BICI REAL ESTATE APPRAISAL SERVICE
LICENSED IN NEW JERSEY AND NEW YORK
tel: 973.949.4768 email: Bill@9739494768.com fax: 973.427.1505
Bici Appraisals is a Residential Appraisal firm that is licensed in New Jersy and New York providing real estate appraisal services in all of New Jersey and bordering New York, speciliazing in the Passaic County area. Our highly qualified appraisers strive to offer quality appraisals at competitive prices. Our customer service and fast turnaround times have launched us to the top of our field. Should you find yourself in need of appraisal services in the greater Passaic County New Jersey area whether it be a single family home for a mortgage or an entire portfolio we invite you to review the following pages and give us a call .
You take pride in your business and work hard at establishing and maintaining a solid customer base. Your recommendation of an appraiser says a lot about you and your company. You want someone that will treat your customers the way you do and expect a high level of integrity and ethics. You need someone that is professional and will conduct business at your standards. That is why your selection of Bici Appraisals to handle all your real estate appraisal needs is the smart choice. Pride, Integrity, and Professionalism, these are the guiding principals of Bici Appraisals. We will treat your customer with the highest level of professionalism to protect your reputation and recommendation. Our approach to business is to perform at the highest level of integrity and ethical standards which will not be compromised.
All inspections are performed by seasoned appraisers in a professional manner with a focus on servicing your customers needs. Therefore, once you have selected Appraisals to do the job, you will have confidence that it will be done to your standards and that your customers will be completely satisfied with our work.
What is an Appraisal ?
A home purchase is the largest, single investment most people will ever make. Whether it's a primary residence, a second vacation home or an investment, the purchase of real property is a complex financial transaction that requires multiple parties to pull it all off.
Most of the people involved are very familiar. The Realtor is the most common face of the transaction. The mortgage company provides the financial capital necessary to fund the transaction. The title company ensures that all aspects of the transaction are completed and that a clear title passes from the seller to the buyer.
So who makes sure the value of the property is in line with the amount being paid? There are too many people exposed in the real estate process to let such a transaction proceed without ensuring that the value of the property is commensurate with the amount being paid.
This is where the appraisal comes in. An appraisal is an unbiased estimate of what a buyer might expect to pay - or a seller receives - for a parcel of real estate, where both buyer and seller are informed parties. To be an informed party, most people turn to a licensed, certified, professional appraiser to provide them with the most accurate estimate of the true value of their property.
The Inspection
So what goes into a real estate appraisal? It all starts with the inspection. An appraiser's duty is to inspect the property being appraised to ascertain the true status of that property. He or she must actually see features, such as the number of bedrooms, bathrooms, the location, and so on, to ensure that they really exist and are in the condition a reasonable buyer would expect them to be. The inspection often includes a sketch of the property, ensuring the proper square footage and conveying the layout of the property. Most importantly, the appraiser looks for any obvious features - or defects - that would affect the value of the house.
Once the site has been inspected, an appraiser uses two or three approaches to determining the value of real property: a cost approach, a sales comparison and, in the case of a rental property, an income approach.
Cost Approach
The cost approach is the easiest to understand. The appraiser uses information on local building costs, labor rates and other factors to determine how much it would cost to construct a property similar to the one being appraised. This value often sets the upper limit on what a property would sell for. Why would you pay more for an existing property if you could spend less and build a brand new home instead? While there may be mitigating factors, such as location and amenities, these are usually not reflected in the cost approach.
Sales Comparison
Instead, appraisers rely on the sales comparison approach to value these types of items. Appraisers get to know the neighborhoods in which they work. They understand the value of certain features to the residents of that area. They know the traffic patterns, the school zones, the busy throughways; and they use this information to determine which attributes of a property will make a difference in the value. Then, the appraiser researches recent sales in the vicinity and finds properties which are ''comparable'' to the subject being appraised. The sales prices of these properties are used as a basis to begin the sales comparison approach.
Using knowledge of the value of certain items such as square footage, extra bathrooms, hardwood floors, fireplaces or view lots (just to name a few), the appraiser adjusts the comparable properties to more accurately portray the subject property. For example, if the comparable property has a fireplace and the subject does not, the appraiser may deduct the value of a fireplace from the sales price of the comparable home. If the subject property has an extra half-bathroom and the comparable does not, the appraiser might add a certain amount to the comparable property.
