After the passing of a family member or loved one, the process of settling their estate can be especially difficult. With pressing, time-sensitive concerns, having a team of professional experts from Omni Appraisal Services to help guide you through the process ahead will make the transition smoother.

If ownership of your loved one’s property has been transferred to you, an appraisal is needed for tax assessment purposes. This is a time-sensitive issue, and must be handled in a timely manner to meet IRS reporting standards. Estate appraisals are usually ordered two to twelve months after the date of the original owner’s death.

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 date of death appraisal (also known as a retrospective or historical 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, 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.

Omni Appraisal Services specializes in date of death appraisals and have several estate attorneys and accountants as clients because:

-Our appraisals meet IRS requirements

-We are California Certified General Real Estate Appraisers

-Our appraisals are all in compliance with the Uniform Standards of Professional Appraisal Practice (USPAP)

Why is it important?

-Estate settlement: A date of death appraisal is often required for estate settlement.

-Inheritance taxes: It's used to calculate inheritance taxes, which may be owed by the beneficiaries.

-Probate: It's required for probate proceedings.

-Fair distribution: It helps ensure that assets are distributed fairly among heirs.

-Tax step-up: Stepped-up basis allows the tax basis of an asset (the cost of the asset ascribed to the taxpayer) to be adjusted to reflect its value at the time that the owner passes away, rather than the value when it was originally purchased. Increasing the basis of an asset reduces the portion of it that is subject to the capital gains tax, thereby lowering taxes on the asset for the inheritor.

How is it done?

-A qualified appraiser inspects the property and considers many factors, such as market conditions, location, and property condition.

-The appraiser uses the market conditions at the time of the owner's death to determine the property's value.

Call us now and we will be happy to provide a quote and assist you with your appraisal, 310-697-3034

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 are assured that you will get the best in professional service, courtesy, and the highest quality appraisal. We also know how to handle the sensitive needs of a divorce situation and all information in any appraisal is confidential.

Attorneys and Accountants rely on our values when calculating real property values for estates, divorces, or other disputes requiring a value being placed on real property. We understand their needs and are used to dealing with all parties involved. We provide appraisal reports that meet the requirements of the courts and various agencies.

As an attorney handling a divorce, your needs oftentimes include an appraisal to establish fair market value for the residential real estate involved. Often the divorce date differs from the date you order the appraisal. 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.

Attorneys regularly hire us at Omni Appraisal Services as we provide expert witness testimony. We have been designated as an expert witness in many divorce cases throughout Southern California. Call us now and we can assist with your appraisal, 310-697-3034

Pre-Listing Appraisal Services

If you’re working with a real estate agent to list your property, more than likely they’ll provide you with a Comparative Market Analysis (CMA) that lists selected sales in your area as one of the first steps in determining what to set as the “Listing Price". This step is vital if you're going to maximize your profit and minimize the home’s time on the market.

But even if you're working with the most experienced real estate agent, it's probably in your best interest to have an "objective" third-party's opinion of value prior to signing a Listing Agreement. And that’s where we come in. We can provide you with a pre-listing appraisal so both you and your agent have an accurate description of your home's features and a detailed analysis of the most recent and similar "comparable sales" or as they're commonly called, "Comps". In addition to helping you set a realistic selling price so your home will attract buyers, a professional appraisal can:

-Be a very valuable negotiating tool once you have a potential buyer

-Impress buyer’s with written proof of your home’s condition inside and out

-Make yourself aware of problems and eliminate last-minute repair hassles that might delay a closing

-Decrease the chances of unknown problems that cause sales to fall through

-Eliminate the wait for the buyer or their mortgage company to get the appraisal done on their own

Many people are surprised when they find out that the market value of their home is much more than they thought, so investing in a professional appraisal actually allowed these people to receive several thousand more dollars than they thought they would when their home was sold. Others have an inflated opinion of their home's value and an appraisal helped them to realistically price their home in order for it to sell. An overpriced home will not attract buyers, which means no offers and no closing and that you have wasted valuable time, money, and efforts.

Improvements to add value:

In addition to “how much?”, there may be other important questions to ask yourself before listing your home. Questions like ''Would it be better to paint the entire house before we sell it?”, ''Should I put in that third bathroom?'', ''Should I complete my kitchen remodel?'' Many things which we do to our houses have an effect on their value. Unfortunately, not all of them have an equal effect. While a kitchen remodel may improve the appeal of a home, it may not add nearly enough to the value to justify the expense.

We can step in and help make these decisions. Unlike a real estate agent, an appraiser has no vested interest in what amount the house sells for. Our appraisal fees are based on efforts to complete the report and not a percentage of the sales price. So a professional appraisal can often help homeowners make the best decisions on investing in their homes and setting a fair sales price.

Maybe you feel like you don't need an appraisal but you'd still like some help gathering local property and sales data. We can provide low cost sales and listing reports that will guide you through the maze of raw data. Our reports help you to make an informed buying decision. We understand the complexities of buying a home and know what you are going through and will do our best to make it easier for you by giving you a high quality, professional appraisal that you can depend on!

