Welcome to CityScape Appraisals, Inc.

Wikapedia defines Real Estate appraisal as "the practice of developing an opinion of the value of real property, usually its market value.  (Real estate appraisal is American usage; many other countries use the terms property valuation or land valuation.)  The need for appraisals arises from the heterogeneous nature of property as an investment class: no two properties are identical, and all properties differ within their location, the most important determinant of their value.  So, there cannot exist a centralized Walrasian auction setting for the trading of property assets, as there is for trade in corporate stock.  The absence of a market-based pricing mechanism determines the need for expert appraisal/valuation of real estate/property.

Real estate appraisals are performed by a licensed or certified appraiser (in many countries known as a property valuer or land valuer).  If the appraiser's opionion is based on market value, then it must also be based on the highest and best use of the real property.  For mortgage valuations of improved residential property in the US, the appraisal is most often reported on a standardized form, such as the Uniform Residential Appraisal Report.  Appraisals of more complex property (e.g. -- income producing, raw land) are usually reported in a narrative appraisal report.

Appraisals are used in most, if not all, transactions for buying, selling, or refinancing a home.  It has become a well-respected, necessary part of a real estate transaction, to ensure that all parties know the appropriate property valuation.

1.  Selling a home - Whether or not you use a Realtor or sell on your own, a professional appraisal can help determine your selling price without guesswork.  To unlock your home's value, start with an independent real estate appraisal.

2.  Buying a home - Value of homes typically rise but, as a buyer, you need a professional who knows the neighborhood in order to have "peace of mind" regarding what you should offer for the home.  Without an independent real estate appraisal, you are reliant upon the seller to define the property's value.

3.  Refinancing - Because you need a new loan, most lenders will require a professional appraisal in order to keep the valuation current.

4.  Divorce Settlements - In the event of a divorce, the valuation of assets is required so that equitable distribution can be made.  One of the most valuable assets most people own is their home, therefore setting a value is the first step toward working through the settlement.

5.  Estate Valuation - When settling an estate, often the estate or probate will require a professional appraisal, ensuring that beneficiaries have an accurate, fair, and true valuation of a home.

6.  PMI Removal - Many lenders require supplemental insurance when the amount loaned is 80% or higher of the value of the home.  When property values increase and/or payments have made the amount of the loan less than 80%, an assessment is used to challenge the mortgage holder in order to remove this additional insurance burden.