We Value Your Property!

Call: 267-377-0589

Our Services

Expert Valuation Services:

 

We are a leading provider of appraisals for: 

  • Primary and Secondary Mortgages
  • FHA and Conventional
  • Mortgage Refinancing
  • New Construction
  • Land Appraisals (Residential)
  • Employee Relocation
  • Field and Desk Reviews
  • Bail Bond Appraisals
  • Private Mortgage Insurance (PMI) Removal
  • Estate Planning
  • Divorce Settlement
  • REO / Foreclosure
  • Rent Survey and Operating Income Statements

Forms and Fees:

FHA: Single Family: $400

FHA: 2-4 Multi-family 1025: $550 

Full URAR/1004: $350

2-4 Family Multi-family 1025: $500

Condo 1073: $350

Exterior 2055: $250

Interior 2055: $250

Coverage Area Pennsylvania and New Jersey:

Pennsylvania Counties: 

  • Philadelphia 
  • Bucks    
  • Montgomery 
  • Delaware
  • Chester


New Jersey Counties: 

  • Camden
  • Burlington
  • Mercer
  • Gloucester

$Realtor Special$

Discounts apply to volume orders!

Contact Us

orders@hdappraisals.com

We love our customers, so feel free to contact us during normal business hours.

Andrew Hinshaw or George Davis

Pennsylvania and New Jersey, United States

267-377-0589

Hours

Mon

9:00 am – 9:00 pm

Tue

9:00 am – 9:00 pm

Wed

9:00 am – 9:00 pm

Thu

9:00 am – 9:00 pm

Fri

9:00 am – 9:00 pm

Sat

By Appointment

Sun

Closed

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Appraisal Information

Appraiser Jargon

 

Have you heard an appraiser use any of these terms? Did you just hear one of our appraisers use it and you came here to figure out what it meant? We don't mean to speak a foreign language, but any profession has its jargon. What res ipsa loquitur is to a lawyer and triple witching is to day traders, external obsolescence is to appraisers. Here are some examples of common appraiser jargon and their meanings:


Adjustment. When  comparable properties have been identified, the appraiser adjusts the  value of the subject property according to differences in living area,  acreage, frontage, amenities and the like. This is where the professional expertise of an appraiser is most valuable.


Comparable or "comp”. Properties  like the subject property nearby which have sold recently, used as a  basis to determine the fair market value of the subject property. The Uniform Standards of Professional Appraisal Practice (USPAP) establish clear guidelines for comparable selection.


Drive-by. An  appraisal that is limited to examination of comparable sales and a  determination that the property is actually there and has no obvious  defects or damage visible from the outside. Fannie Mae's form for this type of appraisal is its 2055, so you may hear a drive-by referred to as a "2055."


Fair market value. The  appraiser's opinion of value as written in his or her appraisal report  should reflect the fair market value of the property -- what a  willing buyer would pay a willing seller in an arm's-length transaction.


GLA. "Gross Living Area," the sum of all above grade floor space, including stairways and closet space. GLA is often determined using exterior wall measurements.


Subject. Short for the property being appraised -- the "subject property."


Useful life. The time during which a property can provide benefits to its owner.


URAR. Short  for Uniform Residential Appraisal Report, Fannie Mae form 1004, it is  the form most lenders require if they need a full appraisal (that is,  with walk-through inspection).


USPAP. Short  for Uniform Standards of Professional Appraisal Practice, USPAP  promotes standards and professionalism in appraisal practice, and is  often enacted into law in a state. It  is promulgated by the Appraisal Foundation, a non-governmental entity  chartered by Congress to, among other things, maintain appraisal  standards.



Appraiser Ethics

 

Appraisal is a profession, and  appraisers are professionals. In our field as with any profession we are  bound by ethical considerations.

An appraiser's primary responsibility  is to his or her client.  Normally, in residential practice, the  appraiser's client is the lender ordering the appraisal to decide  whether to make the mortgage loan.  


Appraisers have certain duties of  confidentiality to their clients -- as a homeowner, if you want a copy  of an appraisal report, you normally have to request it through your  lender -- obligations of numerical accuracy depending on the assignment  parameters, an obligation to attain and maintain a certain level of  competency and education, and must generally conduct him or herself as a  professional.  


Here, we take
these ethical responsibilities very seriously.

Appraisers may also have fiduciary  obligations to third parties, such as homeowners, both buyers and  sellers, or others.  Those third parties normally are spelled out in the  appraisal assignment itself. An appraiser's fiduciary duty is limited  to those third parties who the appraiser knows, based on the scope of  work or other written parameters of the assignment.

There  are ethical rules that have nothing to do with clients and others.   Appraisers must keep their work files for a minimum of five years.  


We only perform to the highest ethical  standards possible.  We don't do assignments on contingency fees.  That  is, we don't agree to do an appraisal report and get paid only if the  loan closes.  We don't do assignments on percentage fees.  That is  probably the appraisal profession’s biggest no-no, because it would tend  to make appraisers inflate the value of homes or properties to increase  their paycheck.  We don't do that.  Other unethical practices may be  defined by state law or professional societies to which an appraiser  belongs.


The Uniform Standards of Professional  Appraisal Practice (USPAP) also defines as unethical the acceptance of  an assignment that is contingent on "the reporting of a pre-determined  result (e.g., opinion of value)," "a direction in assignment results  that favors the cause of the client," "the amount of a value opinion,"  and other things.  This means you can be assured we are working to  objectively determine the home or property value.


You can be assured of 100 percent ethical, professional service.


Value Approaches

 

Three approaches to value

There are three ways to determine the value of anything, and each plays a part in property appraisal.


The  most widely-used and accepted in residential practice is the sales  comparison approach.  This approach bases its opinion of value on what  similar properties in the vicinity have sold for recently, with  appropriate adjustments for time, acreage, living area, amenities and so  on.  It is these adjustments where the expertise of the professional  appraiser becomes necessary -- no computer can tell you how much or  little to mark up for a fireplace without knowing the neighborhood or  even talking to Realtors and recent buyers in the area about how  important that amenity is in that particular location.


Another approach is the cost approach.   How much would a property cost to replace, that is, rebuild, minus  "accrued depreciation," that is, depreciation that has occurred since  the property actually was built?  The cost approach includes concepts  like "economic life" and "effective age" that are mostly of use in  determining the value of special use properties, special purpose  properties or properties where subsequent structural improvements  greatly impact value.


The third approach to value is called  the income approach.  Some properties generate income for their owners  -- the most obvious examples being rental properties such as apartment  buildings, non owner-occupied houses and duplexes and the like.  The  rental income an owner might reasonably expect from a property is part  of its value.  For a purely owner-occupied residential property, this  may not be applicable, but it can be important if the property is to be  rented out or used otherwise to generate income, such as a storage  facility, cell tower rental and office building. FHA Certified Real Estate Appraisals in Philadelphia Divorce Appraisals in Philadelphia real estate services


Contact Information

Send Message

orders@hdappraisals.com

Andrew Hinshaw or George Davis

orders@hdappraisals.com

267-377-0589

Hours

Monday - Friday: 9am - 9pm

Saturday: By appointment

Sunday: Closed