When you order a report from us, you can expect. . . .

Prompt response to your initial inquiry: We will give you personalized information for your particular appraisal need. Just tell us your situation and we will make suggestions. Quick turnaround time: Typically one week or less from the date the request is received. If you've chosen to receive a copy of your appraisal or consulting report via the Internet (EDI), you'll receive it within MINUTES of its completion.

Appraisal and consulting reports formats to suit YOUR needs: When it comes to appraisal and consulting, "One size does NOT fit all!" We offer a variety of report types and delivery methods. Express mail too slow? We can deliver your report as a PDF attached to a standard email, the MINUTE it's completed.

Quick response to follow-up questions: Our reports are clearly written, understandable, and meet or exceed the Uniform Standards of Professional Practice that governs the appraisal practice. If you have any questions regarding your appraisal, after you've read the report, we encourage you to email or call us.

We offer a full range of Real Estate Appraisal services, with experience in many types of property. We are also experienced in litigation support and expert witness services. Clients who have used our expert testimony services include government agencies, tax entities, financial institutions, legal and accounting firms and many other businesses. In many cases, our independent, supportable analysis has allowed clients to settle cases without going to court.

An appraiser must remain unbiased in performing an appraisal of a property. But we can consult with you and advise you about the relative strength of an appraisal presented by opposing parties. We can also perform additional research and analysis to support or discredit assumptions or conclusions.

Some examples of issues we have experience with include:

-Valuation of "stigmatized" property

-Valuation as of a date in the past

-Valuation for condemnation and eminent domain cases

-Effect on value of properties with history of flood

-Estate settlement

-Effect on value caused by insect infestation

-Valuation for divorce, partnership, taxation issues etc.

With our experience and proven track record we are ready to take on any type of appraisal assignment and our appraisal values stand up under the most severe scrutiny and cross examination.

Homeowners need appraisals or appraisal reviews for a variety of reasons, including a mortgage refinance, home equity loans, Pre-listing services, and PMI removal. When you order an appraisal or review from us, you can rest assured that you will get the best in professional service, courtesy, and quality.

Refinance / Home Equity

Be sure that you request us if your lender asks you for YOUR choice of appraisal firms. More than likely we are already on their "approved list", and if not we will quickly provide your lender with the necessary documentation to become approved.

For-Sale-By-Owner (FSBO) / Pre-Listing Services

It's very hard to be objective about your own home because of your emotional attachment to it. A Professional Appraiser is objective and will tell you what you need to know, not just what you want to hear. In addition to helping you set a realistic selling price so your home will attract buyers, a professional appraisal is very valuable as a negotiating tool once you have a potential buyer. It gives you something concrete to show your buyer. It's an independent third party's opinion of your home's value, and not just you saying how much your home is worth. Potential buyers know you have an emotional attachment to your home and will be far more likely to give credibility to a professional appraiser's value opinion than yours.

PMI Removal Appraisals

A popular money saver for homeowners in the last few years is to get the PMI removed from their mortgage loan, thus saving them money on their monthly payments. PMI stands for "Private Mortgage Insurance". Once your mortgage loan amount is down below 80% of the value of your home, in most cases you can apply to the lender to have the PMI removed from your loan, which will make your monthly payments go down. We are experienced in helping folks just like you rid themselves of unneeded and unwanted PMI insurance.

Field and Desktop Appraisal Review Services

Have you just received a copy of your appraisal and you'd like to have a professional "double-check" it for accuracy or do you need a second opinion without the expense and delay of waiting for a whole new appraisal?

-Appraisal Field Reviews: We'll check your appraisal for accuracy and provide exterior "field inspections" of the subject and comparable properties for maximum appraisal certainty. Perfect for any situation demanding a second opinion on value.

-Appraisal Desk Reviews: In a hurry and just want to "double-check" the facts? We'll use our extensive Internet research capabilities and office files to deliver reviews with the highest degree of precision in the industry.

Time is money. This is never more true than when you or your company need an appraisal of your "old" home when you're relocating to a new area for work.

When you put your "old" home on the market and take advantage of your employer's relocation assistance, you're interested not in the "fair market value" of the home, but its anticipated sales price, typically as soon as possible -- usually not to exceed 120-180 days. But the need for speed doesn't mean the relocation appraisal is a more simple matter than your average lending/mortgage appraisal. Quite to the contrary. It entails special expertise, training and skills on the part of the appraiser or appraisal firm you select.

When we perform a relocation appraisal, we consider recent closed sales but also competing listings in the area as well as pending sales. We offer a forecast of the likely sales price you can rely on, considering the dynamics of the neighborhood at the time of the relocation. All relocation appraisals are reported on the standard ERC Residential Appraisal Report form, the industry's accepted relocation appraisal format.

If you're a relocation services company in need of a local appraiser, look no further. Our professional relocation appraisal service is backed by our superior service, turn time, and knowledge of the market. Whether you're an employee or a service company seeking a relocation appraisal professional, please browse our website to learn more about our qualifications, expertise and services offered.

