Appraisal assignment

Appraisals before you buy, in New Jersey

An independent opinion of value for your own decision to buy: a private or family sale, a house with no agent, a purchase from heirs, an investment, or buying out a co-owner.

What this appraisal is for

It answers one question before you commit: what is this property worth on the open market today?

The report is written for you as the buyer. It is not ordered by a lender and it is not tied to anyone’s commission.

You decide who else sees it. Usually that is your attorney, and sometimes partners or a co-owner.

When it is worth having

The common thread is a price that nobody has tested on the open market.

A private or family sale. Buying from a parent, a sibling or a friend, with no listing and no competing offers. The appraisal shows what the market would have paid.

A house with no agent. A for-sale-by-owner, or an off-market approach to an owner. There are no agent’s comparables, so you have nothing independent to measure the asking price against.

A purchase from an estate. The heirs may have a number in mind, and may disagree among themselves. An independent value gives both sides the same starting point.

An investment property. You want the figure before you commit capital, not after. Two-to-four family buildings are quoted individually.

Buying out a co-owner. Siblings who inherited together, or partners parting ways, need one number neither side chose.

When it usually is not

An ordinary house, listed openly, with several recent sales on the same kind of street, has been tested by the market already.

If a lender is financing it, the lender will order its own appraisal. In that case your money is often better spent on a home inspection.

We would rather say that on the phone than take the fee.

Valued as of today

The effective date is the date of the inspection, in almost every case. The analysis uses sales that have actually closed, not asking prices.

Where your attorney needs a different date, for example the date a contract was signed, say so when you call. It is an ordinary instruction.

Buying from family

A sale below market value to a relative can be partly a gift. The difference between the price and the value is what the IRS looks at.

That is not a reason to avoid the discount. It is a reason to know the value, so your accountant can decide whether a gift tax return is needed.

The report also answers the question other heirs ask years later: was that a fair price?

Buying from an estate

The value we give you is today’s market value. It is not the date-of-death value the estate reports for tax, which is a separate assignment for the executor.

New Jersey holds real property in a decedent’s name until any inheritance tax is dealt with. Your attorney manages that, but it can stretch the timeline to closing.

The written report

A written appraisal with a current effective date, the comparable sales relied on, and every adjustment explained.

It carries a signed USPAP certification and is delivered as a PDF. Fee and turnaround are quoted in writing before any work begins.

If you are inside a contract deadline, tell us the date when you call. It changes the scheduling, not the analysis.

This page describes appraisal practice. It is not legal, tax or lending advice. Contract terms, financing and how a family sale is reported belong with your attorney, lender and accountant.

New Jersey specifics

  • Where a real estate licensee prepares a New Jersey residential sale contract, it must carry an attorney review clause giving each side three business days to review it. If you want a value before that window closes, call on the day you sign.
  • A New Jersey tax assessment is set as of October 1 of the year before the tax year, and it drifts from market value between revaluations. That is why the State certifies an average ratio for every town. The assessment is not a price guide.
  • Real property in a decedent's name in New Jersey cannot be transferred clear until any inheritance tax has been dealt with and the Division of Taxation releases it. Buying from an estate can therefore take longer to close than an ordinary sale.
  • A sale to a family member for less than market value can be partly a gift for federal tax purposes. The appraisal documents what the market value actually was.

What you receive

  • Appraisal report with a current effective date, or the date your attorney specifies
  • Market value conclusion with the comparable sales and adjustments explained
  • Condition observations that bear on value, stated as an appraiser's observations and not as a home inspection
  • Signed USPAP certification
  • Digital delivery to you and, on written instruction, to your attorney or partners

What we need from you

  • The property address, or the block and lot
  • Access for an interior inspection, arranged with the seller
  • The price under discussion and any contract, if one exists
  • Whether you are buying the whole property or a co-owner's share
  • Any deadline: the end of attorney review, an inspection contingency, or a closing date
  • Who else will rely on the report, such as your attorney, partners or co-owners

No obligation

Get a fee for a purchase decision appraisal

Your name and a phone number or email are enough. The address is optional, but it lets us quote the exact property.

Rather just talk? (908) 437-8505

ForPurchase decision

No obligation, and no fee is ever contingent on the value reached. If an appraisal is not the right instrument for what you need, you will hear that first.

