In NY, does the appraisal depend upon the asking price?
It’s important to choose local appraisers when appraising your property. We employ local appraisers from each county, this way you know you’ll get an accurate appraisal from one who is knowledgeable about your neighborhood.
Is the Appraisal value influenced by the asking price?
This is a question frequently asked by clients who come to us for real estate appraisals in NY. Many feel that in NY, appraisal is linked to the property’s asking price. This however is not true. In NY, appraisals have nothing to do with the asking price. When a property is appraised, the appraiser evaluates other comparable properties. Basically, an unbiased value for the property is calculated.
For appraisal purposes in NY, appraiser usually picks properties which have recently sold within 6 months and within 1 mile. Comparable properties similar in age, condition, size and location are used in the appraisal process.
When you are in the process of buying a property, we suggest that you get an independent appraisal done. The finance company and seller and brokers might have their own appraisal teams. But it has been often observed that agents tend to over value the property and thus lure buyers. However, by the time deal actually closes, buyers often feel duped. Thus, to get a clear picture on the property’s evaluation, hire a NY appraisal company, which is not directly or indirectly associated with your seller or broker. This will save you time and resources and will additionally help secure a fair deal. An independent appraisal, completed by a state certified appraiser with your best interest in mind is the way to go.