What is an Appraisal?

An appraisal is a professional and supported opinion of the market value of a property (residential, commercial or industrial), as of a specific date. An appraisal prepared by a qualified appraiser represents an independent and impartial analysis of relevant market data.

What is Market Value?

Market value is the most probable price a property will bring in an open and competitive market.  When a buyer and seller, who are unrelated to each other, each act prudently and knowledgeably, and the price is not influenced by unusual circumstances (an "arms-length transaction"), it is expected that all the conditions necessary for a fair sale will be met and market value shall be achieved.

What is an Appraisal Used For?

Appraisals are employed for many purposes, including when seeking mortgages, for estate planning or when a property owner dies, for tax determinations, property disputes, market analysis, bankruptcy, divorce settlements, probate procedings, or to determine an offering price for a seller or purchaser.

How Do I Find a Qualified Appraiser?

The appraiser you select should be licensed or certified by the state. Such credentials ensure the appraiser has the education and experience necessary to appraise your property. A licensed or certified appraiser must conform to the Uniform Standards of Professional Appraisal Practices (USPAP) adopted by the Appraisal Standards Board of the Appraisal Foundation. To be sure an appraiser is competent, ask if the appraiser is a designated member of a recognized appraisal organization such as the Appraisal Institute, whose standards for accreditation go well beyond those established by the State. Certified General Real Estate Appraiser Richard Sheeler and the appraisers on his team are all New York state licensed appraisers.