Helping California Understand Their Value One Property At A Time
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Let’s Get Smart About Appraisals & Why You Need One
Why get an appraisal and not just use a Realtor market analysis?
An appraiser is the only professional in the real estate arena that is a licensed valuation expert. Appraisers are trained to analyze data in order to determine a market value based on an “effective date” (the exact date in which the value of the property is being appraised). As a neutral party bound to the standards established by the Uniform Standards of Professional Appraisal Practice (USPAP), appraisers are obligated to a higher level of reporting, documentation and disclosure than others in the real estate industry. Appraisers are held responsible for supporting their opinions and that is why appraisers are the experts that attorneys, CPAs, lenders and the IRS acquire when a valuation is needed.
How Can I Use My Appraisal?
An appraisal is written specifically for an intended user and an intended use. At SunWest Appraisals we will assist you to determine the best appraisal product for you. Please note that appraisals are private and can only be shared by the person who is named as the intended user (client) and for the intended use (purpose), and thus, cannot be transferred.
Will Anyone Else Know the Outcome of my Appraisal?
NO. Appraisal content is private and cannot be shared with any other person or entity without expressed permission of the intended user (client). Nor can it be used for any other use other than that stated as the intended use (purpose).
Sunwest Appraisals offers a variety of residential and commercial appraisal products, not only for the purpose of financing and selling, but also for private and legal use, such as: equity and asset valuation, estate planning, probate, trusts, tax assessment, divorce, bankruptcy, litigation, PMI removal, investing and financial planning.
Equity & Asset Valuation: This is a general purpose appraisal that assists the client to determine the amount of equity that is currently held in the property or to determine the overall value. Many homeowners find that having a property appraisal completed prior to a listing, or submitted to a buyer at time of purchase, can help determine the best price, understand the marketing time, as well as offer insight for any improvements that may offer benefits at the time of selling.
Estate Planning, Probate & Trusts: An appraisal is mandatory in these cases, and are typically valued as of the date of death. However, other times they are needed are: sale to a relative, partitioning an estate among the heirs and beneficiaries, sale to a non-relative, partial interests, alternate value date-estate tax purposes, gifts and gift trusts, determining the basis for capital gains tax, family limited partnerships and other types of trusts and partnerships.
Tax Assessment: If you recently had a tax assessment that you believe to be inaccurate, an appraisal can be used to appeal a tax assessment. More information can be found at your local County Assessment Office.
Bankruptcy: When you file for bankruptcy, you must provide the court with a total financial snapshot of your current income, debt and other obligations. While establishing values for most of these things is relatively easy, determining the current value of your home can be challenging. A bankruptcy appraisal is the best way to prove to the court that your value, as written in your bankruptcy documents, is accurate. The experience, credibility and industry reputation of the appraiser are critical to the bankruptcy judge in accepting or rejecting your home valuation as accurate.
Divorce: Getting a divorce means taking the assets you’ve shared together and dividing them so that you and your ex-spouse can go separate ways. When you own a home together, timely decisions need to be made. Getting an appraisal can assist you in determining the equity during divorce negotiations and to decide what the best next step will be in the dividing of assets.
Litigation: There are times when one finds themselves in litigation and needs an appraisal. Whether it is just for asset valuation or you are in need of a valuation witness to testify. We have experience in both.
PMI Removal: If you are currently paying for private mortgage insurance on your loan, and have had an increase in equity due to market appreciation, then getting an appraisal can prove that you have 20% or more of equity ahead of the payment schedule, and you can apply to have the bank remove the PMI from your payment.
Investing & Home Improvements: Valuations to determine the “return on investment” (ROI) are common among investors and homeowners. Homeowners can use an appraisal to determine what their home improvements will earn them in equity once completed. Investors will also use appraisers to secure their business plans. They do so with an expanded process that can include projected values, absorption rates and cost analysis. These tools are client specific. We can help you to determine the appropriate scope of work that would be best for you in valuing your proposed or current property or portfolio.
Financial Planning: In general, having a current appraisal (a report completed in the last 12-months or less) for your home or investment property, can aid you in your budgeting and financial planning. Having accurate knowledge of the value in your home and your investment properties offers certainty in order to make life's important decisions.
Why Choose SunWest Appraisals?
EXPERIENCE: We have been appraising Southern California since 2004. With over 18-years of experience we understand the complexities of each neighborhood and are trusted by lenders, attorneys, financial advisors, CPAs and homeowners.
INTEGRITY: We stand by our work and do what we say. You can count on us to get the job done right.
CUSTOMER SERVICE: We pride ourselves on our excellent communication. We strive to make each client feel like our only client, and take the time to answer questions about the process in order to assist ensure you are receiving the correct appraisal product
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We have a new valuation that can save real estate professional time and $$$