Appraisal Services
Estate Planning & Date of Death Appraisals
Navigating the settlement of an estate is a process often unfamiliar to many until they find themselves directly involved. In an effort to shed some light on the intricacies of estate settlement, particularly in relation to real estate appraisals, we aim to provide insights below. When a transfer of ownership occurs due to death or inheritance, it is commonplace to require a real estate appraisal for tax purposes.
Typically, during the settlement process, either an attorney or accountant will initiate the appraisal process. Alternatively, a family member or executor may take the lead in selecting an appraiser for the task at hand. Our extensive experience indicates that estate appraisals are frequently commissioned within 2-6 months following the passing of a loved one or the inheritance of a property. Although some appraisals are urgently ordered, others may be deferred for up to a year or more, depending on the specific circumstances.
Retrospective appraisals are prevalent in estate settlement scenarios. These involve assessing a property’s value based on a “prior date,” commonly the owner’s date of death. Hence, estate appraisals are often referred to as “date of death” appraisals. Beyond requiring a retrospective or date of death appraisal, the ordering party may also seek a “current value” appraisal to determine the property’s present market value for sale or settlement among heirs.
Regardless of the urgency or elapsed time, our team of certified appraisers at Chicagoland Appraisals comprehends the complexities involved in evaluating a property’s value under such challenging circumstances. We are committed to delivering the best possible experience. It is important to note that every estate situation is unique, and the type of appraised value required depends on the specific needs of the estate. Thankfully, a proficient attorney or accountant can easily guide you toward the type of value needed for the estate.
Furthermore, we are more than willing to communicate with your attorney or accountant to clarify the precise requirements for your situation. Feel free to contact us at 713-955-8972 today or chat with us with any questions you may have.
Divorce Appraisals
Divorce is a challenging process that involves numerous decisions, such as determining the fate of the marital home, including who stays and who goes. Often, the property is either sold, with the proceeds divided, or one party buys out the other.
In either scenario, it is crucial for one or both parties to engage the services of a professional real estate appraiser to assess the market value of the home. The appraisal for asset division must present a well-supported, professional report that stands up in court.
Frequently, the divorce date differs from the appraisal inspection date, necessitating a retrospective appraisal with an effective date and value estimate corresponding to the divorce or filing date. With extensive experience in conducting numerous divorce appraisals, we fully understand the complexities involved and approach these situations with the utmost care.
Adhering to the ethical standards outlined in the Uniform Standards of Professional Appraisal Practice (USPAP), we guarantee the highest level of confidentiality, ensuring absolute discretion. Moreover, we deliver comprehensive appraisal reports that not only meet but often exceed the court’s requirements and those of various agencies.
Choosing Sublime Valuation ensures you receive top-notch professional service, courtesy, and the highest quality appraisal reports. Our team of exceptional appraisers prioritizes respecting and safeguarding the privacy of your needs during divorce proceedings.
Call or request a free quote from us now!
Private Appraisals for Realtors, Attorneys, and Investors
Private Appraisal For Real Estate Investor
Our local appraisers specialize in assisting real estate investors in accurately determining property values across various investment areas. It’s common practice to obtain a property appraisal every few years to assess its condition. For many investors, these appraisals serve as a crucial tool for evaluating property appreciation or depreciation, playing a significant role in calculating actual profits or losses on an investment. Moreover, they provide valuable insights for managing and optimizing your real estate portfolio.
Tax considerations also underscore the importance of appraisals. Incorrect county tax assessments can result in unnecessarily high annual taxes. Keeping the assessed value of your property updated is essential, and neglecting to contest inaccurate local tax assessments could prove to be a costly oversight. Effectively lowering taxes on investment properties becomes a strategic avenue for building and enhancing your real estate wealth.
Private Appraisal For Realtors
For real estate agents, conducting your own market analysis to list a property is a common practice. However, homeowners often develop emotional ties to their homes, leading them to resist competitive listing prices. Advising your clients to order an appraisal can streamline the listing process and typically result in a shorter “days on market.” Full appraisals not only offer valuable insights but also provide a sketch/measurement to verify the accuracy of the Gross Living Area (GLA) listed on the MLS. This ensures that the home being sold or purchased aligns with the advertised size.
Experienced realtors emphasize that an appraisal can give you a competitive edge and alleviate sellers’ concerns by providing an unbiased opinion of the “fair market value.” In today’s dynamic housing market, incorrectly pricing or over-bidding on your clients’ homes may lead to capital loss or prolonged days on the market, resulting in dissatisfied clients. Whether buying or selling, encouraging your clients to order an appraisal serves as a crucial, unbiased second opinion in navigating the complexities of the real estate market.
Private Appraisal For Attorneys
Our initial focus centers on attentive listening to our clients, comprehending their needs and expectations. Armed with this insight, we devise an optimal strategy to meet our obligation of delivering a superior property valuation. Our team of appraisers has extensive experience in catering to the specific requirements of attorneys, often tailoring our reports to align with their needs, departing from the conventional one-size-fits-all approach typically adopted for lending appraisals.
