Appraisal services for individuals and private homeowners
When you need an expert opinion on your property valuation, trust the experience and certification of Peerless Appraisals' team of professionals
Our expertise includes assistance with appraisals in the following areas:
- Contesting property tax valuations
- Private loans
- Renovation loans
- Foreclosures
- Short sales
- Establishing sale or listing price
- Inheritance
- Death
- Divorce
- Litigation
- Estate planning
WORKING TOGETHER
How can a home appraisal help you?
Want to prepare for the private sale of a home?
If you or your buyer are working without a lender that requires an appraisal, that doesn’t mean you shouldn’t still invest in a professional, unbiased calculation of your home’s value to ensure the sale price is fair and accurate. You may also want to conduct your own appraisal prior to listing your home to use when calculating your asking price.
Need to prove that your county's assessed property value for your home is off?
The county appraisal district sets values for all real estate properties. Taxing entities, such as your school district and city, charge you property taxes based on this set value. Often, the notice of your assessed value goes up exponentially - and may not be accurate. To remedy this and avoid paying more of your share of taxes, you can contest the value with the appraisal district. If you’re doing this, it helps to go to the hearing armed with your own, independent report on your home’s value. We conduct desktop appraisals for this reason. These are a lower-cost option than a full appraisal, but still offer an expert, unbiased piece of evidence to present to the appraisal review board.
Want to cancel private mortgage insurance?
Most lenders require private mortgage insurance (PMI) until you have paid off 20% of the home’s value. But in times of value appreciation, you may reach that milestone earlier than you expected. If you believe your home value has appreciated, we can conduct an appraisal so that you can recalculate the equity percentage you own in your home and cancel your private mortgage insurance. Lenders may require their own appraisal to cancel PMI, but a desktop appraisal can help you assess if the process is worth it.
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Most localities determine your property tax burden based on an ad valorem assessment of the property's value. If you you get an unwanted surprise in the mail stating your taxes are going up, you may have good reason to differ with their assessment. Sometimes, matters like this can be solved with a phone call. However, if after discussing your assessment with your local taxing authority you still feel your property was overvalued, an independent, third-party appraiser is often your best bet in proving your case. There are as many different procedures for appealing assessments as there are property taxing districts, so it's important to enlist the help of a professional appraisal firm that's experienced and trained in the ins and outs of your particular jurisdiction. Please note: It makes sense to do your own research before determining whether to go forward with a property assessment appeal, especially before you make the decision to hire a professional appraiser. However, according to the Uniform Standards of Professional Appraisal Practice (USPAP), we are not allowed to take "shortcuts" -- i.e., your research -- and use it on its face as part of our independent evaluation. When you hire us for an assessment appeal, you're commissioning an independent, third-party professional appraisal report. As such we do our own evaluation, beginning to end. If you're right that your property has been overvalued, an independent report such as ours will be even more persuasive than any other evidence you can marshal on your own. But it depends on our ability to do the work independently. Sometimes, you will have a hearing on your assessment appeal and will need for the appraiser you've hired to testify on your behalf. Be assured that at Peerless Appraisals, we are able to professionally and persuasively testify at appeal hearings. Browse our website to learn more about our qualifications, expertise and services offered.
