ESTATE APPRAISAL
Estate planning is the process of managing an individual’s asset base in preparation of their incapacitation or death. This includes the division of assets between heirs and the settlement of estate taxes. This is spelled out in the creation of a will and trust accounts. With the help of an experienced attorney in estate law, this process is less arduous. AARP conducted a survey that asked more than 1,000 respondents whether they had estate planning documents in case of their death. Of those surveyed, 81 percent of adults age 72 or older and 58 percent of boomers (ages 53-71) do have estate planning documents. The results suggest that “as people age… they face the reality of needing to plan for the inheritance of their estate.” Younger people need to also plan for their financial future. This includes the planning of who will care for their children in the event of their death. Yet, 78 percent of millennials (ages 18-36) and 64% of Generation Xers (ages 37-52) do not have a will. The most common reasons for failing to tackle or complete estate planning is: Not getting around to it – 47% Not having enough assets – 29% You are reading this now, so you are clearly “getting around to it.” We are sure that you would like to have the choice of who will inherit your estate. Over the years, Appraisals of IdaHome Appraisal, Inc has distinguished itself as one of the premier providers of appraisals for estate and financial planners in Boise Idaho and Meridian Idaho, including all of Ada, Canyon, Boise, Valley, Gem and Elmore counties. We’re acutely aware of the detail, skill, and attention necessary to properly value these types of properties. We also guarantee complete discretion and are sensitive to the needs and privacy of those who reside in these homes. IdaHome Appraisal, Inc can help you with the valuation of your properties located in these area's. We can also help you find a qualified appraiser for your additional properties located outside of the Boise Area.
DIVORCE APPRAISAL
Divorce is a painful process in which there are many decisions to be made including ‘who’s staying’ and ‘who’s going’ when determining what happens to the house. Often times the home is put up for sale in which the profits are split or otherwise one of the parties typically buys out the other. In either case, one or both parties should hire the services of a professional real estate appraiser to estimate the fair market value of the home. An appraisal for asset division should include a well-supported, professional report that’s defensible in court. Many times the divorce date differs from the inspection date of the appraisal thus requiring a retrospective appraisal that has an effective date and value estimate corresponding to the date of divorce or filing. We’ve completed countless divorce appraisals over the years so we understand exactly what’s involved as well as the need to handle these situations with the utmost care. We’re bound by the ethics provision within the Uniform Standards of Professional Appraisal Practice (USPAP) which means you’re assured the highest level of confidentiality, guaranteeing you the utmost discretion. In addition, we provide you with comprehensive appraisal reports that meet or exceed requirements of the courts and other various agencies. When you work with IdaHome Appraisal, Inc. you can be assured you’ll get the best in professional service, courtesy, and you’ll receive the highest quality appraisal reports. We will also respect and protect the privacy of your needs in a divorce situation. Our Senior Appraiser, Joshua L. Darrow, has extensive experience in dealing with local and prestigious Family Law Firms when it comes to divorce proceedings. In fact, a large number of Family Law Firms, Accountants, and Mediation Advisors rely on IdaHome Appraisal, Inc. for our opinion of values when formulating real property values during divorce proceedings and other disputes requiring a value being placed on real property. Give us a call today with any questions you might have.
MARKET VALUE APPRAISAL
An opinion of market value is an estimate of how much a property is worth in any given market. An opinion of value is reached by using one of three standard approaches: The Cost Approach estimates what it would cost to replace or reproduce the improvements as of the date of the appraisal. An appraiser will subtract out any deterioration and then add in the land value to determine an opinion of market value. The Comparison Approach is the most common approach to value used in an appraisal. This approach looks a properties of similar size, quality, and location that have recently sold in order to derive a comparative value. An appraiser will adjust for variations between properties to reach an opinion of market value. The Income Approach is generally used for commercial properties, and for income producing residential homes such as duplexes. The income approach estimated the value of the property based on the net income the property produces. It is important to note, the market value for the home is NOT necessarily how much the buyer is paying or the seller is asking. Sometimes the buyer is super motivated and is willing to pay a higher price than asking value, or the seller is desperate and is willing to sell it at a lower price to move it quickly. The market value is the price that a typical buyer would pay, after the home has been open to the market.