Recognizing that attorneys frequently navigate challenging situations on behalf of their clients, we prioritize maximum sensitivity and professionalism in our interactions. Whether our clients are grappling with the loss of a family member or undergoing a marital dissolution, we understand the gravity of these situations. Sublime Valuation offers a range of solutions for various legal matters, with bankruptcy, divorce appraisals, and estate or probate appraisals being the most prevalent in recent times.
At the core of Sublime Valuation lies a commitment to professionalism and moral ethics. As independent appraisers, we acknowledge our responsibility to provide an impartial opinion of value. Rigorous screening of appraisal report orders is undertaken to eliminate any potential for conflicts of interest. Our reports adhere to industry valuation standards, and our appraisers uphold ethical standards with unwavering integrity.
Tax Protest & Appeal
Your home has likely never undergone an individual appraisal. Typically, the “proposed value” is determined through mass appraisal techniques employed by each county appraisal district. Due to the enormity of the task, these districts utilize a mass appraisal system based on typical property values in your vicinity, assessing entire neighborhoods rather than individual homes.
In practice, the appraisal district often opts to increase the tax-assessed value of every home in a neighborhood, incrementally ranging from 1% to 10% annually. During economic downturns, like the present recession, it’s improbable that the appraisal district will decrease your tax-assessed value. Any reduction, if granted, is likely to be minimal, as the burden lies on homeowners to argue for a reduction in their home’s assessed value.
Recognizing the uniqueness of each home, when you choose a tax protest appraisal, you’ll receive a personalized report outlining the current market value of your property. This appraisal includes a thorough analysis of your neighborhood and comparable properties in your market area. Armed with this comprehensive report, you can strategically approach meetings with the county appraisal district, equipped with the necessary documentation. Our local appraisers possess the expertise to provide this service, assisting you in effectively reducing your taxes.
Pre-Listing Appraisal for Realtors
For real estate agents, conducting your own market analysis to list a property is a common practice. However, homeowners often develop emotional ties to their homes, leading them to resist competitive listing prices. Advising your clients to order an appraisal can streamline the listing process and typically result in a shorter “days on market.” Full appraisals not only offer valuable insights but also provide a sketch/measurement to verify the accuracy of the Gross Living Area (GLA) listed on the MLS. This ensures that the home being sold or purchased aligns with the advertised size.
Experienced realtors emphasize that an appraisal can give you a competitive edge and alleviate sellers’ concerns by providing an unbiased opinion of the “fair market value.” In today’s dynamic housing market, incorrectly pricing or over-bidding on your clients’ homes may lead to capital loss or prolonged days on the market, resulting in dissatisfied clients. Whether buying or selling, encouraging your clients to order an appraisal serves as a crucial, unbiased second opinion in navigating the complexities of the real estate market.
Floor Plan & Measurement Service
In today’s fiercely competitive real estate landscape, the demand for precise reporting of a property’s actual living area has never been more critical. Often, the gross living area recorded in public records differs from the true dimensions of the property.
As a Realtor, both the MLS and your Broker-In-Charge mandate the submission of an accurate and detailed summary of your listings. There are numerous reasons to consider obtaining a professional measurement for your listings. Some properties may present large or complex measurement challenges that you might not feel comfortable handling personally. As an agent, avoiding liability for inaccuracies in square footage listed on the MLS is paramount.
At Sublime Valuation, we provide two distinct home measurement services, each serving various purposes from individual home sales to real estate assessor appeals.
Home Measurement: This service, the most sought-after to date, offers an accurate and cost-effective solution for determining a home’s Gross Living Area (GLA). It proves invaluable for homeowners and realtors aiming to list their properties accurately. Having the correct GLA in your listing can save time and money while expediting the sale of your home.
House Floor Plans: If your requirements extend beyond a simple GLA verification, our House Plans service provides an accurate and affordable tool for marketing your home. The Floor Plans we furnish depict the precise gross living area, showcasing the approximate locations of interior walls, doors, appliances, and plumbing fixtures. These plans also include basic room dimensions, offering potential buyers a clear understanding of each major room. This service proves highly beneficial when selling your home or contemplating additions or modifications.
Appraisal to Remove Private Mortgage Insurance
What is PMI?
PMI stands for Private Mortgage Insurance, a standard abbreviation in the realm of mortgages. This supplementary policy safeguards the lender in scenarios where a borrower faces difficulties repaying the loan, and the home’s value is lower than the outstanding loan balance. Once you’ve attained 20% equity in your home through a combination of appreciation and principal payments, you have the option to request the removal of PMI.
When Can You Get Your PMI Removed?
Even if your mortgage balance hasn’t reached the specified legal limits, it’s wise to initiate the process of PMI cancellation once you suspect your home’s equity has hit the 20% equity mark. The increase in your home’s value may stem from local property appreciation or renovations and additions you’ve undertaken. However, demonstrating these value-based equity gains to your lender can be challenging, and some lenders may impose a minimum waiting period (typically around two years) before approving PMI cancellation on this basis. Assuming you have a commendable payment history and adhere to your mortgage terms, you can request an evaluation to confirm that the property’s value hasn’t decreased, and there are no additional liens (such as a second mortgage). Make sure to check with your mortgage lender to see if you can hire an independent appraiser or not. Meeting these conditions obliges the lender to approve your PMI cancellation request, thus it will require an appraisal.