New York appraisals – is cheapest really the best?
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.
In the case of a purchase, banks and lenders have the control when it comes to ordering appraisals in New York. No wonder, a buyer is left agonized, when the property he plans to buy is valued at a price higher than the market value and he can do nothing much about it. But why does this happens? How do banks end up reaching at figures which are actually lower than the purchase price?
It is a common practice in New York to get appraisals done from appraisers who quote the lowest fee. Thus, during appraiser selection, price is a very important factor. However, this often results in a scenario, where naive appraisers and inexperienced firms conducting appraisals get selected in New York. Thus, New York appraisal reports are often prepared by people who are not as qualified as they can only be licensed and not state certified. The end result, a conflict between all involved in the deal. Buyer expects a higher loan amount from the bank , while the bank is relying upon the appraiser’s report and thus, is not willing to extend as much money. Based upon the appraisal conducted by the bank, a seller will renegotiate with the potential buyer and thus settle upon a lower cost for his property.
An affordable appraisal company may be the way to go but make sure they are certified, have local expertise and if possible see that they are fha certified. This is the only way to roll when doing appraisals in New York. An appraisal in New York doesn’t have to be difficult, as long as the client does his due diligence.