One of the most important issues involved in purchasing a property is developing an opinion of what the property is worth so that you can make an informed purchase offer. A professional appraisal report performed by a PREA certified appraiser can provide you with an objective, third party opinion of a property's current market value. For the small price of this service, you can give yourself "peace of mind" prior to making an offer to purchase that you're offering a fair price for the property.

Before you decide to sell your home, there are several decisions to be made. First and foremost: "How much should it sell for?" However, do not forget there may be other equally important questions to ask yourself such as: "Would it be better to paint the entire house before we sell it?", "Should I put in that third bathroom?", "Should I complete my kitchen remodel?" 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.

Whether you choose to sell your home on your own or use the assistance of a real estate agent, a professional appraisal can help you make a better educated decision when determining your selling price.

An appraiser has no vested interest in what amount the house sells for. It is easy for them to step in and give you the information to help you make your decision. Appraiser fees are based on efforts to complete the report and not a percentage of the sales price. Therefore seeking a professional appraisal can often help homeowners make the best decisions on investing in their homes and setting a fair sales price.

If you need to consolidate bills, have a college tuition to pay, or just want to tap into the equity of your home, you'll need a new loan, which oftentimes requires a new appraisal of the property.

PREA is on the FHA Roster of approved residential appraisers. We're qualified and approved to do appraisals for FHA insured loans. We're trained and understand the rules and procedures in FHA's guidance and policy documents.

In the economic times we live in, it has become increasingly difficult to obtain financing. Available to all buyers, FHA loan programs are designed to help creditworthy low-income and moderate-income families who do not meet requirements for conventional loans. Many of the FHA loan programs available today are particularly beneficial to those buyers with less available cash or lower credit scores. The rates on these loans are generally market rates with lower down payment requirements than conventional loans.

An FHA loan is insured by the Federal Housing Administration, a federal agency within the U.S. Department of Housing and Urban Development (HUD). The FHA does not loan money to borrowers, rather, it provides lenders protection through mortgage insurance (MIP) in case the borrower defaults on his or her loan obligations. Remember, the FHA is different from the VA appraiser panel in that the lender can choose the appraiser.

Homes in foreclosure and homes that have reverted to your institution's ownership present special appraisal challenges. At PREA, we're more than ready and able to help.

For a property in foreclosure, you may need to know the difference between the fair market value and the "quick disposition" value, to know your potential charge-off liability. At PREA , we have experience in both providing snapshots of the fair market value for our mortgage lending and servicing clients as well as the"quick sale" forecasts that take into consideration your timeline.

Owners of property in foreclosure, sometimes, present special challenges. They may be unwilling to allow an inspection of the property. If they have abandoned the property already, they may have neglected care of the home for some time -- or worse, caused damage. We have the experience and training to deal with the special dynamics of a foreclosure appraisal, and you should not hesitate to rely on us.

For a property that has already reverted to Real Estate Owned, you likewise will be interested in a quick disposition. But you may want to know and compare three values: As-is, as repaired, and "quick sale." These represent the value of the property without any work done to it, with the work required to make the property marketable to full market value commensurate with competing properties in the area, and, somewhere in-between, with minimal investment in repairs -- selling the property quickly, probably as a "fixer-upper." Again, we understand your timeline and the unique circumstances of an REO property, as well as the special information you'll need -- competing listings, market trends, and the like.

Time is money. This is never more true than when you or your company need an appraisal of your "old" home when you're relocating to a new area for work.

When you put your "old" home on the market and take advantage of your employer's relocation assistance, you're interested not in the "fair market value" of the home, but its anticipated sales price, typically as soon as possible -- usually not to exceed 120-180 days. But the need for speed doesn't mean the relocation appraisal is a more simple matter than your average lending/mortgage appraisal. Quite to the contrary -- it entails special expertise, training and skills on the part of the appraiser or appraisal firm you select.

When we perform a relocation appraisal, we consider recent closed sales but also competing listings in the area as well as pending sales. We offer a forecast of the likely sales price you can rely on, considering the dynamics of the neighborhood at the time of the relocation. All relocation appraisals are reported on the standard ERC Residential Appraisal Report form, the industry's accepted relocation appraisal format.

If you're a relocation services company in need of a local appraiser, look no further. Our professional relocation appraisal service is backed by our superior service, turn time, and knowledge of the market. Whether you're an employee or a service company seeking a relocation appraisal professional, please browse our website to learn more about our qualifications, expertise and services offered.

