A home purchase is the largest single investment most people will ever make. Whether it's a primary residence, vacation home or investment property, the purchase of real property is a complex financial transaction that requires multiple parties to pull it off. Included are a familiar cast of characters, the realtor, the mortgage broker, the attorney; but who makes sure the value of the property is in line with the amount being paid? This is where the appraisal comes in. An appraisal is an unbiased opinion of a property's value on the open market; an estimate of a property's type and condition, its utility for a given purpose or its highest and best use. To be an informed party, most people turn to a licensed professional appraiser to provide them with the most accurate estimate of the true value of their property.
First Fidelity Appraisal Services of New England provides comprehensive FHMLC 71A, FHMLC 71B, and narrative reports for mixed used properties, residential multi family buildings (5+ units), office and retail space, and commercial developments. Our commercial property valuations can be for mortgage lending purposes as well as any other required needs of our clients.
Finalizing a divorce involves many tough decisions, including who gets the house. There are generally two options - it can be sold and the proceeds divided, or one party can buy out the other. Regardless, a professional appraisal should be completed on behalf of one or both of the parties. An appraisal by a qualified independent professional third party is often required by state law to settle the divorce. Divorce appraisals require a well supported, professional appraisal that is defensible in court. We have staff members who are experienced in this kind of situation and have expert witness testimony experience. We can provide appraisal reports that meet the requirements of the courts and various agencies.
As an attorney handling a divorce, you may need an appraisal to establish fair market value for the residential real estate involved. Often the divorce date differs from the date you order the appraisal. We can perform a retroactive appraisal with an effective date and Fair Market Value estimate on the date of divorce.*
In times of loss, it is difficult to think of the various steps that must be taken to resolve any outstanding monies of the deceased. An appraisal is required to establish fair market value of any real estate property in the estate. Typically, the date of death differs from the date the appraisal is requested. We can perform a retroactive appraisal with an effective date and Fair Market Value estimate on the date of death. At this point, equitable arrangements can more easily be arrived at among disputing parties. Everyone walks away knowing they've received a fair deal. Having a professional appraisal gives the executor solid facts and figures to work with in meeting IRS and state agency requirements. It assures peace of mind to everyone concerned as they will have a professional opinion to stand behind if the appraisal is challenged.*
*The ethics provision within the Uniform Standards of Professional Appraisal Practice (USPAP) binds us with confidentiality, assuring the highest degree of discretion.