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Our Certified
Appraisers
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Suzanne E.
Nogaret
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Charles R.
Iannello
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RPI APPRAISAL
SERVICES:
RPI is a real property appraisal
service, currently celebrating 30 plus years of continuous service.
RPI has only qualified, general certified appraisers associated
with it. Our qualifications and experience allow us to complete
all forms of appraisal cases, Commercial, Residential and Farm.
The majority of our cases are performed
for residential homes for the purpose of real property loans,
estate planning, estate settlements and liquidations, condemnation,
divorce or other disputes involving residential properties. A
large portion of our assignments are related to commercial appraisals,
which range from large multi-family complexes, retail stores,
warehouses, farms, land, etc. The appraisers at RPI are prepared
to present our appraisals for any related purpose [loans, litigation,
tax grievance, etc.] in a summary form, narrative form, or Court
form, and we are prepared to testify, if needed.
Some Big Factors To Value:
- Square footage?
- How big is your home?
- How many square feet of living
area is there above and below grade?
- Is your home a typical size for
the neighborhood?
- What is the supply of homes for
sale in the marketing area?
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SUPPLY
& DEMAND:
If half of the homes on your street
are for sale, that indicates an oversupply. If your home is
the only home for sale in your area, that is an undersupply.
Normally an oversupply of a product reduces the overall value,
whereas a limited number of items usually tends to increase
value. Remember the Cabbage Patch doll craze? The shortage of
dolls caused prices to skyrocket. The same principle relates
to real estate.
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LOCATION:
You often hear the phrase, "location,
location, location" when talking about what helps determine the
value of a property. Unfortunately, it's true. If you have a home
in a good location, many more people are willing to locate there.
The location increases the desirability of your home and therefore
the value. If you live next to a "toxic waste area"-- a gas station,
manufacturing facility, etc. -- the location can be considered inferior
by many potential buyers and the demand less. The value, therefore,
becomes less, as well.
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MAINTENANCE:
The overall appeal of the property
is also very important. This can be called the WELL FACTOR. If your
home is WELL maintained, WELL decorated, WELL presented, WELL landscaped
and therefore 'WELL'; well, somebody's apt to buy it. Your property
must, in today's buyers' market, be well-presented in order to achieve
success in marketing. The condition of the home cannot be emphasized
enough. If the owners take no pride in their property, normally
the appraisal will reflect it. If, on the other hand, the seller
takes the time to prepare the home properly for marketing and the
appraisal, the overall rating can go from average to good. I cannot
stress enough the critical importance of properly maintaining your
property.
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TERMS:
Another factor is terms: Will the
owner finance? Will the subject qualify for standard bank mortgages?
Can it be financed through FHA and VA loans? If the property cannot
finance, value is greatly limited, since the lender and government
insurance mortgage programs have standards for every property. These
standards must be met before a home can close.
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CONSIDERATIONS
OF AN APPRAISER:
There are over a hundred features that
a normal appraiser considers when placing a "fair market value"
on your home.
| -Lot size |
-Insulation |
-Energy Items |
| -Septic or Public
Sewer |
-Number of Bedrooms |
-Roof surface and
Age |
| -Zoning |
-Storm Windows/Screens |
-Attic |
| -Well or Public Water |
-Number of Bathrooms |
-Foundation |
| -Landscaping |
-Kitchen Equipment |
-Basement |
| -Heating & Cooling
Systems |
-Plumbing & Electrical
Systems |
-Materials of Construction |
| -Design/General Appeal |
-Drainage |
-Finished Basement |
| -Exterior |
-Room sizes and layout |
-Window Type |
| -Age |
-Flood Zone Area |
-Car storage |
| -Gutters/Downspouts |
-Number of Stories |
-Number of Units |
| -Easements |
-Style |
-Pride of ownership |
| -Manufactured Home |
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TRUST:
All of the above, and a lot more, are
the factors considered when inspecting a home. Appraising is "an
opinion of value" normally completed by a licensed or certified
general appraiser. The appraiser is not an advocate for any party.
His or her job is to inspect the property and report the finding
to the client in an honest and professional manner. Appraisers should
also be independent from any of the parties involved in the transaction.
One of the many features of an licensed
or certified appraiser is that he or she must live by and stand
by a Code of Ethics. So when you think the appraiser is acting like
a foe, he or she may in reality be the best friend you can have
in honestly appraising the value of the property.
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