Home Owner Services

Working with a firm that has experience in private appraisal reporting is important to ensure the that the client receives reporting that meets the needs of the end users. We assist our clients by providing appraisals and appraisal consulting services to attorneys, homeowners, sellers and buyers to assist in residential market valuation.

DIVORCE VALUATIONS:

Appraisals done for divorce are typically used by the parties to determine, who gets the house and how much the other party pays or if the house should be sold and the proceeds split. Divorce appraisals must be done in such a manner that they are defensible in court if need be. In most cases the attorneys recommend that each party get their own valuation done.

Finalizing a divorce involves many decisions, including "Who gets the house"? There are generally two options regarding the house - it can be sold and the proceeds divided, or one party can "buy out" the other. In either case, one or both parties should order an appraisal of the residence. Divorce appraisals require a well supported, professional appraisal that is defensible in court. When you order an appraisal from us, you are assured that you will get the best in professional service, courtesy, and the highest quality appraisal. We also know how to handle the sensitive needs of a divorce situation.

The splitting of assets in a divorce situation can be the most stressful part of the process. Real estate is most often the largest asset which must be divided, and obtaining an accurate valuation of your real estate is of the utmost importance. We have a history of providing professional valuation services, reviewing of opposing parties appraisals and expert witness testimony.

Estate Appraisals 

To assist in financial planning, nursing care, Medicaid and other options as part of Elder Care Planning.

Probate.  These are typically done as of the “Date of Death”, for purposes of establishing the Market Value for the Estate. The appraisal can be used for tax purposes, settling the estate and assisting relatives in making decision about disposing the real estate, or many times certain heirs wish to buy out the other heirs and retain the property for themselves.

Settling an estate is an important and sometimes stressful job. As an executor you have been entrusted to carry out the wishes of the deceased as swiftly and exactly as possible. You can count on us to act quickly and with sensitivity to the feelings of everyone involved.

Whether it be a date of death valuation, estate planning, or gifting of property within an estate, CT Appraisal Group understands the unique nature and needs of both the parties of the estate and IRS regulations which are associated with these valuations. CT Appraisal Group can provide with the properly documented appraisal needs to assure no further delays or penalties in your estate planning and settlement.

Settling an estate usually requires an appraisal to establish Fair Market Value for the residential property involved. Often, the date of death differs from the date the appraisal is requested. We are familiar with the procedures and requirements necessary to perform a retroactive appraisal with an effective date and Fair Market Value estimate matching the date of death. The ethics provision within the Uniform Standards of Professional Appraisal Practice (USPAP) binds us with confidentiality, ensuring the fullest degree of discretion.

Having a professional appraisal gives the executor solid facts and figures to work with in meeting IRS and state agency requirements. It assures peace of mind to everyone concerned because we are there to stand behind the appraisal if it is challenged.

MARKET EVALUATION  --  PRE-LISTING / FSBO

Whether using a real estate agent or selling a home on your own FSBO, appraisals are used to assist the seller in determining a reasonable and unbiased listing price. Armed with credible evidence of the true market value, you know you will get the best possible price in the shortest period of time.

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We provide homeowners and their advisors with current, historical, and prospective opinions of real estate value. 

Clients also engage our services for varied decision-making purposes, including:

CASH BUYER:

Wants to confirm that the contract price is reasonable.  Find out if you are overpaying, or if you are getting a good deal, or if the price is right.

PMI REMOVAL:

Private Mortgage Insurance (PMI) can add thousands of dollars to your annual mortgage cost!  Banks don't proactively evaluate whether or not you have enough equity to remove the PMI, so you will need to monitor this yourself.

Market trends, scheduled & additional payments that reduce the loan balance, and home improvements can increase your equity above the 20% threshold.  Under certain circumstances when a homeowner has reached a certain equity position in their house, the mortgage lender may allow the Private Mortgage Insurance to be dropped.

Getting an appraisal to know your homes current value is the only way to know whether you have enough equity to eliminate the required PMI.

Contact us today to learn if you could be saving thousands of dollars every year with PMI removal.

RELOCATION APPRAISALS:

These are usually ordered by the Relocation Companies to determine the house purchase price for transferee assistance. Typically two appraisals are done, and if the values are considered to be too far apart, the Relocation Company usually orders a third appraisal to guide their final decision.

PARTIAL INTEREST:

Multiple owners of a property wish to divest one or more of their interest.

