Why you should order an appraisal from Bohannon Appraisal Service
Every year, thousands of people in California buy, sell or refinance their home. Many of these transactions consist of a simple line item for an appraisal. While there are a developing number of automated home valuation systems that might appear to be more economical than an appraisal, the majority of lenders still need a local expert because the stakes are incredibly high. Is securing a mortgage the only reason to get an appraisal? Are there additional times when the services of a licensed, independent real estate professional could be beneficial? Of course there are.
Contest your tax assessment in Sonoma County
It's probable you're paying too much in property taxes if you reside in an area where property values have depreciated. Property taxes are based upon a previous assessment of your house, so if values are less than what they used to be in your neighborhood, you can appeal your assessment and save money. An appraisal from Bohannon Appraisal Service is your best evidence when building your case. We're qualified to assist you in challenging your tax assessment.
PMI removal to reduce a mortgage payment
Private Mortgage Insurance, or PMI, is an extra insurance plan that nearly all lenders ask buyers to buy when the amount being loaned to the homeowner is more than 80% of the actual value of the home. This extra payment is often bundled into the monthly mortgage payment and is promptly forgotten. This is damaging because PMI isn't necessary when the remainder 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 passed by the United States Congress requiring lenders to do away with the PMI payments when the loan-to-value ratio conditions have been met.
If you'd like to get rid of PMI, Bohannon Appraisal Service will produce a statement regarding the value of your home. The price you paid for the appraisal can usually be recovered in little time because you'll no longer be paying the PMI.
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Divorce settlement with less stress
A divorce is a very traumatic event for the parties involved, and it is often even more complicated by the challenging decision of who maintains the home. Regardless of the situation, 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 property.
The parties will have a a good idea of what price to set, if they wish to sell the home. And on the flip side, if a "buyout" is the chosen option, both parties will feel like they've gotten a fair assessment.
Determine a fair and accurate valuation for estate liquidation
Losing a loved one is a hard time in life, and settling an estate from a death, or probate, often entails 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, guaranteeing the highest degree of discretion.
Unlike wealthy individuals, most Americans do not have dedicated estate planners or executors to handle these matters. A home or other property often makes up an unequal share of the total estate value, so knowing the true worth of the real estate at hand is of significant importance to ensuring disputing parties walk away knowing they've received a fair deal.
Relocate to or from Sonoma County through an employee relocation program
We are familiar with the stress associated with an employee relocation. That being said, we take great care in establishing an accommodating appointment time for the appraisal inspection. We encourage relocating employees to provide feedback on the positive characteristics of their property, as well as information about any current sales or listings in their area that they want considered during our intensive inspection.
Close on your home quickly — at the right price
Whether you choose to sell your home on your own or use the assistance of a real estate agent, a professional appraisal can help you make a more informed decision when determining your asking price. Unlike a real estate agent, an appraiser has no vested interest in what price the house sells for. Our fees are based on our efforts to complete the appraisal report and and aren't related to the sales price.
On a daily basis, we examine the difference in value things like an extra bathroom or a kitchen remodel can make. Getting a professional appraisal is a reliable 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, because we're experts in knowing how long homes are one the market.