Private Mortgage Insurance or PMI is the supplemental insurance that many lenders ask home buyers to purchase when the amount being loaned is more than 80% of the value of the home. Very often, this additional payment is folded into the monthly mortgage payment and is quickly forgotten. This is unfortunate because PMI becomes unnecessary when the remaining balance of the loan - whether through market appreciation or principal paydown - dips below this 80% level. In fact, the United States Congress passed a law in 1998 (the Homeowners Protection Act of 1998) that requires lenders to remove the PMI payments when the loan-to-value ratio conditions have been met.

PREA offers a specific service for home owners that believe they have met the 80% loan-to-value metric. For a nominal fee, the appraiser can provide you with a statement regarding the home value. We will even take the next step and help you file a challenge with your mortgage company. The costs of these services are very often recovered in just a few months of not paying the PMI.

Settling an estate is an important and sometimes stressful job. As an executor you have been entrusted to carry out the wishes of the deceased as swiftly and exactly as possible. You can count on us to act quickly and with sensitivity to the feelings of everyone involved.

Attorneys and accountants rely on our service when calculating real property values for estates, divorces, or other disputes requiring a value of a real property. We understand their needs and are used to dealing with all parties involved. We provide appraisal reports that meet the requirements of the courts and various agencies.

Settling an estate usually requires an appraisal to establish Fair Market Value for the residential property involved. Often, the date of death differs from the date the appraisal is requested. We are familiar with the procedures and requirements necessary to perform a retroactive appraisal with an effective date and Fair Market Value estimate matching the date of death. The ethics provision within the Uniform Standards of Professional Appraisal Practice (USPAP) binds us with confidentiality, ensuring the fullest degree of discretion.

All too often, people do not fully appreciate the need to have a detailed real estate appraisal prepared in support of the numbers being used in documents filed with revenue authorities.

Opinions of value used in documents filed with the revenue authorities should be supported by a detailed report as to how the appraiser arrived at his conclusions. Such a report will certainly demonstrate to the authorities that the numbers used are well founded and substantiated.

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 because we are there to stand behind the appraisal if it is challenged.

The Federal Reserve has reiterated that "financial institutions must have an effective, independent real estate appraisal and evaluation program," and that appraisers performing reviews should "have the knowledge and expertise to assess compliance with the Federal Reserve's appraisal regulations and guidelines." Here at PREA, we provide appraisal review services that are independent, qualified, professional and square with the Federal Reserve's guidelines.

Appraisal reviews "should determine whether the appraisal or evaluation is appropriate for the transaction, the risk of the transaction, and whether the process by which the collateral valuation is obtained ensures independence and quality," the Fed says. They "should also indicate whether the appraisal or evaluation report is consistent with the engagement letter, which sets forth the scope of the appraisal assignment."The Fed also notes that "some banks supplement routine reviews with post-funding evaluations of appraisal quality for some of their higher-risk or greater-value transactions as a control to assist in detecting valuation problems."

In addition to conforming our work to the forms and guidelines of our review clients, there are four Fannie Mae forms that are generally used for review services, and we can prepare an appraisal review on any of them. They include an appraisal "desk" review, a "field" review, a "short" form and a "narrative" form. Here at PREA, we are experienced in all types of appraisal reviews, review procedures and the responsibilities of review appraisers. 

We understand what makes a quality appraisal and what the most common deficiencies are, especially in our home market. At the same time, we are professional enough to recognize that our competitors in our market are capable of doing a good job as well. The Uniform Standards of Professional Appraisal Practice (USPAP) govern appraisal reviews as well as appraisal reports, and you can count on us to ethically evaluate appraisal reports performed by others. Those others may be reviewing our work, too!

In short, here at PREA, you can rely on our independent judgment, because we offer professional, objective, ethical appraisal review services for our clients. Please browse our website to learn more about our qualifications, expertise and services offered.

When you're considering investing in rehabilitated residential property, you're making a smart choice. In the long run, real estate values have been climbing, and at the same time, demand for homes has been increasing -- an impressive combination.

Often, people and companies that sell rehabilitated real estate buy a dilapidated property, put a lot of money and sweat equity into it to make it attractive to a buyer, and then reap the reward when the property is sold for a lot more than the original buyer paid for it. There's nothing wrong with this; on the contrary, it makes more housing available at a time when it is in demand. And as noted, it is often a good investment choice for the eventual buyer.