BANKRUPTCY:

To assist the client’s attorney working with the court.

BAIL BOND:

To determine the amount of equity to collateralize a Bail Bond.

TAX APPEAL:

Used to determine if the Assessed Value is over/under Market Value. Typically used to protest Real Estate Taxes by property owners and sometime Assessors will order an appraisal if they feel a property is undervalued.

RETROSPECTIVE APPRAISAL:

Valuation as of a date in the past, Although most of these are done for Estate Purposes, other common uses for a retrospective value are to determine a decline in a property value that was sold at a loss and in some cases Assessors require a past valuation date for tax appeal and Divorce or other settlement reasons.

CONSULTATION

Maybe you feel like you don't need an "appraisal" but you'd still like some help gathering local property and sales data.  Our reports help you to make an informed buying decision. We understand the complexities of buying a home and know what you are going through and will do our best to make it easier for you by giving you a high quality, professional appraisal that you can depend on!

When you order an appraisal report from us, you can expect. . . .

Prompt response to your initial inquiry: We will give you personalized information for your particular appraisal need.  Just tell us your situation and we will make suggestions. 

Appraisal and consulting reports formats to suit YOUR needs: When it comes to appraisal and consulting, "One size does NOT fit all!" We offer a variety of report types.

Quick response to follow-up questions: Our reports are clearly written, understandable, and meet the Uniform Standards of Professional Practice that governs the appraisal practice. If you have any questions regarding your appraisal, after you've read the report, we encourage you to email or call us!

If you are planning to sell your home, it might be a wise decision to make a small investment in a professional appraisal.  Unless you study real estate values on a day to day basis, like a professional appraiser does, it's difficult for you to get a handle on real estate values.  We aren’t talking about how much you have invested in your home, how much you paid for it, or how much you want for it.  We’re talking about the true market value of your home, which could really pay off for you in the long run!

SELLING YOUR HOME FSBO

More and more homeowners today are choosing to sell their homes FSBO (For Sale By Owner) and foregoing the help of a real estate agent. Selling your home by this method can end up saving you a potential “hefty” commission (industry average is 5-7% of the home’s selling price). Plus many FSBO sellers feel that they have more control in the process of selling their home since they’re in essence making all the rules. But selling your home on your own will require a significant amount of "homework" if you're going to do it right. One piece of advice that is consistently given by the experts in selling your home FSBO....Do NOT "Overprice" Your Home! It's very hard to be objective about your own home because of your emotional attachment to it. A professional appraiser is objective and will tell you what you need to know, not just what you want to hear.

PRE-LISTING APPRAISAL

If you’re working with a real estate agent to list your property, more than likely they’ll provide you with a Comparative Market Analysis (CMA) that lists selected sales in your area as one of the first steps in determining what to set as the “Listing Price". This step is vital if you're going to maximize your profit and minimize the home’s time on the market.

But even if you're working with the most experienced real estate agent, it's probably in your best interest to have an "objective" third-party's opinion of value prior to signing a Listing Agreement. And that’s where we come in. We can provide you with a pre-listing appraisal so both you and your agent have an accurate description of your home's features and a detailed analysis of the most recent and similar "comparable sales" or as they're commonly called, "Comps". In addition to helping you set a realistic selling price so your home will attract buyers, a professional appraisal can:

  • Be a very valuable negotiating tool once you have a potential buyer
  • Impress buyer’s with written proof of your home’s condition inside and out
  • Make you aware of problems and eliminate last-minute repair hassles that might delay a closing
  • Decrease the chances of unknown problems that cause sales to fall through
  • Eliminate the wait for the buyer or their mortgage company to get the appraisal done on their own

Many people are surprised when they find out that the market value of their home is much more than they thought, so investing in a professional appraisal actually allowed these people to receive several thousand more dollars than they thought they would when their home was sold. Others have an inflated opinion of their home's value and an appraisal helped them to realistically price their home in order for it to sell. An overpriced home will not attract buyers, which means no offers and no closing and that you have wasted valuable time, money, and efforts.

When life changes, such as a divorce or death, require a division of your most valuable asset, your home, we will provide you with current, or retrospective real property valuation. You can rely on us to be discreet and professional.

FSBOs, home sellers, and homeowners:

A listing appraisal can be a powerful tool for a for-sale-by-owner home seller.  And give yourself peace of mind that your largest investment is really worth what you think it is by obtaining a professional real estate appraisal.