Consultation - Clients don't always need an appraisal. Quite often our consultation service provides the necessary information or data required for an informed decision on the needs or intended use by the client.
Mortgage - New mortgage, refinance, home equity loans, in most cases require a full appraisal and are requested by the lender providing the funding.
Pre-Listing - Whether selling a property by-owner or with an agent, a professional appraiser is objective and will tell you what you need to know, not just what you want to hear, to assist in determining a realistic price.
Pre-Purchase - Knowing what the actual market value of a property, determined by a professional appraiser with no vested interest, prior to making an offer, can aid tremendously in negotiations to avoid costly mistakes.
PMI Removal - Under the Homeowners Protection Act, PMI (private mortgage insurance) can be eliminated from the mortgage loan when the LTV (loan to value) ration of the principal balance reaches 80%.
Property Tax Disputes - Tax assessment challenges need information and data from a creditable source to carry weight when appearing before an appeals board.
Estates - Estate settlements require an appraisal to establish the fair market date of death value, of real estate for potential estate taxes. A retroactive appraisal utilizing contemoraneous sales is done for this purpose and in some cases a current appraised value is needed for the distribution or disposal of a deceased's assets to their heirs or beneficiaries.
Divorce/Bankruptcy - Finalizing a divorce requires many decisions regarding assets. With real estate it's "Who gets the house?" with two options being sell and divide the proceeds, or one can "buy out" the other. As with bankruptcy cases, a professional appraisal is needed to meet the requirements of the courts and various agencies.
Condemnation - Sometimes called "eminent domain" is when the government wants to condem your property or take it away from you and use it for other purposes. A professional appraisal on your behalf is powerful and useful evidence of what you're entitled to, and protects your rights.
Bail Bonds - In the event of an arrest, quite often the amount of bail needed exceeds the amount available. In such circumstances the market value of real estate can be used as collateral to obtain a bail bond.
Relocation - When relocating to a new area for work, some employers offer relocation assistance. When a property owner or their employer needs an appraisal of the "old" home, it's not for the fair market value, but for the anticipated sales price. Usually for as soon as possible but not to exceed 120 - 180 days.
Foreclosure - For a property in foreclosure, you need to know the difference between fair market value and quick disposition value, and to determine an acceptable short sale amount to know the potential charge-off liability.
Bank Owned - Often referred to as Real Estate Owned or REO properties that have already reverted back to ownership of the bank. Three values are needed for comparison: As-is, As-repaired, and quick sale along with a condition report and occupancy status.
Investments - Investment properties or income producing properties (rentals) often need more that just the market value. For a purchase, an investor would also need to know the amount of cash flow, rental survey, operating income statement, itemized depreciation schedule, market rents and trends, cost segregation, and other information and data needed for a profitable investment.
Appraisal Reviews - There are two types of reviews, Desktop and Field reviews. A review service is provided to have a professional double-check an appraisal that has been prepared for its accuracy and compliance with regulations. It can be used as a second opinion without the expense and delay of waiting for a whole new appraisal.
Retroactive Appraisal - This is an appraisal with the effective date (or valuation date) being for given date in time, prior to the current date the report is prepared. A common purpose is for DOD values, but can also be used to determine the market value of real estate purchased or sold several months or (subject to available data) several years ago.
Renters - As with buyers and the phrase "buyer beware", there is another phrase - "Renters Beware". Knowing what you are getting into prior to signing a lease/rental agreement can save you money and help prevent unexpected problems from arising.