Frequently Asked Questions
Below are some of the most common questions we receive from lenders, lawyers, and commercial real estate professionals. For additional help, please call our office and we will be happy to address your questions directly.
Are you a licensed appraiser?
What areas of New Jersey do you normally cover?
What type of property do you appraise?
What is the source of the market data you use to arrive at value?
How long does it take?
Have you testified in Superior Court relative to your appraisal?
What is an appraisal?
An appraisal is an estimate of a property's fair market value prepared by a licensed professional who takes into consideration many items, including: recent sales of comparable properties, location, building size, cash flow and a physical inspection.
An appraisal may run anywhere from $800 to $10,000 (depending on the size of the property) and usually takes from 2-5 weeks to prepare. Appraisal standards are set by the Appraisal Institute and are required by lenders under various federal and state banking laws. Our reports are not an appraisal, but an excellent and inexpensive way to help determine value.
Are you an MAI?
Patrick Ard, Joseph Traks, and Cynthia Xu each hold the MAI designation of the Appraisal Institute.
Do you appraise "out-of-state?"
Have you appraised "special purpose" properties?
Are you qualified in "eminent domain" and condemnation matters?
Appraising real property for such purposes has been a major component of our business from its beginning in 1965. Multiple assignments for the NJDOT for the R.O. W. acquisition of Routes 195, 33, 24, 78 and 9. My office appraised the Jersey City-Hudson River water front properties for the N.J. Department of Environmental Protection that has become the Liberty State Park.
More recently we have appraised a substantial number of industrial and commercial properties for the N.J. Turnpike Authority for the road widening program through Middlesex and Mercer County.
Are you familiar with "partial takings" and easements?
Do you appraise houses?
Ard Appraisal has a licensed and certified residential appraiser that specializes in such assignments for relocation, estate and equitable distribution purposes.
How much do you charge?
When Ard Appraisal and the client agree on the appraisal problem, and after a review of the property is conducted, a firm fee proposal is made in writing and agreed upon.