Mortage Loan Collateral Valuation
Whether you are purchasing a new home, refinancing your current property or applying for a home equity line of credit, you are more than likely going to need an appraisal. We work with a number of local and out of town lenders as well as AMCs in order to assist with appraisal needs for mortgage finance transactions.
Replacement Cost for Insurance
Cost valuation can be important for many reasons. Perhaps you feel like you do not have enough insurance coverage and would like to make sure the improvements are valued properly, considering an addition to your home, or have experiences a natural disaster. We work closely with local builders and have access to national valuation guides to insure actual replacement cost is met.
Also if you are running into 50% rule when dealing with permitting for improvements to your property in the various Dare County townships we can provide depreciated value of improvements to aid in acquiring permits.
Valuation for Listing/Sale
Thinking of selling your home and want to get an idea of what it is worth? We can provide you with a fair market value appraisal using the most recent comparable sales and considering the most relevant active listings to establish the most probable price in which your home can sell. We work with many local Realtors to assist in this process as well as home owners.
Retrospective Appraisals
Pre-Storm appraisals, Retro-Review appraisals, Date of Death Appraisals, Date of Separation Appraisals are a few retro products we offer. A retro appraisal is going back in time to a specific date to establish market value.
FHA Appraisals
With FHA financing products growing in popularity, we are certified to complete FHA and USDA appraisals in accordance with current HUD guidelines. Lenders offer FHA loans at attractive interest rates and with less stringent and more flexible qualification requirements.
Estate Planning
Planning for the future? Often the appraiser can assist an attorney in structuring an estate plan that will maximize the tax benefits for the client by providing the attorney with strictly a “value” point of view. The appraisal can provide a benchmark of value for a piece of real estate so that subsequent appraisals will illustrate the growth (or decline) in value.
Equitable Distribution Disputes
We work directly with attorneys in order to provide a fair appraisal for divorce proceedings.
About Us
Culpepper & Associates is a family owned and operated company since 1991.
We are specialized in appraising properties on the Outer Banks and surrounding areas. With over 30 years combined experience in the appraisal industry on the Outer Banks, we have the knowledge and expertise to supply you with a well-informed opinion of value based on current market conditions.
We are licensed to provide appraisal services on the Outer Banks of North Carolina as well as Currituck County.
Coverage Area
Duck County
| Duck | 27949 |
| Southern Shores | 27949 |
| Kitty Hawk | 27949 |
| Kill Devil Hills | 27948 |
| Nags Head | 27959 |
| Manteo | 27954 |
| Rodanthe | 27968 |
| Waves | 27982 |
| Salvo | 27972 |
| Avon | 27915 |
| Buxton | 27920 |
| Frisco | 27936 |
| Hatteras | 27943 |
Currituck County
| Carova | 27927 |
| Corolla | 27927 |
| Point Harbor | 27964 |
| Harbinger | 27941 |
| Powells Point | 27966 |
| Jarvisburg | 27947 |
| Grandy | 27939 |
Answers to Your Questions
What is a home appraisal?
Appraisals are almost always used in home transactions and are common in refinance transactions. If it is a purchase-and-sale transaction, the appraisal is used to determine whether the home’s contract price is appropriate given the home’s condition, location, and features. In a refinance transaction, the appraisal assures the lender that it isn’t loaning the borrower more money than the home is worth.
Who is responsible for ordering and paying for an appraisal?
Because the appraisal primarily protects the lender’s interests, the lender will usually order the appraisal to be done. The borrower generally pays the fee.
How much does an appraisal cost?
An appraisal typically costs several hundred dollars, although the fee can vary depending on the size and condition of the property and the level of detail required.
How is the appraisal process conducted?
It will take the appraiser an average of seven to 10 days to look at the property, complete the research process, prepare the appraisal report and deliver it.
The appraiser will visit the property and spend an hour or two inspecting the interior and exterior, measuring the square footage, and evaluating the home’s features and fixtures.
Additional research will include a comparison of other similar homes that have been sold recently (known as “comps”).
After doing the physical inspection and running the comps, the appraiser writes an appraisal report. The amount of time it takes for the entire process depends on the complexity of the appraisal and the appraiser’s workload or schedule.
What if the appraised value of the home is higher or lower than expected?
If the appraisal comes in lower than the purchase price, your lender will likely decrease the amount you can borrow. So you’ll either have to pay more out of pocket or get the seller to lower their asking price.
Our Team
Brooke Erickson
Appraiser
Brooke C. Erickson graduated May 2003 from the University of North Carolina, Wilmington with a degree in Business Administration. She began work in her family business the following week and has since obtained state certification in her field of residential real estate appraisal.
Since 2003, Brooke has appraised thousands of homes on the Outer Banks and Currituck County Mainland. She spends her free time raising 2 rowdy little boys, enjoying the beach, running, and working in the garden.
Peter Erickson
Appraiser
Peter A. Erickson, II Joined the Culpepper and Associated team in March 2014 after 14 years in the retail industry. He is a Certified Residential Appraiser in the State of North Carolina. He enjoys working along side his wife in the appraisal field.
Pete loves the Outer Banks and enjoys fishing, surfing, and works hard at keeping up with his 2 rambunctious sons.
