| Griffith Appraisals 1249 Paterson Plank Rd Secaucus, NJ 07094 Postal Address: PO Box 1399 Secaucus, NJ 07096 Phone: 201-424-7330 Phone: 201-902-9509 Fax: 201-902-9509  Timothy A. Griffith, ASA, President
Mr. Griffith is a past Regional Governor
 of the American Society of Appraisers' (ASA) New York - Northern New Jersey Region and holds their highest level of certification.
Active in the community as an author and teacher, Mr. Griffith currently offers courses at Baruch College in New York and at Bergen Community College in New Jersey. Griffith appraisers have the knowledge, experience, objectivity, and integrity to provide expert witness testimony in matrimonial, estate, IRS, and other court cases.  QUICK FAQS Q. What is an appraisal? A. An appraisal is a written opinion of the market value of a property, such as a home or factory, as of a specific date. Q. Do I need an appraisal? A. You do if you're buying or selling, insuring or making a claim, financing, grieving property taxes, probating a will, settling a lawsuit or divorce, involved in bankruptcy, dissolution, or other litigation -- in other words, if you need an estimate you can rely on. Griffith Appraisals serves these and other locations: BERGEN COUNTY Allendale Alpine Bergenfield Bogota Carlstadt Cliffside Park Closter Cresskill Demarest Dumont East Rutherford Edgewater Elmwood Park Emerson Englewood Englewood Cliffs Fair Lawn Fairview Fort Lee Franklin Lakes Garfield Glen Rock Hackensack Harrington Park Hasbrouck Heights Haworth Hillsdale Ho-Ho-Kus Leonia Little Ferry Lodi Lyndhurst Mahwah Maywood Midland Park Montvale Moonachie New Milford North Arlington Northvale Norwood Oakland Old Tappan Oradell Palisades Park Paramus Park Ridge Ramsey Ridgefield Ridgefield Park village Ridgewood village River Edge River Vale Rochelle Park Rockleigh Rutherford Saddle Brook Saddle River South Hackensack Teaneck Tenafly Teterboro Upper Saddle River Waldwick Wallington Washington Westwood Wood-Ridge Woodcliff Lake Wyckoff PASSAIC COUNTY Bloomingdale Clifton Haledon Haskell Hawthorne Hewitt Little Falls Newfoundland North Haledon Oak Ridge Passaic Paterson Pompton Lakes Prospect Park Ringwood Totowa Wanaque Wayne West Milford West Paterson HUDSON COUNTY Bayonne East Newark Guttenberg Harrison Hoboken Jersey City Kearny North Bergen Secaucus Union City Weehawken West New York ESSEX COUNTY Belleville Bloomfield Caldwell Cedar Grove City of Orange East Orange Essex Fells Fairfield Glen Ridge Irvington Livingston Maplewood Millburn Montclair Newark North Caldwell Nutley Orange Roseland Short Hills South Orange South Orange Village Verona West Caldwell West Orange |
FAQS: Frequently Asked Questions
What is an appraisal?
Do I need an appraisal?
How does the appraiser determine market value?
What factors does the appraiser consider?
What's included in a typical appraisal report?
Besides the inspection, where does the appraiser get data?
How long does a report take?
How much does an appraisal cost?
Who does the appraiser work for?
What is USPAP?
What qualifications are appraisers required to have?
What is an appraisal?
An appraisal is a written opinion of the market value of a property, such as a home or factory, as of a specific date. Prepared by a qualified appraiser, it represents an independent and impartial analysis of all the relevant data. Because market value is not apparent just by inspection, an appraisal is usually required when a property is sold, taxed, insured, or financed. Top
Do I need an appraisal?
You don't if all you need is a rough ballpark estimate. You can get that from a neighbor, the newspapers, a real estate broker, or your banker. You do if you're buying or selling, insuring or making a claim, financing, grieving property taxes, probating a will, settling a lawsuit or divorce, involved in bankruptcy, dissolution, or other litigation -- in other words, if you need an estimate you can rely on. Top
How does the appraiser determine market value?
Three common approaches, all derived from the market are used. The Cost Approach is what it would cost to replace or reproduce the improvements as of the date of the appraisal, adjusting for deterioration and obsolescence. The Comparison Approach compares the subject properties to others of similar size, quality, and location that have sold recently. The Income Approach, used primarily for commercial properties, looks at what a prudent investor would pay based on the net income produced by the property. Top
What factors does the appraiser consider?
For residential properties, style, age, overall condition, square footage, and quality of construction are important. Other factors that influence market value, such as neighborhood, location, proximity to schools, zoning, comparable sales, design, and floor plan are also considered. Many of the same factors apply to commercial (income-producing) properties, but more complex criteria including income and expense data, condition of improvements, and replacement costs are considered as well. Top
What's included in a typical appraisal report?
Industry standard forms are used for most residential appraisals, but narrative reports are prepared for complex residential and all commercial properties. All the reports contain facts and analyses of the subject property, the neighborhood, and the market. Most contain exhibits, including photographs of the subject and comparable properties, a detailed scale sketch of the subject, a map showing the subject in relation to the comparables, and a flood plane map showing the subject. All appraisal reports contain a Statement of Limiting Conditions and Appraiser's Certification. Top
Besides the inspection, where does the appraiser get data?
The appraiser takes information from a wide variety of sources, including the Multiple Listing Service, tax assessor's records, real estate professionals, county courthouse records, private data vendors such as COMPS INC, interviews with sellers and buyers, pooled appraisal data banks, personal knowledge, and in-house files from previous appraisals. Top
How long does a report take?
A residential report can often be completed within 48-72 hours after inspection of the property; a commercial report necessarily takes longer. Inspection of a residential property typically takes from fifteen minutes to several hours, depending upon the size and complexity of the property. Again, a commercial property takes longer depending on the size of the physical plant. After the inspection, the appraiser normally tours the area to compare similar properties that have sold within the last year. Then it's time for the written report. A short form report takes two to six hours. A narrative report can take days, weeks or longer, depending upon the complexity of the assignment. Top
How much does an appraisal cost?
The cost varies, primarily with the complexity of the assignment. Appraisals for smaller residential properties use standardized forms and are the least expensive. Appraisals for complex residential properties, for larger multi-family residential properties, and for non-residential properties (e.g., commercial and industrial) are done in narrative format and the cost of this work is higher. As a rough guideline, the cost varies from the low hundreds for a
single-family residential property into the thousands for some commercial properties. Please write for a free quotation. Top
Who does the appraiser work for?
If you mean "Who can influence the outcome?" the answer is no one. Professional ethics (USPAP) demand the same outcome -- an unbiased, independent and accurate appraisal -- no matter who orders or pays for it. If you mean, "Who does the appraiser report to?" the answer is to the party who ordered the report, regardless of who pays for it. Moreover, the appraiser will not discuss the appraisal with anyone other than the person who ordered it, unless otherwise instructed. If your lender ordered the report, you are entitled under the Equal Credit Opportunity Act to a copy on request. Top
What is USPAP?
USPAP is the Uniform Standards of Professional Appraisal Practice, the code of ethics written by the Appraisal Foundation, which Congress authorized as the source of appraisal standards and appraiser qualifications. By relying on USPAP, an appraiser can produce appraisals -- analyses, opinions, and advice -- in a manner meaningful to you and not misleading in the marketplace. The current USPAP is available online. Top
What qualifications are appraisers required to have?
Most states require that all real estate appraisers be state licensed or certified and have fulfilled education and experience requirements. They must adhere to strict industry standards and a professional code of ethics as promulgated by the Appraisal Foundation. All Griffith appraisers are state licensed and hold the highest certifications in their categories. Top