RUSH APPRAISAL
RUSH and SUPER-RUSH service are available for most of our different types of residential appraisals. Please understand that not all properties are eligible for this service and our existing commitments may limit our ability to provide the rush service for you. When ordering a rush service, you must also disclose any unusual circumstances, such as damage or differing actual living area than public records has noted. Our RUSH service guarantees that your appraisal report is electronically delivered to you within 48 hours of the property inspection (including holidays and weekends) and typically adds a 25% charge to our normal appraisal fee. Our SUPER-RUSH service guarantees that your appraisal report is electronically delivered to you within 24 hours of the property inspection (including holidays and weekends) and typically adds a 50% charge to our normal appraisal fee. However, if you are interested in ordering a RUSH and SUPER-RUSH appraisal, it is recommended that you inquire with us first and request a free quote.
MEASUREMENT SERVICES
In today’s highly competitive real estate industry, there has never been a greater need for accurate reporting of a property’s true living area as all too often the gross living area reported on public records differs from what exists. If you are selling your home by owner, floor plans are an awesome marketing tool. We can help you design a brochure to list your home. This is handy for potential buyers to pick up before calling for an appointment. It helps buyers make sure that they are interested in your home before you set an appointment with them to hear “Oh, I thought it had 10 baths.” As a Realtor, the MLS as well as your Broker-In-Charge requires you report an accurate and detailed summary of your listing when you enter them into the MLS, so there are any number of reasons to get a professional measurement on your listings. The home may be a large or complex measurement assignment that you’re simply not comfortable measuring yourself. As an agent, you don’t want to be held liable for the square footage as listed in the MLS. Our home measurements and floor plans are legal documents that have many uses ranging from individual home sales to tax protests. Here at IdaHome Appraisal, Inc, we offer two types of home measurement services. Home Measurement: This is the most popular type of home measurement service requested to date. This service is designed to provide our clients with an accurate and affordable solution for determination of a home’s GLA (gross living area). This basic service can be instrumental in assisting homeowners or realtors with the listing of their homes. Having the correct GLA in your listing can save you time and money and help expedite the sale of your home! Floor Plan Recreation: Perhaps your needs are more comprehensive than a simple verification of the subject’s GLA? A Floor Plan Recreation is an accurate and affordable tool for marketing your home! The Floor Plans we provide show accurate GLA of the home with approximate locations of interior walls, doors, appliances, and plumbing fixtures. The Floor Plans also illustrate basic room dimensions to give potential buyers an idea of each major room. This service can be very useful when attempting to sell your home or looking to make additions or changes.
REO & SHORT SALE APPRAISAL
IdaHome Appraisal, Inc is a leading provider of real estate appraisals for REO, Short-Sale, Bankruptcy, and Foreclosures. Our Company appraises residential real estate throughout Ada, Boise, Canyon, Elmore, Gem, and Valley Counties. You need to be as accurate as possible when your attorney asks you to estimate your home’s value. In fact, often an attorney will recommend their client contact a local real estate appraiser to perform an appraisal of the home to accurately assess its current fair market value. We provide high-quality appraisals with detailed opinions of fair market value for mortgage banks and mortgage servicing clients. We also can offer “quick sale” forecasts that consider your specific timeline. A home appraisal provides you with an accurate assessment of your home’s fair market value. Significant discrepancies in the value of your home can create potential problems in Bankruptcy, REO sale and/or a Short Sale. If the value is listed too low, the client runs the risk of a trustee objecting to their scheduled valuation and potentially asking the court for permission to seize your home. In addition, an obvious “low ball” value will call your honesty, truthfulness, and credibility into question in future proceedings with the Bankruptcy judge, trustee, and opposing counsel. If a value is listed too high, a client may miss out on the availability of a Chapter 7 and/or end of paying back more than necessary in a Chapter 13. Real estate appraisers, therefore, perform an integral function in the bankruptcy process. Appraisers usually estimate asset collateral values of secured creditors and debtor-in-possession (DIP) financings; help to identify and value sale/leasebacks, spin-offs, licensing and other re-organization opportunities; and are often involved in structuring and valuing restructured debt and equity instruments as well as assessing and opinionating on the fairness of proposed reorganization plans. For these reasons, bankruptcy professionals quite often need to hire, work with, and rely on experienced real estate appraisers. Our foreclosure and short sale appraisal services cater to the needs of homeowners in default, banks with real estate owned properties (REOs), mortgage lenders, HUD, FHA, law firms, loan service companies, and other financial institutions that make personal and residential loans. We understand the complexities involved in assessing the value of a property under these difficult circumstances and work hard to provide you with the best possible experience.
