IF I AM SELLING MY HOME HOW CAN AN APPRAISAL BENEFIT ME?

An Appraisal before listing your property can possibly save you, or make you thousands of dollars. An accurate valuation of your property helps you in several ways. First and foremost, an accurate valuation will help you in establishing an asking price. If you are utilizing the services of a Realtor, then you can use the Appraisal in conjunction with their data to arrive at a competitive marketing price. If you are selling the property yourself, the Appraisal is an excellent selling tool. Purchasers today are informed and will want to know where your asking price was derived.

The Appraisal is factual, verified data, presented in a format that has pictures, map, text addendums, a sketch of the subject showing it's exterior dimensions and the interior floor plan.

WHAT IS THE DIFFERENCE BETWEEN MY REALTOR'S "CMA" AND AN APPRAISAL?

A Comparable Market Analysis (CMA) is not an appraisal. An Appraisal is an opinion of value based upon interpretation of the facts. An appraiser is one who estimates value, one who has the necessary qualifications, ability, and experience to execute or direct the appraisal of real property.

A CMA is a presentation put on by a Realtor in an effort to win your listing. Plain and Simple. The Realtor's job is to procure listings. Plain and Simple.

The Appraisal Process involves a series of steps that must be followed every time in an effort to formulate an accurate and defensible "Opinion of Value". We are not paid on commission and have no underlying motivation. As Appraiser's we are advocates of the property.

WHAT IS ALL THIS I HEAR ABOUT FHA?

In the Southern New Jersey marketplace the maximum FHA mortgage amount is $156,000 +-(depending on your county, and/or the HUD program). This mortgage amount covers a large portion of our market. If your potential sales price is near this number then there is a strong possibility that your buyer will be procuring an FHA insured mortgage.

On September 10,1999, FHA/HUD instituted a new program named "The Home Buyer Protection Plan". These revised guidelines are in place to protect home buyers from potentially defective houses. These new changes are significant and can cost a home seller thousands of dollars in required repairs.

All Appraiser's at "FIRST JERSEY APPRAISAL GROUP" have passed the FHA exam that was made part of the new program. All are qualified to perform consulting assignments and full FHA/HUD Appraisal assignments.

At "First Jersey Appraisal Group" we offer consulting on FHA Minimum Property Standards (MPS). By knowing the extent of repairs that need to be addressed you will be able to firm up your bottom line. To that end, you will be able to negotiate more aggressively as there should be no hidden repairs popping up after you have accepted an offer to purchase.

In this day and age of technological advances it is not uncommon to have 30 day closings. However, if you are not aware of the repairs necessary to meet FHA Minimum Property Standards, then time can be your enemy. These are headaches that can be alleviated or avoided completely by having one of our qualified Appraisers perform a consulting assignment for you.

INFORMATION IS POWER

By arming yourself with the quality information that we supply, you should be able to expedite the sale of your property and potentially increase your net profits. Knowing what repairs will be needed, you will be able to firm up your bottom line. All of this is intended to make for a smooth transaction for you, the seller.

Additionally, If you are purchasing another home, you can negotiate more aggressively with that seller knowing that you have priced and sold your property at price that it should appraise for and that there should not be any surprise repairs. As your property is under contract due to your preparations you can negotiate as a non - contingent purchaser, which is always more appealing then the purchaser who still has to sell their house (They should have called Us!)