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Avatar for Faulkner Appraisal Svcs
Faulkner Appraisal Svcs
5.0(
2
)
Appraisal - Real Estate

Serving Cambridge, MD and surrounding areas

In business since 1987

Free estimates

Credit card accepted

RESIDENTIAL REAL ESTATE APPRAISALS ONLY FOR OVER 30 YEARS. We specialize in providing professional real estate valuation services. Appraisal reports are prepared with the precision that the industry demands and cover all major property types. All of our assignments comply with the Uniform Standards of Professional Appraisal Practice. Consequently, we do not accept assignments with contingencies such as: The amount of the value opinion predetermined or minimum values; The attainment of a stipulated result; The occurrence of a subsequent event directly related to the appraiser's opinions and specific to the assignment results; Any assignment condition that might encourage, or result in, unethical behavior on the part of the appraiser or third parties.\n\nWe currently only offer residential appraisals, we do not offer commercial appraisals. Thank you

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Property Appraiser questions, answered by experts

In cases where an appraisal comes in lower than an offer price, sellers might opt to lower their asking price to meet the appraisal, especially if the market is slow, and replacing the offer with a higher one may take a long time. Sellers can also offer to make repairs to boost the appraised value, hire another appraiser to get a second opinion, or just move on to another offer that isn’t contingent on the buyer getting a mortgage or an appraisal inspection.

A property valuation, sometimes called a comparative market analysis or CMA, provides a real estate expert’s opinion on how much your property will sell for. It takes many things into consideration, like the condition and location of the home, but ultimately, all that matters for a property valuation is what a buyer might be willing to pay for the property. An appraisal is more concerned with determining the value. A valuation is to estimate what you’ll get for a property, while an appraisal helps a lender establish loan-to-value ratios and loan amounts.

The purpose of the home appraisal determines which party pays for it. You’re generally responsible for the cost if you need to know the current value of your home to refinance your mortgage, though in some instances the lender will pay for it. The buyer pays for the appraisal when they are applying for their mortgage.

In most cases, installing a tennis court on your property will drive up your property taxes. Property taxes are determined, in part, based on improvements made to your property, which includes anything with a permanent foundation. Since most home tennis courts include a large concrete foundation, your property taxes will likely increase following the installation. A general rule of thumb is that if your project requires permits—like for a foundation or fencing for a tennis court—then your property taxes will be affected.

Wainscoting isn’t a design element that can be directly tied to an increased house price. Despite that, it is a highly marketable element that can generate significant interest from potential buyers who enjoy the style, and is relatively inexpensive to remove for those who don’t. If you are on the fence about paneling, just know that it certainly wouldn’t result in depreciation of your home’s value—usually the opposite. 

The Cambridge, MD homeowners’ guide to property appraisals

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