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Our staff provides residential appraisals for banks, individuals and attorneys for varying purposes such as foreclosure, IRS, estate, divorce, partnership negotiations and assisting buyers and sellers in due diligence. We also provide insurance replacement cost estimates and expert witness litigation support. We are proficient at appraising single family homes,2-4 unit multi family properties, condominiums and vacant land.



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



Fact: The appraiser has no vested interest in the outcome of the appraisal and should render services with independence, objectivity and impartiality.



Assumption: Market value should approximate replacement cost.



Fact: Market value is based on what a willing buyer likely would pay a willing seller for a particulate property, with neither being under pressure to buy or sell. Replacement cost is the dollar amount required to reconstruct a property.





ASSUMPTION: ASSESSED VALUED SHOULD EQUATE TO MARKET VALUE


Fact: While most states support the concept that assessed value approximate estimated market value, this often is not the case. Examples include when interior remodeling has occurred and the assessor is unaware of the improvements, or when properties in the vicinity have not been reassessed for an extended period of time. Accurate assessments also require accurate data on a property. Assessments often reflect dated market conditions and inaccurate property data.




ASSUMPTION: APPRAISERS USE A FORMULA, SUCH AS A SPECIFIC PRICE PER SQUARE FOOT, TO FIGURE OUT THE VALUE OF A HOME.


Fact: appraiser 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 in the subject market area.




ASSUMPTION: BECAUSE CONSUMERS PAY FOR APPRAISALS WHEN APPLYING FOR LOANS TO PURCHASE OR REFINANCE REAL ESTATE, THEY OWN THEIR APPRAISAL.


Fact: The appraisal is, in fact, legally owned by the lender, however consumers may obtain a copy of the appraiser report from their lender who had ordered the report under the Equal Credit Opportunity Act.


ASSUMPTION: 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 PERCENTAGE.


Fact: Value appreciation of a specific property must be determined on an individualized basis, factoring in data on comparable properties and other relevant considerations. This is true is good times as well as bad.




ASSUMPTION: AN APPRAISAL IS THE SAME AS A HOME INSPECTION


Fact: An appraisal does not serve the same purpose as an inspection. The appraiser forms an opinion of value in the appraisal process and resulting report. A home inspector determines the condition of the home and its major components and reports these finding. Home inspectors are not appraisers and appraisers are not home inspectors.




ASSUMPTION: YOU GENERALLY CAN TELL WHAT A PROPERTY IS WORTH SIMPLY BY LOOKING AT THE OUTSIDE.


Fact: Property value is determined by a number of factors, including location, condition, improvements, amenities and market trends. ​ While the exterior view of a property often indicates a level of care, the inside of a home is often in very different condition. A new roof does not indicate a new bath or kitchen, nor does an old roof mean the interior is in need of updating. A full interior inspection of a property allows for the greatest level of accuracy in property valuation.



Questions? Call Today!

Phone: 800-542-6067
Fax: 508-772-4487
Alt Phone: 508-923-0200
Email: orders@bankersresidential.com



PO Box 749
Mansfield, MA 02048



Bankers Residential Appraisal Services was established in 1994. We currently have 8 fully licensed and certified full time appraisers along with a full time office manager.


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