Appraisal Alliance receives the
"2019 Best of Martinez Award"
for the Real Estate Appraiser category
Residential Real Estate Appraisals
Non-Lender and Private Loan Appraisal Specialists
(Serving Alameda, Contra Costa, Sacramento, Santa Clara and Solano Counties)
Bankruptcy Appraisals
Appraisals of real property are often used when filing for bankruptcy. It is very important that the valuation is as accurate as possible. Personal estimates, or estimates from real estate home value Web sites, can be too low or too high. The bankruptcy court will carefully consider the listed value of the real property when evaluating whether to discharge the debts of the person who files for bankruptcy or to approve a debt repayment plan. Inaccurate estimates may cause delays, credibility issues, the loss of certain options or over-payment. A professional bankruptcy appraisal can mitigate these issues. Note: Check with your legal adviser regarding the best way to proceed.
Private Mortgage Insurance
(P.M.I.) Removal Appraisals
When you purchase a home or other income property, the lender may require private mortgage insurance (P.M.I.) if the equity in the property is less than 20%. P.M.I. can cost several hundreds of dollars a month. The good news is that P.M.I. may be cancelled when the loan to value ratio is less than 80%.
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For example, a couple purchases a home for $500,000 with a down payment of $75,000. The loan, therefore, is $425.000. In this case, the loan to value ratio is 85% ($425,000 loan divided by the $500,000 value). If after a few years of paying down the mortgage balance, as well as an increase in property values, the loan balance may decrease to say $420,000 while the house value increases to say $540,000. The loan to value ratio would then be 78% ($420,000 loan balance divided by the $540,000 value). As the loan to value ratio is now below 80%, the P.M.I. is no longer required and the homeowner can request through the lender that the insurance be cancelled. The best part is that the homeowner can now save the monthly P.M.I. premiums.
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Appraisal Alliance can prepare the appraisal for you so that you can provide information to your lender that will show that your loan to value ratio has dropped below 80%.
Maddie W. (Brooklyn) "Matthew was extremely helpful in helping with the appraisal of my home especially under a quick deadline. He went out of his way to answer all of my questions and walk me through the process. Super friendly and professional! I will definitely use you guys next time! Thanks again!" 5-Star Yelp Review
Property Tax Appeal Appraisals
The property taxes a homeowner pays are based on the property’s assessed value, as determined by the county assessor in the county the property is located. Therefore, the lower the assessed value, the lower the taxes owed. If you believe the assessed value of your property is higher than it should be, you may start by speaking with a representative from your assessor’s office. The representative can explain your property’s assessed value, answer any questions you may have about the assessment, and review any additional, pertinent information you may provide. If you cannot reach agreement with the county assessor's office, you can appeal your assessment to the county's assessment appeals board. This typically requires the filing of an appeals application.
In either case, typically the best information to prove that your property is assessed for more than fair market value, is a professional appraisal. We at Appraisal Alliance can provide you with an appraisal of your property's value and testify at the appeals hearing, if needed.
In Contra Costa County, as an example, regular assessment appeals must be filed between July 2 and November 30 of each calendar year. Supplemental assessments must be filed within 60 days of the notice from the Assessor. Check with the tax assessor's office in the county where your property is located for specific requirements and deadlines. Further information can be found by clicking on the links below.
Private Lender Loans
Most home loans are made through banks, credit unions or other governmental lending institutions. In some cases, however, home loans are obtained through private lenders. Many times, these lenders will allow the borrower to hire the appraiser of their choice. At Appraisal Alliance we are happy to provide appraisals for private loan lenders.
Home Measurment Services
For those needing to identify the gross living area (GLA) and/or total square footage of a house, we can measure the square footage. This may be for your personal knowledge to be used as needed or so that it may be noted in a Multiple Listing Service listing. Actual square footage does not always match the GLA listed in public tax records.