Adjustment. When comparable properties have been identified, the appraiser makes adjustments to the Sales Price of each of the comparables to bring them into equivalency with the subject property, accounting for differences in location, construction quality, living area, acreage, frontage, amenities and the like. This is where the professional expertise of an appraiser is most valuable. Chattel . Personal property that may be on the subject property but which does not figure into the opinion of value in the appraisal report. Comparable or "comp". Properties like the subject property nearby which have sold recently, used as a basis to determine the fair market value of the subject property. Drive-by . An appraisal that is limited to an exterior-only examination of the Subject to make a determination that the property is actually there and has no obvious defects or damage visible from the outside. Fannie Mae's form for this type of appraisal is its 2055, so you may hear a drive-by referred to as a "2055." Fair market value . The appraiser's opinion of value as written in his or her appraisal report should reflect the fair market value of the property -- what a willing buyer would pay a willing seller in an arm's-length transaction. GLA. "Gross Living Area," the sum of all above grade floor space, including stairways and closet space. GLA is often determined using exterior wall measurements. Latent defects . A defect on the property that is not readily apparent but which impact the fair market value. Structural damage or termite infestation might be examples. MLS. A Multiple Listing Service is a proprietary listing of all properties on the market in a given area and their listing prices, as well as a record of all recent closed sales and their sales prices. Created by and used primary by real estate agents, many appraisers pay for access to these databases to aid in comparable selection and adjustment research. Obsolescence . The value of assets diminishes as its capabilities degrade or more desirable alternatives are developed. Functional obsolescence is the presence or absence of a feature which renders the property undesirable. Obsolescence can also occur because the surrounding area changes, making a feature of the property less desirable. Subject. Short for the property being appraised -- the "subject property." Useful life. The time during which a property can provide benefits to its owner. URAR . Short for Uniform Residential Appraisal Report, Fannie Mae form 1004, it is the form most lenders require if they need a full appraisal (that is, with walk-through inspection). USPAP . Short for Uniform Standards of Professional Appraisal Practice, USPAP promotes standards and professionalism in appraisal practice, and is often enacted into law in a state. It is promulgated by the Appraisal Foundation, a non-governmental entity chartered by Congress to, among other things, maintain appraisal standards. Walk-through . An inspection that includes a visit to each part of the interior of the house used in estimating value. If you have a question about any of these terms or need an explanation of an item on your appraisal, feel free to contact us
The top seven reasons TX homeowners call on Peerless Appraisals, LLC: Pre-listing appraisals (whether they're selling the home on their own or using a real estate agent) Challenge a property tax assessment To reduce their mortgage payments by removing PMI Reinstate their Home Equity Line of Credit (or HELOC) To review another appraiser's report for verification If real estate needs to be divided because of a divorce Determine the true market value of real estate in question to settle an estate in Bexar county or TX We at Peerless Appraisals understand the individual needs of a customer looking for appraisal services. While our typical clients understand the appraisal process and standard reporting formats, you as a consumer will get extra service in the form of an explanation of the process and even special consumer-friendly reporting forms if the assignment allows for them. Pre-listing Services/For Sale By Owner Since you have an emotional attachment to your home, it's often very hard to be objective about it. The professional appraisers at Peerless Appraisals, LLC will tell you what you need to know -- not just what you want to hear. We are objective. In addition to helping you set a realistic price to sell at so your house will attract interested buyers, a professional appraisal is a crucial negotiating tool once you have an interested buyer. It gives you something tangible to show your buyer. The appraisal is an independent third party's opinion of your house's value, not just how much you think your home is worth. Potential buyers know that you have an emotional attachment to your home and will be much more likely to give credibility to a professional appraiser's value estimation than yours. Appraisals to cancel PMI A preferred way to cut costs for homeowners is to get the PMI eliminated from their mortgage loan, thus saving them money on their monthly payments. PMI stands for "Private Mortgage Insurance". Your monthly payments will go down once your mortgage loan amount is below 80% of the value of your property. In most cases you can apply to a lender to have the PMI eliminated from your loan. We're seasoned in helping homeowners just like you dismiss unnecessary PMI insurance. Challenge Tax Assessment If you live in an area that is going down or not appreciating as much as other homes close to yours, your local tax assessor may have your home overvalued. This only means you are most likely paying higher taxes than you should be paying. Since your property assessment may likely go up again in the next period, the sooner you take care of things like this, the better off you'll be. An appraisal from Peerless Appraisals is your #1 weapon when contesting your property tax assessment. Recently got a freeze your HELOC? Your lender may just choose to automatically freeze your home equity line of credit (HELOC) if your property is in a declining area -- even if your specific property has not declined in value. This can be be destructive to your credit score since it may appear as though that credit line is maxed out, and also troublesome from a cash flow viewpoint. Peerless Appraisals can provide you with a professional appraisal that will help you reinstate your home equity line of credit. We Also Offer Field and Desktop Appraisal Review Services Do you need a seasoned professional to double-check your appraisal for precision, or do you desire a second opinion without the added cost and delay of waiting for a whole new appraisal? An appraiser from Peerless Appraisals, LLC can go out and check the subject and comps in question in a field review. If you're in a hurry, we'll provide you with a desk review and verify as many facts as we can using online data sources as well as our own files. Need a retrospective review of an appraisal? We can We can assist you While usually requested by banks, you may wish to take advantage of this service if you suspect mortgage fraud related to your property.
