Market Appraisers, Inc.
 
 
899 Parkway Ave., Trenton, NJ 08618
dschulte@actionusa.com
 
CALL US TODAY! (609) 883-9795
 
NAIFA
 
 

 
 
 
 
 

Appraisal Definitions in New Jersey & Pennsylvania


Bank/Mortgage Appraisal
An appraisal is needed to obtain a mortgage for Purchasing a home or Refinancing. Mortgage lenders require an appraisal before they'll provide a loan because the property is the underlying asset that serves as collateral for the loan. A lender will only approve a loan for a property that appraises for the full sale price of the home—or more. We work with Banks, Appraisal Management Companies (AMC's) and Credit Unions, providing client/lenders with the most accurate & promptly completed professional appraisal reports available.
Bankruptcy Appraisal
A bankruptcy appraisal is used to give a complete financial picture of your income, assets (including real estate), debts and financial obligations. It is used to establish the ability of a person who is filing, or thinking about filing, for bankruptcy to pay the debts he owes. Under the federal bankruptcy statutes, a bankruptcy appraisal is required by the court. A bankruptcy judge will carefully consider the appraisal in evaluating whether to discharge the debts of the person who files for bankruptcy under Chapter 7 or approve a debt repayment plan under Chapter 13.
Relocation Appraisal
Relocation Appraisals differ significantly from the typical mortgage related appraisal in several regards. Differences include but are not limited to: Reporting Format; Intended Use; and, Purpose.

The Reporting Format for the typical mortgage related appraisal is the two-page Fannie Mae URAR 1004 report which is standard for the industry. The format for the relocation appraisal is the seven-page ERC Summary Appraisal Report which covers many of the same elements as the Fannie Mae 1004 but requires substantially more detailed analysis and narrative commentary to complete properly.
 
 
Market Value.
Market value is the most probable price that a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably and assuming the price is not affected by undue stimulus.
 
Beautiful House - Residential Appraisals in Ewing, NJ
 
 
Divorce Appraisal
The home may be the greatest single asset of a marriage, but it may become a point of contention in a divorce, given its financial and emotional value. It's important to understand both the legal rights and economic realities before making any decisions. A divorce appraisal involves many difficult decisions about the kids, investments and marital assets, including who gets the house. When it comes to the house and other real estate properties, the two most common choices are selling and dividing the proceeds, or one party can “buy out” the other. In either case, one or both parties will order an appraisal of the residence and other real estate holdings.
Estate Planning & Settlement Appraisals
A real property value appraisal is typically required for estate settlement purposes as well as estate planning. By providing an expert opinion of value placed on real property, an Estate Appraiser can provide services essential by providing a conclusion of a market value opinion of a residential or commercial property. We understand the purpose and are very experienced providing services to any parties involved. We provide estate appraisal reports that meet the requirements of families and heirs, along with the courts and various agencies, either on a retrospective or current basis, establishing a conclusion of a market value opinion to assist in settling or planning an estate among heirs
FHA Appraisal
An FHA appraisal conducted by a certified and approved FHA appraiser is needed for underwriting FHA 203b and 203k loans. All residential home loan programs including VA, FHA and conventional (Fannie Mae, Freddie Mac) require the performance of comprehensive appraisal report. The appraiser must inspect the property to ascertain that it meets minimum FHA Standards and value.

 
Insurable Value Appraisal
An insurable value appraisal is a current reproduction or replacement cost estimate of the insurable physical assets of a property. These assets typically include buildings, structures and site improvements (pools, tennis courts, etc.) as well as contents and equipment.
Tax Assessment Appeal Appraisal
A Tax Assessment Appeal Appraisal is a retrospective appraisal that helps establish an opinion of value of a property as of a certain date for Tax Appeal Purposes. Our firm will complete an inspection of your property to determine if there is evidence that your property is over-assessed. If the conclusion as a result of the appraisal indicates that there is suitable documentation that your property is over-assessed then a Tax Assessment Appeal should be filed with the County's Board of Assessors. If the property owner is relying on the appraisal for a reduction in assessment, then the appraiser would be hired to give Expert Testimony at the Tax Appeal Hearing.