FINANCIAL PLANNING
Financial Planners are relied upon by their clients to provide sound, well-informed advice regarding some of their most prized possessions and valued assets. IdaHome Appraisal, Inc has worked closely with Financial & Estate Planners over the years to ensure they have the information needed to develop the best and most effective strategies for each of its clients. Real estate holdings are often at the core of a financial or estate plan—they can actually be some of the client’s largest assets. Whether you need an appraisal for a single property or multiple appraisals for an entire portfolio, we understand the intricate details of the process involved. We’ve provided appraisals for Financial Planners throughout Ada, Canyon, Boise, Gem, Valley, and Elmore Counties for a variety of purposes, including trusts, estate planning, tax planning, asset update, and more. As our client, you can place your trust in our informed staff and experience. If you’re a senior, it’s also important to arrange your affairs and estate as you transition into your retirement years. This includes knowing the value of your properties. There’s no reason to feel overwhelmed during this process with our trusted staff. Our team provides each client with a full explanation of the appraisal process before ever beginning. We will also provide an in-depth explanation once the report is finished and personally go over the report to answer each question you may have. Our credible staff is well-versed in financial planning. Our appraisal services are used to create the foundation for sound financial plans. We welcome the opportunity of working with you and your advisers.
DISASTER INSPECTIONS
Accurately assessing your risk does not need to be a disaster. Even when you’ve done everything you can to maintain a strong portfolio, a natural disaster can still come out of nowhere to jeopardize your investment. Whether it’s a flood, wind, snow, or fire damage, IdaHome Appraisal, Inc works quickly to respond with thorough assessments helping you better understand the extent and cost of necessary repairs. Count on IdaHome Appraisal, Inc with a rapid response in accurately assessing your risk when the next disaster strikes.
PRE-LISTING & FSBO APPRAISAL
Whether you’re a homeowner selling your property (FSBO) or a realtor trying to establish a fair market list price, it’s often difficult to have an unbiased opinion of your home’s value. It is very common for homeowners and realtors to rely on appraisers for assistance when establishing a fair market value for their home. That’s where ‘IdaHome Appraisal, Inc’ comes in. We have a long history of working with homeowners trying to sell their own home, as well as realtors needing additional support for their listings (or to prove to their clients the true market value of a property). At ‘IdaHome Appraisal, Inc’ we can provide you with a professional 3rd party appraisal, which is far more accurate than a realtor based Comparative Market Analysis (CMA). A pre-listing appraisal ensures 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. In addition to helping you set a realistic selling price for your home that will attract buyers, a professional appraisal: Provides an effective tool for negotiating with potential buyers and their agents. Helps instill confidence in potential buyers since you have written the proof of your home’s market value. Highlights upfront any obvious repair problems which helps eliminate last-minute repair hassles that might delay closing. Decreases the chances of sales falling through due to unforeseen problems. Keep in mind that overpriced homes attract far fewer buyers, which means fewer and possibly no offers, wasting valuable time, money, and efforts while an underpriced home can result in a lower sales price and you leaving substantial money on the table. Getting a pre-listing appraisal will help you and/or your realtor determine a true list price for your property as well as maximize your chances of selling quickly for top dollar. In addition, we can help you determine what, if any, improvements would be the most cost-effective in adding additional value to your home. A full appraisal may or may not be needed depending on what it is you’re looking for. Often times a more limited valuation or market analysis report is entirely appropriate, whereas other times a full interior and exterior valuation may be necessary.