Most localities determine your property tax burden based on an ad valorem assessment of the property's value. Sometimes, as a property owner, you get an unwanted surprise in the mail telling you your taxes are going up, and sometimes it may seem as though your assessment is too high.

Often, matters like this can be resolved with a phone call. However, if after discussing your assessment with your local taxing authority you still feel as though your property was overvalued, a professional, independent, third-party appraiser is often your best bet in proving your case. That's where we come in.

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 Omni Appraisal Services, we are able to professionally and persuasively testify at appeal hearings. Browse our website to learn more about our qualifications, expertise and services offered.

Homes in foreclosure and homes that have reverted to your institution's ownership present special appraisal challenges. At Omni Appraisal Services, we're more than ready and able to help.

For a property in foreclosure, you may need to know the difference between fair market value and "quick disposition" value, to know your potential charge-off liability. At Omni Appraisal Services, we have experience in both providing snapshots of fair market value for our mortgage lending and servicing clients as well as "quick sale" forecasts that understand your timeline.

Owners of property in foreclosure, of course, present special challenges. They may be unwilling to allow an inspection of the property. If they have abandoned the property already, they may have neglected care of the home for some time -- or worse, caused damage. We have the experience and training to deal with the special dynamics of a foreclosure appraisal, and you should not hesitate to rely on us.

For a property that has already reverted to Real Estate Owned, you likewise will be interested in a quick disposition. But you may want to know and compare three values: As-is, as repaired, and "quick sale." These represent the value of the property without any work done to it, with the work required to make the property marketable to full market value commensurate with competing properties in the area, and, somewhere in-between, with minimal investment in repairs -- selling the property quickly, probably as a "fixer-upper." Again, we understand your timeline and the unique circumstances of an REO property, as well as the special information you'll need -- competing listings, market trends, and the like.

Please browse our website to learn more about our qualifications, expertise and services offered.

ARV (after repaired value) is defined as the estimated future value of a property after it has been renovated rather than its current value. In other words, ARV is the projected future value of a property that has been fixed and is ready to flip. To determine ARV, appraisers research comparable properties (“comps”) that have sold recently in the same area.

How Is ARV Determined?

So how is the ARV of a property determined? You need an appraisal of the property, comparable sales, and an accurate estimate of the monetary value that repairs will add to the property.

Get a Current Property Appraisal

To get the most accurate estimate of the current property value, you’ll need to get an appraisal using a licensed appraiser who is familiar with the area.

The appraiser will closely examine the property’s condition, factoring in a variety of factors such as:

-The property’s condition: water damage, cracked walls/ceilings, etc.

-Square footage

-Number of bedrooms & bathrooms

-Curb appeal

-Location

An experienced appraiser will often be able to identify traits about the property that untrained individuals wouldn’t have caught.

Look at Comparable Sales (Comps)

The exact same house can sell for a much different price based on where it was built and what surrounds it.

That’s why appraisers also use data from comparable sales (“comps”) that were recently completed nearby to arrive at a more accurate appraisal. This research is usually completed using data published in MLS (Multiple Listing Service) listings.

Using comps of similar size and condition is also important because even a slight difference in square footage or condition can change a property’s value drastically. And because property value can increase or decrease over time, appraisers usually look for the most recent sales.

Property value isn’t based only on the property itself, but everything that’s around it. Even the neighborhood and surrounding amenities (shopping, parks, schools, etc.) can have a major impact on the value of a house or multi-family property.

Estimate Value of Repairs

The cost to repair or renovate a property is not the same as the value added by repairs. If done right, the value of repairs can exceed the cost of completing them.

For example, replacing carpet with vinyl or wood flooring is a common renovation that can add value to a property. Replacing old appliances with more energy-efficient ones is another common strategy.

If you lowball the costs of repair (or overestimate the value added by your repairs), the difference ultimately comes out of your profit – so property investors must be thorough, accurate, and realistic when estimating the value of repairs.

Omni Appraisal Services specializes in ARV appraisals and has several hard money lending clients that have relied on our values for over 20 years. Call now for a quote, 310-697-3034

CLICK HERE TO CONFIRM APPRAISAL LICENCE STATUS

Appraiser licensing varies from state to state. To participate in what is called a "federally-related transaction," which is, for example, a mortgage being underwritten by a national bank, an appraiser must be licensed or certified by his or her state. The license or certification is evidence that the appraiser has performed a certain number of hours as a trainee under the supervision of a practicing appraiser, may have passed an examination, and completes a certain number of hours of Continuing Education Training.

We have worked hard to establish a reputation for quality and prompt work, performed professionally and ethically, with outstanding customer service. You should never just look for a licensed appraiser; you should be discriminating in choosing your service providers. Tour our website for valuable information on the experience we have and the service we provide.

You should always be sure your appraisal service provider is licensed and in good standing. The Bureu of Real Estate Appraisers maintains a website to confirm appraiser licensing: https://brea.ca.gov/

Among other things, this database will tell you if a service provider you are considering has had his or her license suspended, revoked, or whether the license has lapsed. You can rest assured that our license is current and in good standing!