Beecher Appraisal Group, LLC

PRODUCTS

Purchase
Perhaps the most widely known type of appraisal is for a real estate purchase transaction. These appraisals are performed not only to protect the lender, but also the buyer.

Loan to value ratios are based upon value estimates developed by the appraiser and insure the lenders position against loss if the borrower should default on the loan. It also protects the buyer from paying more than market value for the property being appraised. Although it is not required to have an appraisal done when conventional financing is not utilized, it is often times beneficial to a buyer to have a professional appraiser who is familiar with the area and with market trends, to give his or her professional opinion.

Refinance
After you have made your purchase or your new home, you may decide it makes sense to refinance your first mortgage because interest rates have become more favorable. Lenders will require an appraisal to determine the value of your home based on current market data. We will analyze homes that have sold, ideally in the past few months which are in the area, most similar in style, size, and age. We will also analyze current listings and pending sales which provides a more accurate estimate of the market value of your property. In some cases, we may have appraised your property at the time of purchase allowing us an edge in familiarity.

Tax Appeal
Every few years, a town or city may elect to go through a “revaluation” of all properties in their respective community. A revaluation company may be contracted to perform these services or the town may elect to perform these services in house. The revaluation could be based upon an interior or exterior inspection of your property.

New tax assessments are created and often times new mill rates are established by which tax revenue is generated for each town or city.

If an owner of real estate disagrees with their new tax assessment they could dispute this with the board of assessment appeals. An appraisal performed by a certified appraiser, may aid in the process of appealing ones taxes if the appraised value supports a value that differs from the revaluation company. At Beecher Appraisal Group, we analyze all factors of ones property which includes, though not limited to, location, style, quality, condition, and size.

PMI Removal
Private mortgage insurance or more commonly known as PMI, is additional money escrowed in your monthly mortgage payment which insures the lender against loss if the borrower defaults on the mortgage loan. Private mortgage insurance is generally required when the borrowers down payment or equity is less than 20% loan to value.

PMI Payments can be dropped from your mortgage when your loan to value falls below 80%. An appraisal can be performed to determine the fair market value of the real estate. If the appraised value shows that your outstanding loan amount has fallen below 80% loan to value, then your PMI may be removed. Check your annual escrow account statement or call your lender to find out exactly how much PMI is costing you each year.

Probate
An appraisal is often needed to settle an estate to determine the fair market value of the real estate property involved at the time of death. Often times, called a “date of death” valuation, the appraisal is generally based upon a date in the past, rather than when the appraisal is ordered. Probate Appraisals are not only utilized for determining estate taxes, but also for family division purposes, sale to a relative or non-relative, prior to listing a home for sale or gifting. It is important to select the right appraisal company who has knowledge not only with current market trends but with past market trends as well.

Relocation
Relocation appraisals are performed for clients whose employers offer relocation services. In this instance, a company or corporation may offer to buy an employees home (real estate) to allow for a quicker transfer to another location.

It is standard for a corporation to request two appraisals for comparison. In many cases, the corporation allows the transferee to select from a list of appraisers in the area to complete the assignment. We use the standard (ERC) Employee Relocation Council Appraisal form and analyze all factors which include, active listings, pending sales, and closed sales to derive a value estimate of the property.

Divorce
A divorce appraisal is generally necessary to establish fair market value of any real estate involved. There are typically two options available: the property can be sold and the proceeds can be divided; or one party can buy out the other. In either case, one or both parties should order an appraisal of the residence. Attorneys and accountants regularly rely on appraisals from Beecher Appraisal Group when determining real property values for divorce or other disputes requiring a value on a specific property. We consider each client’s needs personal and have a long-standing commitment to client privacy. An independent unbiased appraisal will provide you with a fair market value of your property.

Bankruptcy & Foreclosure
We understand people sometimes experience financial difficulties in their lives. An appraisal is often required to establish market value of your real estate to determine if there is sufficient equity which will satisfy the outstanding debt. We handle each client professionally and ensure confidentiality with each case.