ISO Appraiser Recommendation
Thank you! I called Vanderbilt, and was quoted double what two other appraisers had quoted me. They are Brooklyn-based and not affiliated with a large firm (though one has been working in Bk Heights for over 20 years) – is there any reason why I should go with Vanderbilt as opposed to one of these?
PSGirl
in General Discussion 11 years and 10 months ago
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PSGirl | 11 years and 10 months ago
We are looking at a brownstone, currently a 2-family, that is in the process of being split into 2 condos. It needs a gut renovation. We will be buying one condo from the current owner, and doing the renovation to our half. We need to have the house appraised as it currently stands, to get the fair market value for our purchase. We are not currently working with a broker or bank. Does anyone have a recommendation of someone who would be able to do this? Many thanks.
brokelin | 11 years and 10 months ago
You can get an appraiser by asking mortgage officers at banks, as they hire appraisers. You can ask if they know one who knows the brownstone neighborhoods. (Appraisers apparently get assigned from all over a broad geographic area now, since the crash, to avert collusion between appraisers and mortgage lenders, so every appraiser they have on their list will not necessarily be the best for brownstone Brooklyn.) The real problem is that an appraiser can appraise it as it is, as a single family house, which will not tell you the value of your purchase. When you say it is in the process of being split, I’m not sure if you mean the legal process, the construction process, or both. The value of what you are buying will not be half of the total, if, for example, you are buying a portion with no kitchen, and condoing it later after renovation. If you are not doing this with a friend or family member who is the current owner, then you will want to have an actual condo in place, legally separate, with kitchen and bath before you buy (and, really, even if the owner is friend or family.) If that’s not in place yet, I’m not sure an appraiser can appraise a condo that isn’t there, legally and physically separate. And often, the value of half will not be half the house – depending on whether your half has a kitchen or bath, which one gets the backyard, etc. Often the value of the parts is greater than the value of the house as a single family, but not always, depending on the work to be done in your unit. If you are financing your purchase as a condo purchase, it will have to meet the legal definition of a condo, and the bank you borrow from will appraise it in the process. Real estate brokers who are familiar with the area and condos in brownstones there may be able to give you a good idea of value in the current market. In other places, you can pay them to give you a broker’s price opinion – you can likely do that here, too.
PSGirl | 11 years and 10 months ago
Thank you for your reply. The house is currently a 2-family, and has kitchens on the garden and top floors, as well as bathrooms on all floors. It is currently in the process of being converted into 2 condos (before renovation), but for the our purposes we are fine with getting the appraisal done before that is completed, since it is already set up as a 2-family. Both condos will have garden access. Yes, we are looking to do this with a friend who is the current owner. Would any bank (with a mortgage officer) just give me the names of their appraisers? We are not currently working with a bank, and basically just need to figure out the value of the house as it currently is (before any improvements).
BrownstoneDuplex | 11 years and 10 months ago
Vanderbilt Appraisers should be able to do your appraisal. They are New York City based. Many banks use out of town appraisers because they are cheaper but they don’t understand New York neighborhoods.