Mitchell, Maxwell & Jackson, Inc.

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For The Week
Ending 04/25/2008
Manhattan
Purchase Index: 21
Was: 26

19%
52 Week High: 172
52 Week Low: 44

For The Week
Ending 04/25/2008
Manhattan
Refinance Index: 10
Was: 15

33%
52 Week High: 84
52 Week Low: 9

For The Week
Ending 04/25/2008
30-Year Fixed Rate
At: 6.01%
Previous Week: 6.04%

52 Week High: 6.86%
52 Week Low: 5.98%

Frequently Asked Questions
What is an Appraisal?
In the simplest terms, an appraisal is an opinion of value. The primary function of the real estate appraiser is to estimate the Fair Market Value of a property at a specific time. The Fair Market Value is defined as the most probable price which a property should bring, in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: (1) buyer and seller are typically motivated; (2) both parties are well-informed or well-advised, and each acting in what he considers his own best interest; (3) a reasonable time is allowed for exposure in the open market; (4) payment is made in terms of cash in U.S. dollars or in terms of financial arrangements comparable thereto; and (5) the price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions' granted by anyone associated with the sale. Depending on the type of property, there are several approaches the appraiser may develop in determining the Fair Market Value.

What types of properties does MMJ appraise?
MMJ appraises both residential and commercial real estate. Commercial properties include office buildings, retail space, shopping centers, vacant land, hotels, mixed-use structures, industrial and warehouse buildings. Residential appraisals include single family homes, multi-dwelling properties, cooperatives, condominiums, townhouses, lofts and professional units.

What is the appraisal process?
Once an order is placed with MMJ, it is assigned to the most qualified licensed appraiser who works specifically in the geographic location of the subject property. After the appraiser receives the order, they:

Contact the Client.
Arrange for an inspection of the property.
Gather all relative data regarding the subject property, building, surrounding area, comparable sales and current market conditions.
Prepare the appraisal documentation, including floor plans and photographs of the subject property.
Submit the appraisal to the territorial manager for review.
Make any changes as noted by the territory manager.
Submit the appraisal to MMJ senior management for final review.
Arrange for delivery of the completed appraisal to the Client.

What does an appraisal cost and how is it billed?
The cost of an appraisal ranges from a few hundred to several thousand dollars depending on the complexity of the analysis. Billing can be arranged on account or on a case-by-case basis.

To Order An Appraisal
MMJ accepts phone, fax and online orders. Please call 212.319.7300 or FAX your order to 212.486.7950. To order online click on 'Order Appraisal' and follow the instructions.