Reasons for Appraisals

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There are many reasons for requesting an appraisal.  The most popular reasons for needing an appraisal are:

• Property Tax Appeals
• PMI (Private Mortgage Insurance) Removal
• Divorce 
• Estates
• Refinance
• Buying Decisions
• Pre-listing Decisions
  

At Bayside Appraisal Group, Inc., we work with our customers on all types of appraisal needs, providing prompt, thorough results every time!

If customers can’t find it, it doesn’t exist. Clearly list and describe the services you offer. Also, be sure to showcase a premium service.

•  2005 Interior
• 2055 Exterior
• URAR
• Multi-Family Small Income Residential
• Land Appraisal Form
• Narratives
• Other Forms by Request 

Finalizing a divorce involves many decisions, including "Who gets the house?" There are generally two options regarding the house - it can be sold and the proceeds divided, or one party can "buy out" the other.  In either case, one or both parties should order an appraisal of the residence.  Divorce appraisals require a well-supported, professional appraisal that is defensible in court. When you order an appraisal from us, you can be assured that you are getting the best in professional service, courtesy and highest quality.  Marlene has been through the divorce process personally and has first-hand knowledge of the sensitive needs of a divorce situation.  If in the event both parties do not have the funds to purchase separate appraisals, you can be assured that we will supply a completely unbiased appraisal with both parties listed as clients on the appraisal report.

Attorneys and accountants rely on our values when calculating real property values.  We understand their needs and are used to dealing with all parties involved.  Our reports meet the requirements of the courts and various agencies that may be used in a divorce action.

If you are an attorney handling a divorce, your need to order an appraisal often differs from the divorce date.  We are familiar with the procedures and requirements necessary to perform a retroactive appraisal with an effective date and Fair Market Value estimate matching the date of divorce.  The ethics provision within the Uniform Standards of Professional Appraisal Practice (USPAP) binds us with confidentiality, ensuring the fullest degree of discretion.
 

Settling an estate is an important and sometimes stressful job.  As an executor you have been entrusted to carry out the wishes of the deceased as swiftly and exactly as possible.  You can count on us to act quickly and with sensitivity to the feelings of everyone involved.

Settling an estate usually requires an appraisal to establish Fair Market Value for the residential property involved. Often, the date of death differs from the date the appraisal is requested.  We are familiar with the procedures and requirements necessary to perform a retroactive appraisal with an effective date and Fair Market Value estimate matching the date of death.  The ethics provision within the Uniform Standards of Professional Appraisal Practice (USPAP) binds us with confidentiality and ensuring the fullest degree of discretion.

Having a professional appraisal gives the executor solid facts and figures to work with in meeting IRS and state agency requirements.  It assures peace of mind to everyone concerned because we are there to stand behind the appraisal if it is challenged.
 

Private Mortgage Insurance (PMI) is a type of insurance provided by a private mortgage insurance company to protect a lender in the event of default on a loan. PMI is usually required when a borrower has less than 20% equity in a home. The private mortgage insurance payment is paid by the borrower and is added onto the monthly PITI (total payment of Principle, Interest, Taxes and property insurance). It can typically range from $.035 to $.080 per $100 (based on your loan amount). The lender then transfers this premium payment to the mortgage insurance company.  

Lenders are required to allow borrowers to remove PMI insurance once the loan to value ratio is below 80%.  Usually the lender (mortgage holder) will require a certified appraiser to appraise the property to determine its current market value. 

To remove PMI from your property, you need to contact your current mortgage holder directly to determine their policy on removing mortgage insurance from an existing loan.

After your lender informs you of the estimated value needed on your property to eliminate PMI, all you have to do is contact our office and order an appraisal.  In most cases, the appraisal fee is all you pay which depends on the type, location and size of the property you own and not the value of your home.If the appraised value is at or below the lender's estimated value needed to remove PMI, send the report to your lender to confirm PMI removal.