Kiritsis & Associates

 

What is an appraisal? Kiritsis Law Group 212 922 0005

May 13, 2021

By: John Kiritsis, Esq., CPA, MBA, MS, JD, LL.M

A proper appraisal is an estimate of the value of property, based on a good faith effort to determine such an estimate. Real property is considered unique, and since real property’s transactions will virtually always be rare, an appraisal may often be deemed necessary to determine a real property’s value. The regulation of appraisal activities, usually falls mostly to state regulators and the courts; although the federal government has also passed certain regulations intended to protect persons who conduct appraisals. The Savings and Loans crisis, during the 1980s revealed irregularities and/or incompetencies, that were rampant throughout the industry. The reason many consider appraisals as inherently unreliable, is for the following: 1) There are multiple and inconsistent appraisal methodologies (i.e. market value, income method, ratio method, recent sales method). 2) Appraisals to a great extent require a great deal of human judgement. 3) Also, a party may come up with a different appraisals, based on different fact patterns, such as: (i) in the for listing a property for sale – the seller wanted a higher price, (ii) an owner wants a lower appraisal, before the time property tax assessments hit.

 

Law Offices of Kiritsis & Associates

Phone # 212 922 0005

Manhattan Office (Main Office):

633 Third Avenue

New York, NY 10017

Suite 1306

Brooklyn Office (By Appointment Only):

1023 74th Street

Brooklyn, NY 11228

1st Floor

New Jersey Office:

7309 Ventnor Avenue

Ventnor, NJ 08406

2nd Floor

 

ATTORNEY ADVERTISING. PRIOR RESULTS DO NOT GUARANTEE A SIMILAR OUTCOME.

We hope you would find this website useful with regards to finding potentially relevant information for your legal issue.   The Law Offices of Kiritsis & Associates PLLC is a boutique law Firm Group headquartered in Midtown Manhattan, with offices in Manhattan, Brooklyn (NY) and New Jersey.  We strive to provide professional legal services for individuals and various business entities.  Our clientele ranges from including aspiring entrepreneurs, startups to established business organizations.

We offer flat fee prices for many of the practice areas provided listed throughout our website.  For more information on the topic you may be interested, or simply to find out how our law Firm Group can help, you may click at any of our site's links.

 

We are available for existing and potentially new clients 7 days a week -- via online, phone and/or in person.

Phone# 212-922-0005

 

Intellectual Property Disclaimer(s):

Copyright 2021

The materials available through this website and any other websites owned by John Kiritsis (individually and collectively, the "Website") are the property of John Kiritsis and his entities, and are protected by copyright, trademark and other intellectual property laws.  You may not use, reproduce, download, store, post, broadcast, transmit, modify, sell or make available to the public content from the Website without the prior written approval of John Kiritsis.  Be aware that any unauthorized use of John Kiritsis trademarks and copyrighted content for commercial purposes in violation of John Kiritsis's intellectual property rights will be vigorously enforced.  All other trademarks, service marks and trade names referenced in this site are the property of John Kiritsis.

Website Created & Hosted by Website.com Website Builder