unique features.
Personalized Service: We understand that each appraisal and property are unique, and our appraisers take the time to understand your specific needs and requirements.
Timely, Compliant and Professional Reports: We pride ourselves on delivering comprehensive, USPAP compliant and easy-to-understand appraisal reports within the agreed-upon timeline.
Expertise: Our team of certified appraisers has extensive experience in the Long Island and Queens County real estate market, ensuring that you receive an accurate and fair property valuation.
Digital Floor Plans: Home Appraiseology offers professional and accurate digital floor plans. Our certified appraisers use advanced technology and equipment to create accurate and detailed floor plans that meet our client's needs and requirements.
Competitive Pricing: Our interior and exterior field appraisal services are competitively priced without compromising on quality, making us a top choice for clients across Long Island and across the country.
Initial Consultation: Contact us to discuss your appraisal needs and schedule an appointment for our appraiser to visit your property.
Property Inspection: Property Inspection: Our certified appraiser will create a digital floor plan of your property and conduct an interior and exterior inspection of your property, taking note of its condition, improvements, and unique features.
Appraisal Report Preparation: Our appraiser will prepare a USPAP-compliant, detailed and comprehensive appraisal report that includes a credible and reliable valuation of your property.
Data Collection and Analysis: We gather and analyze data from multiple sources, including comparable property sales, local market trends, and public records.
Appraisal Quality Control: At Home Appraisology, we have a review process that offers two stages of review before delivering the final report to the client. The first review is conducted by a Real Estate Analyst who checks for minor errors, such as typos, missing or incorrect data, photos, and easily identifiable red flags. The second review is carried out by a NYS Certified appraiser who ensures compliance with USPAP and GSE standards, as well as any specific client-based assignment requirements. Additionally, the second review may involve requesting the appraiser to provide additional relevant sales to support the market value with the most recent and pertinent market data available.
Report Delivery: We will deliver your appraisal report in a timely manner with 99% of report delivered within 12-24 hours of property inspection, providing you with the information you need to make informed decisions.
Our Process
Appraisal Report - Under USPAP Reporting Standard 2-2(a), appraisers are required to provide a comprehensive summary of their findings within the Appraisal Report. This reporting standard places emphasis on detailed reporting, mandating that the appraiser includes exhibits, rationale, and reasoning to support the conclusions stated in the report itself.
The purpose of this reporting requirement is to ensure transparency and thoroughness in the appraisal process. It serves as a guideline for appraisers when reporting their findings, and is adhered to not only by individual appraisers but also by major entities such as Fannie Mae, Freddie Mac, and other government-sponsored enterprises (GSEs). These organizations rely on the Appraisal Report to make informed decisions related to mortgage lending and mortgage-backed securities.
The inclusion of exhibits within the Appraisal Report allows for a clear presentation of data and information that was considered during the valuation process. Appraisers may provide photographs, maps, or graphs to visually support their conclusions.
Furthermore, the requirement to provide rationale and reasoning within the Appraisal Report is of utmost importance. It ensures that the appraiser's opinions and conclusions are well-supported and can be understood by the intended user(s) of the report. This helps to prevent misunderstandings or misinterpretations of the appraiser's assessment. The appraiser must detail the methodology used, the selection and analysis of comparable properties, and any adjustments made to arrive at the final value conclusions.
The thoroughness and attention to detail required by USPAP Reporting Standard 2-2(a) aim to instill confidence in the appraisal process and promote fair market transactions. By complying with this reporting standard, appraisers provide a clear and concise picture of their findings, enabling lenders, investors, and other stakeholders to make informed decisions based on accurate and reliable information.
In summary, USPAP Reporting Standard 2-2(a) necessitates appraisers to augment the level of detail provided within the Appraisal Report. This requirement ensures that the supporting evidence, rationale, and reasoning behind the appraiser's conclusions are clearly communicated to the intended users of the report. Compliance with this reporting standard is crucial for maintaining transparency, promoting accuracy, and facilitating informed decision-making in the real estate industry.
Types of Appraisal
Restricted Appraisal Report – Use of this report is limited to the client(s). The rationale for how the appraiser arrived at the opinions and conclusions set forth in this report may not be understood properly without additional information that is in the appraiser’s work file.
This particular report assumes that the client possesses a fundamental understanding of residential appraisals or many not need a detailed reporting analysis required in an Appraisal Report under USPAP (Uniform Standards of Professional Appraisal Practice) Reporting Standard 2-2(a). It grants appraisers the flexibility to comply with the less restrictive reporting requirements outlined in USPAP Reporting Standard 2-2(b), where appraisers are mainly obligated to state the conclusions of the appraisal report.
A key distinguishing factor of the Restricted Appraisal Report is that it embraces a client base with either a basic comprehension of residential appraisals or many not need the reporting analysis required in an Appraisal Report. This presupposes that the client either possesses a certain level of knowledge regarding the process, methodologies, and terminology commonly employed in the field of real estate valuation or are not in need of the summary required in the Appraisal Report reporting standard 2-2(a). This understanding allows for a more streamlined and concise report, focusing solely on the conclusions derived from the appraisal without extensively explaining the underlying concepts.
USPAP Reporting Standard 2-2(b) provides the framework for appraisers to follow when preparing a Restricted Appraisal Report. Under this standard, appraisers are relieved from the burden of summarizing the entire appraisal process, steps taken, and methods employed. Instead, they are permitted to narrow their focus to the essential outcome of their analysis.
The inherent benefit of this less restrictive reporting requirement is the potential for brevity and increased efficiency. Appraisers can avoid lengthy summarizations and digressions, allowing them to state their findings and conclusions concisely. This approach is particularly advantageous when working with experienced clients who desire a more streamlined appraisal report that cuts to the chase or clients that need limited reporting analysis. Moreover, the reduced reporting burden enables appraisers to allocate more time and attention to the nuanced aspects of their analysis, refining their conclusions and bolstering the accuracy of their reports.
However, it is essential to acknowledge the potential drawbacks and limitations of the Restricted Appraisal Report. While it provides efficiency and ease for knowledgeable clients, it may not be suitable when dealing with individuals who are less familiar with residential appraisals. For such clients, the more comprehensive Appraisal Report that summarizes the methodology, data sources, and detailed analysis would likely be more appropriate. Careful consideration should be given to the intended user(s) and their level of understanding and needs to select the appropriate reporting standard.