Why Get an Appraisal

ESTATE SETTLEMENT / date of death / probate

The death of a loved one or friend is a difficult time in life, and settling the estate for probate and/or the IRS often calls for an appraisal to establish Market Value for the property involved.  These are typically required as of the date of death, requiring a retrospective appraisal.  B.N. Appraisals, Inc. has completed a large number of this type of appraisal and we ensure the fullest degree of discretion. and I am bound to confidentiality by the ethics provision within the Uniform Standards of Professional Appraisal Practice (USPAP).

Many Americans do not have dedicated estate planners or executors to manage these issues.  A home often makes up a large, disproportionate share of the total estate value, so knowing the true value of the real estate is of the utmost importance to ensure disputing parties leave knowing they’ve received a fair and honest settlement.

For estate executors, settling an estate is often stressful, but a very important job.  As an executor, you’ve been given the responsibility to carry out the wishes of the departed as swiftly and respectfully as possible.  You can count on B.N. Appraisals, Inc. to respond expeditiously and with as much respect to the feelings of everyone in bereavement.

I have made it my company’s goal to producing the best estate appraisals possible.  Appraisals that attorneys, accountants, and the IRS have come to depend on.  I cater to the specific needs of each client throughout the appraisal process.  Having a professional appraisal report from B.N. Appraisals, Inc. gives the executor undeniable facts about the property being appraised and an accurate account of the value as of the date of death.  It assures peace of mind to everyone concerned because I assure you that I will stand behind the report if it is ever refuted.

DIVORCE SETTLEMENT

A divorce can be a heartbreaking ordeal for the parties involved, and it is often further complicated by the challenging decision of selling the property or identifying who keeps the property.

When the reason for an appraisal is the division of assets, it should include a well-established, professional appraisal report that will hold up to judge and jury.  B.N. Appraisals, Inc. pledges to give you the very best in service with courtesy and an appraisal report with well-supported conclusions.  We understand how to handle the delicate needs of a divorce situation.  If the parties want to sell the home, they’ll have a much better idea of the listing price for the home.  And if a “buyout” is the chosen option, the judge as well as the parties involved will know they’ve gotten a fair evaluation of the property’s value.

For legal professionals dealing with a divorce, your case’s material facts customarily require an appraisal to establish market value for the residential real estate involved.  A lot of the time the divorce date differs from the date you ordered the appraisal.  We’re accustomed to the procedures and what is essential to perform a retrospective appraisal with an effective date and Market Value opinion corresponding to the date of divorce filing.  For each divorce appraisal we are hired to complete, we remain cognizant of the fact that the appraisal process needs to be handled with total professionalism.  The Uniform Standards of Professional Appraisal Practice (USPAP) contains an ethics provision which provides for the highest amount of confidentiality, resulting in the utmost discretion.  It’s a good idea that you order an appraisal from B.N. Appraisals, Inc. to ensure you and both parties involved are fully aware of the true market value of the property, regardless of the circumstances.

PRIVATE MORTGAGE INSURANCE REMOVAL

Private Mortgage Insurance (PMI) is costly.  What most lenders don’t tell you is after a certain point in time, PMI can be removed from your mortgage, lowering your mortgage payments.  This is typically when you have reached a loan to value of 80% or less. 

If you fall into that category, you might consider contacting your mortgage provider and discussing PMI removal.  If they inform you that you qualify for PMI removal, they will likely also suggest an appraisal to verify the current value of your home/property. 

That’s where B.N. Appraisals, Inc. comes in.  We can provide you with an accurate valuation of the home/property for the lender’s needs.  And if you’re a Veteran, you’ll receive a Veterans discount.    

Listing Appraisals

You don’t want to sell out short or let your home stay on the market too long.  Even if you are working with the most experienced agent, it is in your best interest to also have an “objective” third-party’s opinion of value before signing the listing agreement.  A professional appraisal can help you make an 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.

So many people are blown away when they find out that the market value of their house is a lot more than they expected.  There are also plenty of sellers who think their home is worth much more than it really is.  Both situations can be problematic.  An appraisal helps you decide on a realistic price for your home in order for it to sell.  An overpriced property will not attract potential buyers, which means you squander valuable time and money.  And you lose money on an underpriced home; money you could have used to purchase a larger or upgraded home with.  So seeking a professional appraisal is a reliable way to determine what improvements will add value and marketability to your property.

Buying a Home with cash - selling a home with No Real Estate Agents Involved

Purchasing a home is a big decision which involves multiple factors. One of the most important aspects in buying a home is what you are paying for it. While almost all lenders require an appraisal if they are making a loan on the property, some will ask if you want a hybrid or Bifurcated appraisal.  They may also provide you with an appraisal waiver.  These products DO NOT protect you from overpriced inventory!  They are quick, cheap, products created by an algorithm feed information benefiting the lenders lending practice, granted by Fannie Mae and Freddie Mac.  And ...Any algorithm can be manipulated as they are data based.  So, remember, real estate agents and lenders all have an interest in the sales price.  The higher the price, the more money they make in commission and interest.  So, if you want peace of mind in knowing you are not paying too much, demand a full appraisal completed by a local licensed or "certified" residential real estate appraiser! 

When buying or selling without real estate professionals involved and/or paying cash when an appraisal is not required, it is important that you don't over pay for the home/property.  in today’s lending world, the lender picks the appraiser from their own appraiser panel, or from a third-party appraisal management company.  However, if you are paying cash for a home, what better way to ensure that you are not over-paying than by ordering a home appraisal from B.N. Appraisals, Inc.  We are the expert throughout the North Beach and the surrounding areas when it comes to appraising real estate.