Why you should get an appraisal
Thousands of people in California buy, sell or refinance their home every month. Most of these transactions include a simple line item for an appraisal. And while there are a multiplying number of automated home valuation methods that may appear more practical than an appraisal, most lenders still call in a local expert because the stakes are incredibly high. Is getting a mortgage the only basis for getting an appraisal? Are there more cases when the services of a licensed, independent real estate professional could be beneficial? Of course there are.
Contest your tax assessment in Los Angeles County
If you are in an area where the value of property has depreciated, it's possible you're paying too much in property taxes. An appraisal from Berge Company Appraisers is your best evidence when building your case. We're qualified to assist you in disputing your tax assessment.
PMI removal to lower your mortgage payment
When the amount being loaned to the buyeris more than 80% of the actual value of the property, almost all lenders ask home buyers to buy this extra insurance plan. That policy is Private Mortgage Insurance, or PMI. Seeing that additional payment is usually folded into the monthly mortgage payment, it is often forgotten. PMI isn't required when the remainder of the loan - whether through market appreciation or principal pay down - dips below the 80% level, making this very unfavorable. In fact, the Homeowners Protection Act (HPA) of 1998 was passed by the United States Congress requiring lenders to eliminate the PMI installments when the loan-to-value ratio conditions have been met.
Berge Company Appraisers will produce a statement regarding the value of your home, and the expense of the home valuation can generally be offset in a short amount of time because you'll no longer be paying the PMI.
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Settle a divorce with fewer hang-ups
A divorce is a particularly traumatic ordeal for the parties involved, and it is often more complicated by the difficult decision of who keeps the property. It's a good idea to order an appraisal from Berge Company Appraisers so both parties are entirely aware of the true market value of their house, regardless of the circumstances.
If the parties need to sell the home, they'll have a clearer picture of what price to set. And if a "buyout" is the chosen option, both parties will feel like they've received a fair assessment.
Accurate and fair estate liquidation
Losing a loved one is a hard time in life, and settling an estate from a death, or probate, often requires an appraisal to establish Fair Market Value for the residential property involved. The ethics provision within the Uniform Standards of Professional Appraisal Practice (USPAP) binds us with confidentiality, ensuring the fullest degree of discretion.
Unlike wealthier individuals, most Americans do not have dedicated estate planners or executors to manage these affairs. And since a home or other property often makes up a disproportionate share of the total estate value, knowing the true value of the real estate at hand is of vital importance to ensuring disputing parties walk away knowing they've gotten a fair deal.
Move to or from Los Angeles County for work
We understand the headaches involved with an employee relocation. That's why we take great care in organizing a convenient appointment time for the appraisal inspection. During our intensive inspection, we recommend relocating employees to provide feedback on the positive characteristics of their property, along with information about any current sales or listings in their area that they want considered.
Close on your home promptly — at the right price
A professional appraisal can help you make a better educated decision regarding your asking price, whether you decide to sell your home on your own or use the assistance of a real estate agent. An appraiser has no vested interest in what amount the house sells for, unlike real estate agents. Our fees aren't related to the sales price, but rather they are calculated on our efforts to finish the appraisal report.
On a daily basis, we examine the difference in value items like an additional bathroom or a kitchen remodel can make. And we're experts in knowing how long housesstay on the market. So, obtaining a professional appraisal is a trusted way to decide what improvements will add value and what an applicable sales price is for your home so you don't come up short or have your house on the market an unnecessarily long time.