Property appraisal is all the more tangled now!
A few years ago, not many were really bothered with the nuances of property appraisal procedures in NY. The finance company or the lender had a property appraisal company on board and their guys managed the task. Be it Bronx or Brooklyn, the same team visited whichever county. The process was simpler then. One appraisal report was prepared and everybody involved in the deal trusted the findings. Process was quick and easy; today however multiple loops have been added to the property appraisal process in NY.
To begin with, people have understood the relevance of a real estate appraisal exercise. They no longer are considering it a casual formality. As a result, all parties involved in the deal want a reliable property appraisal company to conduct the exercise on their behalf. Now because the relevance has been understood, several layers have been added. A seller begins by hiring a New York appraiser, which he believes belongs to a professional setup. He gets the property appraised and based upon the report works out an asking price. Agents and intermediaries have their own property appraisal tie ups and they use these associates to justify the seller’s quote. Prospective buyers too are cautious and in no mood to pay even a penny extra, so at their end, they appoint an NY property appraiser to accomplish the task. The lender plays even more critical if he gets to know that the borrower has a marginal credit score and thus ends up demanding yet another scrutiny.
The result, property buying and selling process is loaded with inspections and inquiries and thus is a bit overstretched. But eventually, all thanks to the involvement of various professionals, the process of property appraisals in NY is absolutely fair and justified.