Our Services
1004 URAR: This is a full appraisal for a Single Family Residence and includes all attachments such as: sketch of the floor plan; subject and comparable photos; cost approach and addendums.
1073 Condominium: This is a full appraisal for a condominium and includes all attachments such as: sketch of the floor plan; subject and comparable photos; cost approach and addendums.
1025 Multi-Family: This is the full appraisal form for two, three, and four family properties. This is a four page form that includes analysis of rentals, listings, and comparables sales. Two additional pages are included for form 216 - the Income Operating Statement form used to determine annual gross and net income (Gross Income minus expenses). This form utilizes all three approaches to value; sales comparison analysis, cost approach, and income approach.
1007 Rent Schedule: This is the rent schedule typically included for non-owner occupied properties. This is utilized to forecast and verify market rents.
216 Operating Income Statement: This is the form used to determine annual gross and net income (Gross Income minus expenses.)
Vacant Land Appraisal: This appraisal is utilized to determine values for small residential lots to large agricultural tracts of land. These parcels are analyzed to determine value for commercial, industrial and residential or agricultural zoned properties.
2055 Form (sometimes referred to as "Drive-by" appraisal): Although the following forms are shortened versions of the 1004 form, appraisers are required to do the same amount of work to complete the 2055 forms to determine a correct value.
2055 Exterior: This appraisal is done without an interior inspection and includes a picture of the subject (front and street photos) **Special Note: Interior inspection might be necessary if pertinent information on the subject can not be obtained.
Historical Appraisals: This type of appraisal involves properties that have been placed on a local or national historical registry due to their significant architectural style and/or another historical event associated with the residence. These types of residences typically must adhere to the local or national historical requirements to maintain their historical character. Properties that might be included in this category are houses designed by Frank Lloyd Wright, Louis Sullivan, George Maher, John Van Bergen, E.E. Roberts, William Drummond, etc. The appraisal process for historical properties is different from other single family appraisals, in that only comparable sales that have similar historical significance can be utilized as comparables to determine the value of the subject property. A great deal more research is required for these appraisals and they usually take more time to complete.
Personal or Private Appraisals: The personal appraisal is typically a full appraisal done on the 1004 form. Commonly ordered by the general public to determine the value to sell a property or for the following:
PMI (Private Mortgage Insurance): Release PMI can be released when 20% or more of equity is determined. Check with your mortgage company to get their specific requirements. This can save hundreds of dollars a year when released.
Divorce: Usually ordered when the value of a property needs to be determined for a divorce. At times court, testimony is required on an appraisal. If testimony is needed, a separate contract regarding services and fees must be agreed upon.
Probate: When death occurs, generally, for tax purposes the value of the house in needed to establish value at the date of death. It is quite common to need a retrospective appraisal to establish a value as of a previous date.
Trust: Also called living trust appraisals or charitable remainder trust appraisals, the appraiser assesses an opinion of "Fair Market Value" in order for tax assessment and distribution to the receiver.
Feel free to email us at info@aqcorders.com or call us anytime at 708-240-9999 with any questions.
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