PMI REMOVAL APPRAISAL
Mortgage insurance, no matter what kind, protects the lender-not you! Typically, borrowers making a down payment of less than 20 percent of the purchase price of the home will need to pay for mortgage insurance. Mortgage insurance also is typically required on FHA and USDA loans. Mortgage insurance lowers the risk to the lender making the loan to you, so you can qualify for a loan that you might not otherwise be able to get. But, it increases the cost of your loan. If you are required to pay mortgage insurance, it will be included in the total monthly payment that you make to your lender, your costs at closing, or both. PMI, the acronym for private mortgage insurance, allows individuals to purchase their home with less than a 20% down payment. If you are paying PMI, the question you need to ask yourself is: “Is it time to stop paying monthly PMI into an escrow account and instead start putting that money into your pocket?” Every month, if you’re like most of us, you dutifully make your mortgage payment. Have you ever given any thought to exactly what makes up your monthly payment? For most of us, the mortgage payment not only pays off the mortgage loan, but a portion also gets put into an escrow account to pay for real estate taxes and a variety of different types of insurance (homeowners, hazard, flood, PMI, etc.). If you purchased your home with conventional financing and put less than 20% down, it’s likely you’re paying PMI. Private mortgage insurance protects the lender or investor against loss if a borrower stops making payments. Often, homeowners mistakenly pay these insurance years after it’s no longer needed and as a result end up paying thousands in useless insurance premiums. Here’s the good news that many homeowners don’t realize–once you’ve reached 20% equity in your home by appreciation, improvements made to the home or by paying down the principal balance of the mortgage (or any combination of the three), you can force the lender to cancel the private mortgage insurance. All you have to do is request in writing that the private mortgage insurance is canceled (most lenders have a brief form which must be filled out) and provide the lender with proof of sufficient equity over 20%. In most cases, the necessary proof is a state certified appraisal. Recent legislation (the Homeowners Protection Act) requires servicing lenders to make homeowners aware of the existence of any PMI they might be paying for and the requirements necessary to have it canceled. Fortunately, you don’t have to wait for the lender’s notification to rid yourself of PMI. In most cases, if you have equity of 20% or more, you’ll be able to cancel it almost immediately. PMI is not required in all instances. The general rule is that if a homeowner has put down less than 20% down on a home purchase (single family), mortgage insurance will be required. Homes purchased with a down payment of at least 20% should have enough equity to cover any potential losses by the lender, so PMI is generally not required. There has been a surge in the mortgage insurance industry because of the popularity of purchasing homes with less than 20% down. MICA claims that because of mortgage insurance making up for the down payment difference, over 15 million Americans have been able to purchase homes over the past four decades. PMI does not protect a homeowner against loss, so a borrower that’s required to purchase it will probably never deal with the mortgage insurance company itself. All dealings concerning mortgage insurance are usually handled by the lender. It’s also the lender (or the eventual purchaser of your mortgage loan, if any) who has the ultimate decision when it comes to mortgage insurance, meaning how much and when the homeowner has built up enough equity in the property to drop the insurance. Therefore, one must remain in contact with the lending institution that services their mortgage (collects the monthly payments) to inquire about this type of insurance and the requirements necessary to have it canceled. After a homeowner has built up 20% equity for a single-family owner-occupied residence (a few banks may require as much as 25% equity–check your loan documents to ascertain what applies in your situation) in the home, they may begin to initiate steps towards canceling the mortgage insurance. The first step is to contact the lending institution to where you send your mortgage payments (loan servicer). This may or may not be the lender who gave you the loan originally. Your loan servicer will be able to help you with the cancellation procedure and will also be able to tell you exactly how much your remaining mortgage balance is. Every loan servicing institution can have different policies regarding this procedure. Ask your servicing lender to provide in writing their specific requirements to cancel PMI insurance. Keep in mind it’s the servicer’s ultimate decision and they’ll take many factors into consideration, including the borrower’s payment history over the life of the loan before allowing you to drop this insurance. This factor alone could alter the servicer’s decision. Although mortgage insurance may have allowed you to purchase a home, there will come a time when this added monthly expense will no longer directly benefit you. Therefore, it’s in your best interest to keep the provisions surrounding its cancellation in mind because no one is going to cancel it for you. You are, ultimately, your own financial advisor, and even the smallest expenses should be eliminated if possible. Continuing to carry PMI that is no longer required or needed only decreases the amount of money you have available in your pocket or your bank account. Most lenders require a real estate appraisal by a state certified appraiser as the primary proof required to eliminate unnecessary PMI insurance. At IdaHome Appraisal, Inc, we specialize in helping people just like you rid themselves of unneeded and unwanted PMI insurance. We offer a free initial consultation and will help you determine if you have sufficient equity in your home to enable you to cancel your PMI. Give us a call today with any questions you might have.
