Why you should hire an appraiser
Thousands of people in California purchase, sell or refinance their home each month. Many of these transactions have a simple line item for an appraisal. Nearly all lenders still need a local expert because the stakes are incredibly high, even though there are a budding number of automated home valuation methods that might seem more prudent than an appraisal. You might believe that securing a mortgage is the only reason to get an appraisal, but there are other cases when the services of a certified, independent real estate professional could come in handy.
Appeal your tax assessment in Sonoma County
If you are in an area where the property value has declined, it's possible you're paying too much in property taxes. When building your case, an appraisal from us is your best evidence. We can assist you in challenging your tax assessment.
Eliminating PMI for mortgage payments
When the amount being loaned to the home buyeris more than 80% of the actual value of the real estate, most lenders ask buyers to buy this added insurance plan. That policy is Private Mortgage Insurance, or PMI. This additional payment is often folded into the monthly mortgage payment and is promptly forgotten. This is bad because PMI is no longer required when the leftover balance of the loan - whether through market appreciation or principal pay down - dips below the 80% level. In fact, the Homeowners Protection Act (HPA) of 1998 was implemented by the United States Congress that requires lenders to remove the PMI installments when the loan-to-value ratio conditions have been met.
Bohannon Appraisal Service can give you a statement regarding the value of your home, and the price you paid for the appraisal can usually be offset in a short amount of time because you'll no longer be paying the PMI.
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Divorce settlement with fewer hang-ups
A divorce is a particularly daunting ordeal for the parties involved, and it is often further complicated by the challenging decision of who maintains the property. Regardless of the circumstances, it's a good idea to get an appraisal from Bohannon Appraisal Service so both parties are entirely aware of the true market value of their house.
The parties will have a better idea of what price to set, if they need to sell the home. And on the flip side, if a "buyout" is the chosen option, both parties will feel like they've received a fair assessment.
Ascertain an accurate and fair valuation for estate liquidation
The death of a loved one is a hard time in life, and settling an estate from a death, or probate, often calls for an appraisal to establish Fair Market Value for the real estate involved. We ensure the maximum degree of discretion, as we're bound with confidentiality by the ethics provision within the Uniform Standards of Professional Appraisal Practice (USPAP).
Unlike wealthy individuals, most Americans do not have dedicated estate planners or executors to manage these issues. A home or other property often makes up an unequal share of the total estate value, so knowing the true value of the real estate at hand is of essential importance to ensuring disputing parties walk away knowing they've received a fair deal.
Move to or from Sonoma County for work
We are aware of the stress involved with an employee relocation. That's why we take great care in establishing a convenient appointment time for the appraisal inspection. We encourage relocating employees to provide input on the positive attributes of their property, along with information about any current sales or listings in their neighborhood that they want considered during our detailed inspection.
Close on your home promptly — at the right price
A professional appraisal will help you make a better educated decision regarding your selling price, whether you want to sell your home on your own or use the assistance of a real estate agent. Unlike a real estate agent, an appraiser has no vested interest in what price the house sells for. Our fees aren't related to the sales price, but rather they depend on our efforts to complete the appraisal report.
On a daily basis, we analyze the difference in value items like an additional bathroom or a kitchen remodel can make. And we're experts in knowing how long homesstay on the market. So, getting a professional appraisal is a reliable way to decide what improvements will add value and what an appropriate sales price is for your home so you don't come up short or have your house on the market an unnecessarily long time.