A property appraisal is most commonly used when underwriting a mortgage. Other uses include the following:
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Estate Settlement
Legal and financial professionals, and executors rely on Raena Lynn and Associates for a date of death valuation on real property. The date of the death estate valuation refers to the fair market value of the estate's real estate assets at the time of a decedent's death.
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PMI Removal
A lender typically requires Property Mortgage Insurance or PMI in cases where the buyers are contributing less than 20% of the down payment. When the buyers’ personal investment in the property increases to 20%, through inflation and/or the repayment of the principle, the homeowner can order an appraisal and request the lender to remove the PMI insurance.
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Divorce
In a divorce proceeding there are generally two options regarding a couple's primary residence: it can be sold, and the proceeds split; or one party can buy out the other. In either case, it is in the best interest of both parties to obtain an appraisal of jointly held real estate property.
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Tax Appeal
Most homeowners simply accept the valuation of their city or county assessors office. However, if you believe your property is assessed for more than you can sell it for, you can appeal the assessor’s valuation. Also, if a natural disaster has damaged your property beyond your ability to repair it, you can request a lower assessment.
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Other
In addition to divorce proceedings, estate settlement, PMI removal, or a tax assessment appeal, there are other circumstances where obtaining an appraisal is warranted: Residential investment and “flipping;” bankruptcy; home measurement; property pre-listing, pre-purchase and “for sale by owners” (FSBO); financial planning and trusts; and pre-foreclosure and short sales.
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Expert Witness
Sometimes settling a dispute in court is the only option left for the parties involved. When you are faced with establishing the value of a residential property for a legal proceeding, don't hesitate to contact Raena Lynn & Associates. We have been called on to testify in many different types of cases, including divorce proceedings, estate settlement, easements, encroachments, and stigmatized property related issues.
Home Appraisals