Before you invest in a rehabilitated property, you should obtain a professional appraisal, from an appraiser with your interests in mind. Normally an appraisal will need to be performed on behalf of the lender, by an appraiser working closely with sellers, brokers and agents. Too often homes are "flipped" for considerably more than they were paid for without any substantial improvements to justify the higher price. You'd be the one left holding the bag -- shouldn't you have someone on your side making sure your money is being invested wisely?

It is easy to protect yourself. Hire a professional appraiser to ensure the property has had the improvements put into it that justify the asking (or agreed upon) price. If you're buying more than one property at a time from the same buyer, it is even more important to have them appraised by a professional working for you, instead of another party to the transaction. There are cost effective ways to protect you when investing into many properties. We perform "drive-by" appraisals, sanctioned by housing giant Fannie Mae, which can be more cost effective than a full appraisal with an interior inspection. When combined with the expertise of a licensed home inspector, you should be able to buy with confidence that everything is as represented by the seller.

It is smart to always have an inspection done before closing on a property. It is equally important though to obtain an opinion of value from an appraiser. An inspector will tell you if everything that is present in the structure is functioning properly, what repairs may need to still be done, and whether there are any safety or soundness issues with the property. An appraiser can translate that into dollars. As rehabilitated, is the property worth what it is selling for? If something unexpected happened and you needed to sell right away, would you be able to recoup your investment?

As an investor, you need and deserve to know. Protect your interests with the help of a professional appraiser.

A divorce is hard enough without having to worry about a fair market value for your home.  At PREA, you can be assured of an honest and fair market value of your property.

Finalizing a divorce involves many decisions, including "Who gets the house?" There are generally two options regarding the house -- it can be sold and the proceeds divided, or one party can "buy out" the other. In either case, one or both parties should order an appraisal of the residence. Divorce appraisals require a well supported, professional appraisal that is defensible in court. When you order an appraisal from us, you are assured that you will get the best in professional service, courtesy, and the highest quality appraisal. We also know how to handle the sensitive needs of a divorce situation.

Attorneys and accountants rely on our service when calculating real property values for estates, divorces, or other disputes requiring a value being placed on real property. We understand their needs and are used to dealing with all parties involved. We provide appraisal reports that meet the requirements of the courts and various agencies.

As an attorney handling a divorce, your needs oftentimes include 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 are familiar with the procedures and requirements necessary to perform a retroactive appraisal with an effective date and Fair Market Value estimate matching the date of divorce. The ethics provision within the Uniform Standards of Professional Appraisal Practice (USPAP) binds us with confidentiality, ensuring the fullest degree of discretion.

PREA utilizes market evidence and relevant facts to arrive at a fair valuation of property in cases of arbitration, eminent domain, partnership dissolution and other instances in which a legal proceeding requires an appraisal of property. Often it is necessary to create a retrospective appraisal, performing a forensic analysis of the data to establish value at an earlier point in time, or over a period of time. In every case, we work very hard to bring market facts to the table to make a case virtually indisputable.

Most localities determine your property tax burden based on an ad valorem assessment of the property's value. Sometimes, as a property owner, you get an unwanted surprise in the mail telling you your taxes are going up, and sometimes it may seem as though your assessment is too high.

The assessed value of your property should be equal to the fair market value, i.e. what the property would likely sell for on the open market.  If the assessed value exceeds the fair market value, you may want to file an appeal.  Property tax appeals can be filed on any type of real estate including a private residence, multi-family property, apartment building, vacant land, office, retail or industrial properties.

Just about every sector of the real estate market is being impacted by the current economic state.  As more and more businesses go under and the national unemployment rate continues to rise, commercial as well as residential property values have suffered.  Office and retail vacancies continue to climb while property values are on the decline. As we all are aware, residential property values have declined in most markets nationwide.

Although the national economy is poor, it will still require some effort and plenty of evidence to argue your case for a property assessment reduction. That's where we come in. It is important to enlist the help of a professional appraisal firm that's experienced in your jurisdiction.

The first step in determining if your assessment is accurate is to call your local township assessor. Verify that the information about your property is correct. Sometimes, matters like this can be resolved with a phone call.

If after discussing your assessment with your local taxing authority you still feel as though your property was overvalued, we at PREA can help in proving your case.

Sometimes, you will have a hearing on your assessment appeal and will need for the appraiser you've hired to testify on your behalf. Be assured that at PREA we are able to professionally and persuasively testify at appeal hearings. Please browse our website to learn more about our qualifications, expertise and services offered.