In the case of income producing properties - rental houses for example - the appraiser may use a third approach to valuing the property. In this case, the amount of income the property produces is used to arrive at the current value of those revenues over the foreseeable future.
Reconciliation
Combining information from all approaches, the appraiser is then ready to stipulate an estimated market value for the subject property. It is important to note that while this amount is probably the best indication of what a property is worth, it may not be the final sales price. There are always mitigating factors such as seller motivation, urgency or ''bidding wars'' that may adjust the final price up or down. But the appraised value is often used as a guideline for lenders who don't want to loan a buyer more money than the property is actually worth. The bottom line is: an appraiser will help you get the most accurate property value, so you can make the most informed real estate decisions.
Why get an appraisal?
Anyone who wishes to purchase, sell or refinance their home, land and/or investment property, will need to get an expert opinion on what their property value is worth. Before a bank or lender will invest their money in your home loan, they will require an appraisal to ensure the property's value.
PURCHASE OF A HOME
Buying a home is an important decision. A buyer needs to know what the property is worth so that they can make an informed decision to purchase. An appraisal report performed by a qualified, state-licensed, real estate appraiser can provide you with an objective, third party opinion of a property's current Market Value.
REFINANCE OR GET A HOME EQUITY LOAN
Need to consolidate bills, pay college tuition, or maybe you just want to do some renovations, you'll want to tap into the equity of your home. A refinance or home equity loan usually requires a an appraisal of your property.
SELLING A HOME
Whether you choose to sell your home by owner or use a real estate agent, a professional appraisal can help you make a better educated decision when determining your selling price.
DIVORCE SETTLEMENT
In most divorce cases, the Court won't usually force the parties involved to "buyout" the other party's interest but it may however order the sale of the home so each party gets an equal share of the equity. Whatever the situation, it is strongly advisable to order an appraisal so both parties are fully aware of what the true market value is.
ESTATE LIQUIDATION
When settling an estate from a death, or probate, usually requires an appraisal to establish Fair Market Value for the property involved. In most cases, a home or other real property makes up a disproportionate share of the total estate value. When property is involved, an appraiser can help determine its true value.
RELOCATION
During an appraisal inspection, relocating employees are encouraged to provide input on the positive attributes of their property along with information about any recent sales or listings in their neighborhood that they want considered.
HOME IMPROVEMENTS TO ADD VALUE
Many things which we do to our houses have an effect on their value. Unfortunately, not all of them have an equal effect. While a kitchen remodel may improve the appeal of a home, it may not add nearly enough to the value to justify the expense. An appraisal can help clarify which improvements will bring more added value to your property.
We specialize in real estate appraisals for:
Single-Family Residences
Condominiums
2-4 Unit Multifamily Properties
Manufactured Homes
Vacant Land
We also perform:
Refinance Appraisals
Purchase Appraisals
Divorce/Legal Appraisals
Pre-sale Appraisals
REO Appraisals
Common Real Estate Appraisal Terms
Appraisal
The determination of property value based on recent sales information of similar properties.
Appraiser
A licensed professional who determines the value of property.
Assesment
Determining a property's value for the purpose of taxation.
Appreciation
The increase in property value due to market trends.
Asset
Valuable items owned by a person, corporation or entity.
Broker
An individual who assists in the funding or negotiating of contracts for a client.
Certificate of Reasonable Value (CRV)
An appraisal that has been performed on a property that is being paid for with a VA loan. After the property is appraised, the Veterans Administration issues a CRV.
Deed
A legal document which affects the transfer of ownership of real estate from the seller to the buyer.
Depreciation
The decline of property value.
Equity
The difference between current market valu and the principal balance.
Loan to Value Ratio
The relationship between the amount of the mortgage loan and the appraised value of the property expressed as a percentage.
Mortgagee
The lender in a mortgage agreement.
Mortgage Insurance
Insurance that covers the lender against losses incurred as a result of a default on a home loan.
Private Mortgage Insurance (PMI)
Paid by a borrower to protect the lender in case of default. PMI is typically charged to the borrower when the Loan-to-Value Ratio is greater than 80%.
Refinancing
The process of paying off one loan with the proceeds from a new loan, using the same property as security.
Second Mortgage
A mortgage that has a lien position under the first mortgage.
Survey
A map showing the precise legal boundaries of a property, the location of improvements, easements, rights of way, encroachments, and other physical features.
