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Shane Trotta (CT Appraisal Group, LLC) Real Estate Appraiser

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Shane Trotta
location_on Guilford, CT — CT Appraisal Group, LLC
Get to Know Shane Trotta

check us out: www.ctappraisalgroup.com

 

Certifications

Our services include Single Family dwellings (with extensive knowledge and experience in new construction and Relocation Appraisals - ERC), 2-4 unit dwellings, Condominiums and PUDs, as well as Vacant Land. We have vast experience with unique properties including waterfront properties, vintage/antique dwellings, log houses, and complex properties. We have a certified general appraiser to cover all your commercial needs as well. We perform appraisal reviews on all residential properties, and offer real estate consulting services to cover a vast array of needs. We are FHA approved.

   

     Waterfront Real Estate, and the Appraisal of Waterfront Real Estate are extremely unique products which require absolute attention to detail and the knowledge of each individual waterfront neighborhood. Waterfront neighborhoods throughout the Connecticut shoreline are each unique to themselves and all have their own area attractions, tax structures, and periodical history; extensive knowledge of these markets is priceless. Being located in Guilford, on the Connecticut shoreline, both John and Shane Trotta have spent their entire lifetime along the CT shoreline and retain all the knowledge necessary to provide the highest quality Waterfront Appraisal products. The New Haven County shoreline through Middlesex County shoreline are our specialty.

    When choosing an appraiser for your waterfront real estate, it is in everyone's best interest to have an appraiser with the most knowledge about the nuances of shoreline properties, and the shoreline neighborhoods they are located in. Feel confident in your choice to use our services for all of your Waterfront Appraisals and Appraisal Reviews. Please call us to discuss details regarding your Waterfront appraisal needs!

 

    An Appraisal Review is the act or process of developing and communicating an opinion about the quality of all or part of the work of another appraiser that was performed as part of an appraisal, appraisal review, or appraisal consulting assignment. The reviewer will make an opinion on the completeness, adequacy, relevance, appropriateness, and reasonableness of the work under review, in accordance with the requirements applicable to that work (from USPAP).

         

     Appraisal of New Construction requires the knowledge and experience necessary to adequately value New Construction and understand the process of New Construction. The ability to read and understand blueprints, and to decipher quality of construction from the information available prior to physical construction is imperative to providing a quality appraisal report for New Construction.

    

PMI:

     PMI (Private Mortgage Insurance) is required from a borrower when they do not put 20% or more down on a purchase of a house. PMI is protection for the lender against the costs of foreclosure. Mortgage insurance is provided by private mortgage insurance companies, and allows lenders to lend in circumstances they generally would not (more than 80% of the properties market value). Although no one likes paying their PMI each month, it allows many people the opportunity to purchase a house without a large cash down payment.

     The cost of PMI fluctuates with each individual case, and it is relative to your down payment, and the overall loan amount. For example, the cost of PMI is greater for a 5% down payment as opposed to a 10% down payment, and the cost of PMI is more on a $200,000 mortgage than a $100,000 mortgage. The cost is generally in addition to your monthly principal & interest payment.

      PMI is handled differently by all lenders and the terms agreed upon in your agreement with them. The decision to cancel PMI will be based upon the lender's guidelines. In general, lender's will cancel PMI when the equity in the house reaches 75-80%; but also depends on time period since the purchase, as some lenders require 1-2 years PMI payments before they will consider terminating your PMI. Some may allow you to remove PMI prior to the time period if significant upgrades/repairs, etc. have been performed on the property.  Your first step in removing your PMI is contacting your current lender and getting all the terms in writing. Once you have read and determined the feasability of removing your PMI it is time to get a professional, independent appraisal performed on the property to obtain a professional opinon of market value. The appraisal will be sent directly to the lender and they will make their decision based upon the results of that appraisal.

     This is a basic guideline provided to help you better understand the basics of PMI; all final documentation regarding the specifics of your specific situation must be obtained from your specific lender. Please feel free to call us about any questions you have or to discuss the appraisal process further. The cost of your appraisal will generally pay for itself in 1-3 months, and save you money every month thereafter!

Divorce Appraisals:

Dealing with all the issues involved throughout a divorce can be one of the most stressful and emotional times in anybody's life. One of the biggest assets that will have to be decided is most likely going to be your home. Basically there are two options; 1) The house can be sold on the open market and the proceeds from the sale can be split between the parties involved, or 2) One party can buy the house at fair market value from the other party. If option 2 is the choice you have made, the appraisal is the most important step in this procedure. This decision should not be taken lightly and the appraiser you choose should have the knowledge and experience for this type of work and experience of court testimony to professionally defend their work in court if need be.

     Some clients in this situation will be looking to get either a "low value" or "high value" appraisal, however, any appraiser who does manipulate the numbers to hit a targeted value will have to be able to defend their work in court. A discredited appaiser and appraisal will only waste a lot of your money, it is in your best interest to hire an experienced, ethical appraiser who will be able to defend all of their work, analyses, and conclusions.

     Please, call us to discuss your situation; we will be happy to explain the process, forward you our resumes, and provide you with the highest quality appraisal, and you can feel relief about one step in this process.

REO / Foreclosure:

Foreclosure and REO properties are generally tough and unique appraisal problems due to the condition of the property being appraised. For the most part, these properties have experienced lack of maintenance if not intentional damage to the dwelling. Vacant properties experience atypical damage when pipes burst, mold forms, and various other problems occur. Every problem in the dwelling presents a problem to any potential buyer, and therefore, problems to the appraiser. Estimating costs to repair is a difficult task and knowing the problems that can be caused beyond what is visibly present is only learned through experience. John Trotta's long backround in Real Estate, construction, and investing lends itself to proper valuations of these properties. Proper valuation of your REO property can assist you greatly in your disposal of the property.

Tax Appeal Appraisals:

When your town appraises your house they provide a market value based on a "mass appraisal" which has been performed throughout your entire town over a certain period. In general, these valuations lack the extensive work that will go into a private appraisal from a professional real estate appraisal firm. Sometimes the mass appraisals can be fairly accurate, other times very large discrepencies can be found between what the town comes up with for a value and what a personal appraisal may find. If you believe your estimated market value from the town is inaccurate, it is in your best interest to appeal your tax evaluation.

When appealing your taxes you have two options for the informal and formal hearings:

1) You can choose to gather all of your own information and present your case, or;

2) You can hire a state licensed appraiser to perform an appraisal of your property. You will bring a copy of the appraisal report to present to the board. All pertinent information is gathered, analysed and presented in a structured report for the board to review. The appraiser is not required by the town to show up with you to the hearing, however, this is always an option for you to consider. We can discuss your personal needs with you regarding representation.

If they decide not to agree with your appeal from the meetings, you may choose to pursue the case beyond the town to the Superior Court, an appraisal is highly recommended, and the appraiser may more likely need to accompany you. Legal representation is also recommended.

We have been an established Real Estate Appraisal firm in Connecticut for over 15 years. Choosing a professional firm will give you the best advantage of getting the most accurate valuation estimate of your property. The fee of a professionally prepared appraisal is minimal compared to the possible savings on taxes until the next revaluation. Please contact us so we can discuss any of your concerns regarding the tax appeal process, and your personal situation!

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