FHA/USDA MORTGAGE APPRAISAL
A FHA loan is a loan insured by the Federal Housing Administration (FHA). If you default on the loan and your house isn’t worth enough to fully repay the debt through a foreclosure sale, the FHA will compensate the lender for the loss. The PMI insurance is a large cost to the homeowner. These loans are sometimes favorable to owners who have fewer funds to put as a down payment, closing cost and additional cost can be bundled into the loan. They are typically available to buyers with lower FICO scores allowing some buyers more flexibility in purchasing a home.
CONVENTIONAL MORTGAGE APPRAISAL
When you apply for a home loan, you can apply for a government-backed loan (such as an FHA or VA loan) or a conventional loan, which is not insured or guaranteed by the federal government. This means that, unlike federally insured loans, conventional loans carry no guarantees for the lender if you fail to repay the loan. For this reason, if you make less than a 20% down payment on the property, you’ll have to pay for private mortgage insurance (PMI) when you get a conventional loan. (If you default on the loan, the mortgage insurance company makes sure the lender is paid in full.) The fees for conventional loans typically have less cost to the borrowers.
TAX APPEAL APPRAISAL
Are you paying more than your fair share of property taxes! Sometimes, 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 has been overvalued, a professional, independent, third-party appraiser is often your best bet in proving your case. That’s where IdaHome Appraisal, Inc can help. There are a lot of different procedures for appealing tax assessments, so it’s important to enlist the help of a professional appraisal company that’s experienced and trained in the ins and outs of the appeal process. Prior to hiring an appraiser, it often makes sense to do your own research before determining whether to move forward with a property assessment appeal, especially before making the decision of hiring a professional appraiser. Keep in mind, according to the Uniform Standards of Professional Appraisal Practice (USPAP), we as appraisers are not allowed to take “shortcuts” — i.e., your research – and use it as face value as part of our independent evaluation. When you hire us for an assessment appeal, you’re commissioning us as an independent, third-party to perform a professional appraisal report. As such, we do our own evaluation from beginning to end. If you’re correct that your property has been overvalued, an independent report such as ours will be more persuasive than any other evidence you can provide.
BAIL BOND COLLATERAL APPRAISAL
If you are on this page, you are interested in finding out more information about our Bail Bond Appraisals. We are sorry that you are going through a difficult time but know that IdaHome Appraisal, Inc is a family-orientated business that assists homeowners who need help posting bail for a family or friend. We know how upsetting these situations can be and we understand the importance of getting your real estate collateral appraised. We will do everything that we can to expedite this process for you and your loved ones. An appraisal is usually required to determine the value of the collateral of your property for any type of bond including but not limited to immigration bonds. While your loved one is in jail or some type of custody, we know that you need results immediately. These types of appraisals are what we call “rush appraisals” because when real estate is offered as security/collateral, you need the value quickly. You will receive the highest priority from IdaHome Appraisal, Inc. We understand the complexities and importance involved in assessing the value of a property under these adverse circumstances. We work very hard to provide you with the best possible experience from beginning to end. When it comes to the bail bond proceedings, our Senior Appraiser, Joshua L. Darrow, has extensive experience in working with bail bond companies as well as a large number of local Law Firms.
OTHER APPRAISAL TYPES
We provide many different types of appraisal products. Other types of appraisals we provide are as follows: vacant land appraisals, acreage property appraisals, desktop appraisals, drive-by appraisals, foreclosure appraisals, bankruptcy appraisals, historical/retrospective appraisals, prospective appraisals, income/rental property appraisals, rent surveys, operating income statements, HELOC appraisals, and more. IdaHome Appraisal has the knowledge and experience necessary to complete all residential property appraisal types. We pride ourselves on providing accurate, comprehensive, and fully supported valuations for our Clients.
SERVICE AREA'S
ADA COUNTY
Boise, Garden City, Meridian, Eagle, Kuna, and Star.
CANYON COUNTY
Nampa, Middleton, Parma, Melba, Caldwell, Wilder, Notus, and Greenleaf.
VALLEY COUNTY
McCall, Cascade, Donnelly, Yellow Pine, and Smiths Ferry.
GEM COUNTY
Emmett, Little Rock, Letha, Ola, Bramwell, Plaza, Montour, and Sweet.
ELMORE COUNTY
Mountain Home, Hammett, Prairie, Atlanta, Glenns Ferry, Featherville, and Pine.
BOISE COUNTY
Idaho City, Placerville, Banks, Horseshoe Bend, Crouch, and Robie Creek.