What clients say

Read these on Google
  • 5 out of 5 stars

    We had a great experience with NJREAP, Brandon was very professional, prompt and efficient. He supplied us with a very detailed appraisal with more information than I ever could have imagined, and much more quickly than I expected. I'd definitely recommend.
    Sean Moran · via Google
  • 5 out of 5 stars

    I recently worked with NJREAP and was thoroughly impressed. Throughout the process, he was professional, courteous, and genuinely kind. The photos he took of my home, both inside and out, were top-notch and captured every detail perfectly. He made everything easy and stress-free. I highly recommend them!
    Rebecca Alina · via Google

FAQ

Common questions

The bank is doing an appraisal anyway. Why would I pay for my own?

Often you should not, and we will say so. The lender's appraisal is ordered by the lender, for the lender, and it usually arrives after you have committed to the price. Federal rules entitle you to a copy of it. A report of your own is worth having when you need the number before you sign, or when there is no lender at all.

Can I use your appraisal to get my mortgage?

Almost certainly not. Federally regulated lenders engage their own appraiser, directly or through their agent, and a report the borrower ordered does not meet that rule. Our report is for your decision, your attorney and your partners. If you are financing, expect the lender to order its own as well.

I'm buying the house from my parents. What price is fair?

Market value is the fair starting point, and that is what the appraisal gives you. You may still agree a lower price, but the difference can count as a gift for federal tax purposes. Your accountant decides how to report it. The report documents what the house was worth on the day, which protects everyone if another heir asks later.

The seller has no agent and there is no listing. How do I know the price is right?

That is the situation this assignment is built for. With no listing, no agent's comparables and no open marketing, nobody has tested the price. The appraisal tests it against sales that actually closed nearby, and shows you each one and every adjustment made.

Will the appraisal tell me what is wrong with the house?

No. That is a home inspector's job, and you should hire one. The appraiser notes condition as it bears on value, such as a dated kitchen or an obvious roof problem. A structural defect, a failing septic or an oil tank needs an inspector or a specialist, not an appraiser.

I'm buying out my co-owner's half. Do you value the whole house or just the half?

Tell us which at the outset, because they are different questions. Most co-owners agree to divide the value of the whole property. A partial interest sold on its own is usually worth less than its share of the whole, and valuing it that way is a separate analysis.

Sources for the figures on this page
  • A federally regulated lender's fee appraiser must be engaged directly by the regulated institution or its agent. Source: 12 CFR 34.45(b)(1) (OCC appraisal rule; the other federal banking agencies' rules are parallel). Verified 2026-10-11.
  • A creditor must give the applicant a copy of each appraisal promptly on completion or three business days before consummation, whichever is earlier. Source: 12 CFR 1002.14(a)(1) (Regulation B, Equal Credit Opportunity Act). Verified 2026-10-11.
  • A residential sale contract prepared by a New Jersey real estate licensee must carry an attorney review clause of three business days. Source: N.J.A.C. 11:5-6.2(g); New Jersey State Bar Ass'n v. New Jersey Ass'n of Realtor Boards, 93 N.J. 470 (1983); Conley v. Guerrero (N.J. Supreme Court, A-65-15, 2017). Verified 2026-10-11.
  • New Jersey real property is assessed as of October 1 of the pretax year. Source: N.J.S.A. 54:4-23; NJ Division of Taxation, General Property Tax Information (nj.gov/treasury/taxation/lpt/genlpt.shtml). Verified 2026-10-11.
  • The Director of the Division of Taxation certifies an average assessment ratio for every taxing district each year. Source: N.J.S.A. 54:1-35a; NJ Division of Taxation, Chapter 123 certification of average ratios. Verified 2026-10-11.
  • New Jersey real estate in a decedent's name is held until any inheritance tax is assessed and paid and the Division releases it. Source: NJ Division of Taxation, Form IT-R Instructions, "What is Transfer Inheritance Tax?". Verified 2026-10-11.
  • Where property is transferred for less than adequate and full consideration, the amount by which its value exceeds the consideration is a gift. Source: IRC §2512(b). Verified 2026-10-11.
  • Turnaround. Source: Business's own schedule. Verified 2026-10-11.

Next step

Tell us the purpose and the deadline

Those two things determine the effective date, the fee, and the turnaround. If an appraisal is not the right instrument for what you need, you will hear that first.

No obligation

Get a fee for your property

ForPurchase decision

No obligation, and no fee is ever contingent on the value reached. If an appraisal is not the right instrument for what you need, you will hear that first.