5 Reasons Why You Would Need an Appraisal in Temecula
We are Greenleaf Real Estate and Appraisal in Temecula. One of the reasons for this blog post is that we get calls all the time about what you actually need Temecula home appraisals for. There are also situations where we cannot do an appraisal for you, which we will explain in this article and video.
In this blog post and video, we will try to answer all of these questions. First, let’s talk about instances where we cannot provide or complete an appraisal for a homeowner.
- When you are refinancing or purchasing a home,
This will be done through your bank. If you are refinancing or purchasing a home, you cannot call us and ask for an appraisal. If you are refinancing or purchasing a home and you don’t like the value, we can complete an appraisal, but the bank will not use it. It will just be for your personal use and acknowledgement.
- There is a conflict of interest.
It’s not worth it for us to put ourselves in a situation where we could get sued or lose our licenses.
An example of this would be as follows:
You are selling your house “for sale by owner,” and I personally (Broker Joel) will bring a buyer to purchase your property. You ask my wife, Christie (an appraiser), to do an appraisal to verify value. This would be an example of a conflict of interest. It is rare that this happens, but we always have this situation pop up once or twice a year.
when the property is very complex or unique.
It’s not that we can’t do these appraisals, but we just choose not to for a few reasons. Number one, every time we do an appraisal, our license is on the line. It’s simply not worth our time when we are doing an appraisal on a property that we can’t praise properly.
There are many factors that could make this happen. If we don’t know the area, if it’s a land sale, or if the home is 10,000 square feet and all the comps in the area are 2000 square feet, these are just three examples of appraisals we wouldn’t do.
We also get calls on properties that we could physically do an appraisal on, but what we are able to charge is just not worth it for us financially.
An example of this would be land sales. Temecula Wine Country would be an example. In order for us to do our due diligence, we might have to charge $1,500 for an appraisal. Most homeowners or landowners are not willing to pay that price. In the same time that it would take us to complete that one land sale, we could complete three or four other appraisals.
Situations when you would hire us to complete an appraisal
When people get divorced, we often get calls to do an appraisal on their home. Usually they are splitting the asset or one party is buying out the other, and they need to find out what the home is worth.
- Death in the family
We often get calls for appraisals in the Temecula area when there is a death in the family. You need to know what the home is worth at the time of death so you can divide the asset accordingly.
- Property Tax Appeal
This instance is rare, but sometimes we get asked to do an appraisal because the city or county is valuing your home higher than what you think it’s worth. Intern, you’re going to pay more in property tax.
If you have any questions about the appraisal process or need an appraisal in the Temecula area, please reach out. In Murrieta, Menifee, Moreno Valley, Perris, Riverside, and Corona, we do appraisals. We have been an appraisal company for over 20 years and are competent and know these areas very well.
Thank you for reading our blog. If you have any interest in moving to Temecula or the surrounding area, please read the Google reviews here for Greenleaf Real Estate & Appraisal.
We are licensed as both real estate brokers and certified residential appraisers. We love what we do and will bring a great deal of passion, experience, and expertise to the table for you.