Residential Appraisals for Mortgage Lending
TCO APPRAISALS understands that mortgage lending can be a confusing process for the average homeowner. Our team is here to help you through the process, including informing you of the recent changes in the appraisal industry. We want to cover any misconceptions that the borrower/buyer may not know about during the lending process, including HVCC and the Appraiser Independence Requirements (AIR).
What Loans Are Affected by Appraiser Independence Requirements (AIR)?
AIR applies to all conventional, single-family (1-4 units) loans that originated on or after October 15, 2010. The requirements of AIR were specially developed by the Federal Housing Finance Agency (FHFA), Fannie Mae, Freddie Mac, and other key industry participants to replace the outdated Home Valuation Code of Conduct (HVCC). The updated requirements continue to maintain the spirit and intent of the HVCC while also providing important protections for home buyers, mortgage investors, and the housing market.
Does AIR Apply to Non-Origination Valuation Activities Like Appraisals Performed for Loss Mitigation Activities?
No, it does not. AIR only applies to the loan origination process. AIR does not apply to a lender’s foreclosure/REO process or any other type of loss mitigation activity.
When Do I Need My Own Appraiser?
When you are getting a mortgage loan, the lender will most likely select the appraiser, but occasionally, a borrower may choose his or her appraiser depending on the type of loan. The appraiser is an important part of the mortgage process because they will provide both you and the lender with an impartial and unbiased valuation of the property by using their extensive knowledge and experience. The appraiser will back up their conclusions with assembled facts, statistics, and other pertinent information. Their analysis of the data will help them accurately determine the property’s value.
What Is The Difference Between an Appraisal and a Home Inspection?
An appraisal and a home inspection are each a report based on an inspection of a property, but the appraisal is to determine market value, while the home inspection is used to identify any issues with the condition of the home. Both are essential elements of a home purchase, while an appraisal is also required in a refinancing.
When would I need a trustworthy real estate appraiser?
When Selling Your Home
An appraisal of the property’s value is an important step in determining your home’s listing price. You want to price your home right, rather than overpricing it and it sitting on the market for months
When Buying a Home
If you want to make an offer on a property, it is important to ensure the property is worth the amount of money you are willing to pay. Oftentimes, the lending institution requires a professional appraisal to be done on the home
When You Need a Loan
If you are seeking other types of loans (Home Equity Line/Loan), you could use your home as the primary collateral. If you do this, it will be necessary to have a current valuation of the home by a professional appraiser.
What Other Appraisal Services Do You Offer?
TCO APPRAISALS has a team of certified residential appraisers who have years of experience appraising all types of property in the San Diego area. We can help you determine your property’s value and offer specialized services such as:
Appraisals for Inheritance
When an estate has a transfer of ownership due to death or inheritance, it is very common for a real estate appraisal to be needed for tax purposes.Appraisals for Divorce
When getting a divorce appraisal, it is important to get an accurate estimate of your home's fair market value when dividing assets. The divorce real estate appraisal will help the division and separation process run more smoothly and quickly.Appraisals for Estate & Date of Death
When an owner of a property dies, it is common for a property appraisal to be performed for tax purposes.
Tax Assessment Appeals
Property tax assessments can sometimes be inaccurate or outdated, leading to higher tax burdens for property owners. At TCO APPRAISALS, we leverage our expertise and understanding of local market dynamics to help clients challenge these assessments and potentially lower their tax liabilities.Appraisals for Bankruptcy
When filing for bankruptcy, it is important to estimate your home’s value accurately. TCO APPRAISALS can help you get an accurate value for your home quickly, ensuring you have the correct information for your bankruptcy filing.Appraisals for Bail Bonds
Those who need assistance posting bail should turn to our team of discreet and understanding real estate appraisers, who can help you determine the value of your property quickly to get your loved one to the home sooner.
What Other Appraisal Services Do You Offer?
TCO APPRAISALS has a team of certified residential appraisers who have years of experience appraising all types of property in the San Diego area. We can help you determine your property’s value and offer specialized services such as:
Appraisals for Inheritance
When an estate has a transfer of ownership due to death or inheritance, it is very common for a real estate appraisal to be needed for tax purposes.Appraisals for Divorce
When getting a divorce appraisal, it is important to get an accurate estimate of your home's fair market value when dividing assets. The divorce real estate appraisal will help the division and separation process run more smoothly and quickly.Appraisals for Estate & Date of Death
When an owner of a property dies, it is common for a property appraisal to be performed for tax purposes.Tax Assessment Appeals
Property tax assessments can sometimes be inaccurate or outdated, leading to higher tax burdens for property owners. At TCO APPRAISALS, we leverage our expertise and understanding of local market dynamics to help clients challenge these assessments and potentially lower their tax liabilities.Appraisals for Bankruptcy
When filing for bankruptcy, it is important to estimate your home’s value accurately. TCO APPRAISALS can help you get an accurate value for your home quickly, ensuring you have the correct information for your bankruptcy filing.Appraisals for Bail Bonds
Those who need assistance posting bail should turn to our team of discreet and understanding real estate appraisers, who can help you determine the value of your property quickly to get your loved one to the home sooner.