Buying or Selling a Home
If you're planning to sell your home, setting an appropriate listing price can help to speed
the sale. An appraiser, using market data, arrives at an opinion of market value that can
help you decide on a fair listing price. Similarly, when you're shopping for a new home, a
professional appraisal can tell you if you're paying market value.
Transfer of ownership typically involves a mortgage, and an appraisal usually is required
before a home loan is approved. Lending institutions may require an appraisal of property
that will be used as security for a mortgage, and this opinion of value plays a key role in
mortgage application approval and the amount of down payment required.
Appealing Your Tax Assessment
In most communities real estate taxes are based on an ad valorem ("according to value")
assessment of your property's value. If you believe the assessed value is unfair, you may
have the right to appeal the assessor's valuation. Many assessment appeals can be
resolved with a telephone call or letter to your local assessor. If a dispute is carried beyond
this point, however, you may want a professional appraiser to give you an independent
opinion of value to bolster your appeal to the assessor.
Canceling Private Mortgage Insurance
New homeowners are frequently required to obtain private mortgage insurance, but as a
result of legislation passed by Congress in 1998, homeowners can cancel this coverage
when their loan-to-value ratio reaches 80 percent. To take advantage of this option a
homeowner generally must have a good payment history and satisfy the holder of the
mortgage that the value of the property has not declined below its original value. An
appraiser can develop an opinion of the current value of the home, which will assist the
homeowner in deciding whether or not to ask the lender to drop mortgage insurance.
Relocating for a Job
Real estate appraisals are often needed by relocation firms that assist employers in the
transfer of their employees. Sometimes, the relocation firm offers to purchase an
employee's home if the employee is unable to sell the home during a specified time period.
An appraiser is called in to estimate the market value of the home; this estimate of value
helps the relocation firm decide how much to pay for the property. The appraiser may be
selected by the relocation firm, the employer, or by the homeowner-employee, depending
on the relocation firm's policy.
Remodeling & Rehabbing
Many homeowners today are choosing to fix up rather than trade up; to remodel and
enlarge their current home rather than move to another home. But don't count on receiving
a dollar-for-dollar return at resale time--improvements may not return their costs. Some
highly personalized improvements can even handicap the sale of your home. If you're
considering improving your home with the intention of increasing its resale value, an
appraiser can help you decide which improvements make the most economic sense.
If you're undertaking a major rehabilitation project, a feasibility study can be very useful.
The appraiser can also investigate whether your property qualifies for historic preservation
benefits from the federal and local governments. All of the data, gathered and analyzed by
the professional appraiser, can aid you in your decision to rehabilitate.
Other Decisions Requiring Appraisals
An experienced, professional appraiser can assist in many other real estate decisions.
Appraisers often are asked to come up with a value for the courts to use in establishing
"just compensation" in situations where the government takes private property for public
use, such as for a road or public park. The law requires that owners of the property taken
in this manner must be paid a fair price. Appraisers also can give an opinion of value of
property for gift or inheritance taxes, lease rental schedules, and other investment
purposes.
If you're planning to sell your home, setting an appropriate listing price can help to speed
the sale. An appraiser, using market data, arrives at an opinion of market value that can
help you decide on a fair listing price. Similarly, when you're shopping for a new home, a
professional appraisal can tell you if you're paying market value.
Transfer of ownership typically involves a mortgage, and an appraisal usually is required
before a home loan is approved. Lending institutions may require an appraisal of property
that will be used as security for a mortgage, and this opinion of value plays a key role in
mortgage application approval and the amount of down payment required.
Appealing Your Tax Assessment
In most communities real estate taxes are based on an ad valorem ("according to value")
assessment of your property's value. If you believe the assessed value is unfair, you may
have the right to appeal the assessor's valuation. Many assessment appeals can be
resolved with a telephone call or letter to your local assessor. If a dispute is carried beyond
this point, however, you may want a professional appraiser to give you an independent
opinion of value to bolster your appeal to the assessor.
Canceling Private Mortgage Insurance
New homeowners are frequently required to obtain private mortgage insurance, but as a
result of legislation passed by Congress in 1998, homeowners can cancel this coverage
when their loan-to-value ratio reaches 80 percent. To take advantage of this option a
homeowner generally must have a good payment history and satisfy the holder of the
mortgage that the value of the property has not declined below its original value. An
appraiser can develop an opinion of the current value of the home, which will assist the
homeowner in deciding whether or not to ask the lender to drop mortgage insurance.
Relocating for a Job
Real estate appraisals are often needed by relocation firms that assist employers in the
transfer of their employees. Sometimes, the relocation firm offers to purchase an
employee's home if the employee is unable to sell the home during a specified time period.
An appraiser is called in to estimate the market value of the home; this estimate of value
helps the relocation firm decide how much to pay for the property. The appraiser may be
selected by the relocation firm, the employer, or by the homeowner-employee, depending
on the relocation firm's policy.
Remodeling & Rehabbing
Many homeowners today are choosing to fix up rather than trade up; to remodel and
enlarge their current home rather than move to another home. But don't count on receiving
a dollar-for-dollar return at resale time--improvements may not return their costs. Some
highly personalized improvements can even handicap the sale of your home. If you're
considering improving your home with the intention of increasing its resale value, an
appraiser can help you decide which improvements make the most economic sense.
If you're undertaking a major rehabilitation project, a feasibility study can be very useful.
The appraiser can also investigate whether your property qualifies for historic preservation
benefits from the federal and local governments. All of the data, gathered and analyzed by
the professional appraiser, can aid you in your decision to rehabilitate.
Other Decisions Requiring Appraisals
An experienced, professional appraiser can assist in many other real estate decisions.
Appraisers often are asked to come up with a value for the courts to use in establishing
"just compensation" in situations where the government takes private property for public
use, such as for a road or public park. The law requires that owners of the property taken
in this manner must be paid a fair price. Appraisers also can give an opinion of value of
property for gift or inheritance taxes, lease rental schedules, and other investment
purposes.
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Schweitzer Appraisals, Inc.
Appraising real estate in Southern California since 1977
| Estimating Home Value |
How can I find out what my house is worth?
As a homeowner, you may have reason to question the value of your home on various
occasions. These may include planning to buy or sell a home, appealing your property tax
assessment, seeking to eliminate payment of private mortgage insurance, or undertaking a
major home renovation project.
As a homeowner, you may have reason to question the value of your home on various
occasions. These may include planning to buy or sell a home, appealing your property tax
assessment, seeking to eliminate payment of private mortgage insurance, or undertaking a
major home renovation project.
| When An Appraisal Is Needed |
Current and Forensic Appraisals
Schweitzer Appraisals Inc. appraises property according to an empirical method and
constructs a report about the value conclusions of the property; we are always prepared to
provide expert witness testimony in court. This includes current, retrospective, and forensic
residential property valuations.
We have been serving the legal and lending industry in southern California for 30 years.
Besides providing attorneys with appraisals and testimonies, our client base also includes
everything from insurance adjusters to private individuals.
Mark C. Schweitzer, President of Schweitzer Appraisals Inc, invites you to navigate our
website to learn more about us and our services.
Schweitzer Appraisals Inc. appraises property according to an empirical method and
constructs a report about the value conclusions of the property; we are always prepared to
provide expert witness testimony in court. This includes current, retrospective, and forensic
residential property valuations.
We have been serving the legal and lending industry in southern California for 30 years.
Besides providing attorneys with appraisals and testimonies, our client base also includes
everything from insurance adjusters to private individuals.
Mark C. Schweitzer, President of Schweitzer Appraisals Inc, invites you to navigate our
website to learn more about us and our services.