New York State Certified
Dedicated to Efficient, Quality Customer Service
As a certified residential appraiser in Norwich, NY, Somich & Associates, Inc. is dedicated to providing the Central New York community with excellent appraisal services. Our goal is to provide you with a seamless, informative customer experience. When you call us, you will speak to a real person who can help answer your questions.
Whether you need to schedule an appointment, obtain information, or ask a question about any appraisal need, you will find personable, knowledgeable, and customized service with Somich & Associates, Inc.
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Do you want to know the fair market value of your home? Somich & Associates, Inc. can help! We have provided superior quality home appraisals for homes, multi-family homes, mobile homes, and more throughout Central New York for over 20 years. Our experienced team of licensed appraisers and support staff is dedicated to providing you with professional and efficient services.
Are you looking to have land appraised? Our knowledgeable team also provides vacant land appraisals. We will provide a comprehensive appraisal report that will include a property summary, zoning descriptions, neighborhood characteristics, and much more.
Somich & Associates, Inc. provides a full range of estate appraisal services. We are committed to providing comprehensive and timely appraisals for estate liquidations, probate, and tax purposes. Handling an estate can be stressful and overwhelming. Our experienced appraisers can help determine how much the estate is really worth.
Are you thinking of selling your home but want to find out how much it is worth? Even if you already have a real estate agent who provided a comparative market analysis, it is good to get a second opinion from an objective third party. We will perform a pre-listing appraisal so that you and your agent will have a detailed analysis of the property.
What is a property appraisal?
A property appraisal is an unbiased estimate of the true value of a property at a single point in time. It’s conducted by a licensed and certified professional. When buying a home, an appraisal can confirm whether the property is worth the amount you are paying.
What does an appraiser do?
An appraiser provides an estimate of the value of a property by looking at the location, amenities, and recent sales (or comps) of similar properties in the same neighborhood.
An appraisal often includes a walk-through to determine the property’s general condition and note any amenities of value in that area. Usually, the appraiser will photograph or sketch the property’s layout. If there are any health or safety code violations, the appraiser will list them, so they can be corrected before the lender approves a loan.
Do lenders choose the property appraiser?
Usually, the lender will choose the property appraiser, but you are entitled to see the results. Keep in mind that lenders and broker’s agents are not allowed to “upcharge” for third-party services. Most lenders require a professional appraisal to determine the current market value of a property before they approve a mortgage loan.
Since the Dodd-Frank Act, Appraisal Management companies choose the appraisers as a representative of the bank.
How much does a mortgage appraisal cost?
Appraisals range from $350 to $700, depending on the size and value of the property. Prices vary depending on region, type of appraisal report requested, and the amount of effort required to complete the report.
Drive-by appraisals and updates to existing reports are usually under $350. However, lenders are not likely to approve a loan based solely on a drive-by appraisal.
I’m refinancing. Do I need another appraisal?
Yes, but if you are refinancing and the property has been appraised within the past three years, some lenders will be ok with a “drive-by” appraisal as opposed to a full appraisal, saving you money.
How long does it take to complete a mortgage appraisal?
3-7 business days is the typical turnaround time for most appraisers. At Somich & Associates, we turn around appraisal reports in 1-2 business days.
Can an appraisal serve as a home inspection?
No, an appraisal is not a home inspection. Inspections involve a licensed home inspector or contractor who evaluates the structure and mechanical systems (heating, plumbing, air-conditioning, etc.) of a house, from foundation to rooftop. The appraiser is typically more interested in sales prices (within the past six months) of comparable homes in the neighborhood, the exterior presentation of the property, and amenities that enhance the value in that market.
What is an independent appraisal?
An estimate of the value of a property prepared by an appraiser who has no interest in the property and nothing to gain from a high or low appraisal.
Is my information kept confidential?
Yes. Only you and the client who ordered the appraisal receive a copy of the appraisal.
What should I expect when you visit my home?
A professional attitude, a friendly smile, and a lot of quiet. Remember, you want the appraiser to be able to focus on his/her work so they won’t miss all relevant items to your home’s value. If you have made recent improvements to your home, make sure to point those out, and if you take the time to jot them down on a piece of paper with dates and costs, this will definitely go a long way in helping the appraiser at arriving at the best conclusions.
“Peter Somich was a very competent, efficient, and thorough assessor. The appraisal was completed quickly and professionally and sent via email. I highly recommend Somich and Associates.” – Susan D.
“Peter Somich was professional, friendly, competent. I set up an appointment with him within a week and received the appraisal by email within 3 days. I highly recommend Peter Somich and Associates.” – Sharon E.
“Arrived at the scheduled time. Both Peter Somich and his assistant were very professional and worked efficiently. He delivered the appraisal in the agreed-upon method (email) on the day he promised it.” – Timothy B.
“Simple, Professional, Timely.” – Jason T.