Services

DC Area Appraisal has been providing real estate appraisal services for more than 25 years in the Washington, DC metropolitan area. We have offices in Bethesda, MD that provide valuation and consultation services within the entire Washington, DC area. Our appraisers are locally based throughout our coverage areas. We are State Certified and a SRA (Senior Residential Appraiser) approved appraisers that are equipped to perform commercial and residential appraisals for any needs including:

• Refinance Purchases • Estate & Trust Settlement • Divorce • PMI Removal • Re-listing • Loan Modifications • Tax Grievance Appraisals • Short Sales • Relocation Appraisals • Appraisals • Asset Valuation • Easement Appraisals • Portfolio Valuations • Market Rent Analysis • Insurance Appraisals

At DC Area Appraisal, we base our valuation services on accuracy, competency, and promptness. Each completed appraisal is reviewed by a senior appraiser prior to being submitted to our clients. As part of our appraisal process, we systematically track and record market trends within the areas we are providing appraisal and valuation services. This ensures that we are always in tune with the local market trends, both current and past. Our market trend reports are developed and updated on a quarterly basis for each town in our primary areas of coverage.

In addition, DC Area Appraisal has senior appraisers that have been qualified in Federal and State Courts as expert witnesses. We are frequently relied upon for performing appraisals associated with litigation. Because our appraisals are completed with accuracy and honesty, we stand by our valuations when needed for depositions, court appearances, and any inquiries tied into the litigation process.

Our list of clients includes: all major U.S. banks, realtors, and brokers, investors, private money lenders, well-known corporations, law firms, insurance companies, and many individual property owners looking to ascertain the value of their property. We’ve provided real estate appraisal services on a variety of properties including: residential homes, condominium units, cooperative units, vacant land, 2-4 unit multi-family homes, apartment buildings, industrial buildings, retail properties, office buildings, marinas, strip malls, shopping centers, and most other types of residential and commercial properties.

Estate & Trust

Settling an estate is an important and sometimes complex job. As an executor you have been entrusted to carry out the wishes of the deceased as swiftly and exactly as possible. You can count on DC Area Appraisal to act quickly, professionally and with sensitivity to everyone involved in the estate.

DC Area Appraisal has more than 25 years of experience providing estate appraisals, probate appraisals, and trust appraisals. Real estate appraisal services and personal property appraisals are needed for both tax planning purposes prior to a property owner’s death, and for settling the estate after death. An estate, probate, or trust appraisal can be requested by: the executor/ administrators, attorneys, accountants, and trustees.

Reasons for Trust, Probate & Estate Appraisals:

• Federal and State Estate Tax Returns

• Establishing a Basis for Capital Gains

• Sale to a Relative or non-Relative

• Trust Planning

• Pre-listing (determine offering price)

• Gift Tax Returns

• Partitioning of Estate

• Probate Matters

• ‘Buyout’ of an Heir or Beneficiary

Settling an estate or forming a trust can both be complex tasks. Determining the value of property associated with an estate or trust is an important part of the process. The value needed in a estate appraisals, probate appraisals, or trust appraisals may be the property’s current market value or the property’s (retrospective) value as of a specific prior date (date of deceased, etc.) An appraisal is typically used to set the tax basis for the property. This could be associated with determining the capital gains to be paid or to calculate the assets of the estate for inheritance taxes.

When a residential or commercial property is owned by an estate or trust, it’s not uncommon for it to be sold to a family member, a neighbor, or friend. Knowing the market value of the property is vital if determining the asking price, beginning the negotiations for a private sale, or for ‘buying out’ another beneficiary or heir.

No matter what you may need estate, a probate, or trust appraisals for, any attorney or accountant will recommend finding an experienced, qualified appraiser that is familiar with handling appraisals for estate, probate, and trust purposes.

Expert Witness Testimony

DC Area Appraisal offers 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

• 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.

PERSONAL TESTIMONIALS

“I have engaged Mr. Rochkind on several occasions as an expert to appraise real property in contested divorce litigation. He has always been prompt for appointments and has provided detailed reports in a timely manner. His reports have been praised not only by the client for whom I engaged his services, but also by my opposing counsel. I highly recommend Mr. Rochkind, and intend to employ him again in the future.”

Steven Gaba, Esq.

– Gaba Law Firm

“Stephen provided a very professional, thorough appraisal promptly and at a very fair price.”

Scott Gardner, Esq.

– Law office of Scott Gardner

Boundary Disputes

Disputes in the real estate sector can be extremely complex and expensive, especially when the disagreement suspends work on a major development or delays a transaction for months or years.

Land Boundary disputes make-up a majority of real property related civil case filing, and for good reason. Boundary disagreements between neighbors can spark frustration, anger, and consternation between all parties involved.

A boundary is simply the perimeter (or outside lines) of a parcel of land. These boundaries are most often described in deeds of conveyance from the grantor to the grantee.

Disputes occur for a variety of reasons, including: 1) a re-surveyor “re-finds” boundaries for one party and another party disagrees with the surveyor’s opinion, 2) a new construction project (i.e. building a home) is commenced then the builder/contractor/developer finds a problem, 3) a municipality (city, county, etc.) begins a project abutting private property and “sleeping dogs” are disturbed, or a variety of other reasons.

Try to head off lengthy disputes. It is a good idea when you first move into a house to go upstairs and photograph the boundaries as they exist at that time. Date the photographs and keep them carefully. Take another set of photographs each year from the same place and in that way any alterations can be clearly seen, should a dispute arise. Naturally tact is needed to avoid upsetting the neighbours who may be suspicious.

Prevention is always better than cure. If you plan to put up a new fence or wall or plant a new hedge, try to talk to your neighbour about it. In that way, you will hopefully put his mind at rest.

When putting up a fence, custom dictates that the posts are entirely on your land and the face of the fence, points to your neighbours. It is worth is giving up an inch or two of your land to avoid it going onto next door and creating a dispute. This is especially so since you will need cooperation to be able to repair the fence from your neighbours land. Ensure it complies with Planning Regulations – ring them first.

With our experience and proven track record we are ready to take on any type of Boundary Disputes, give us a call.

Date of Death

We are IRS Qualified

Date of death appraisals, or estate appraisals, help to determine the Fair Market Value of the real estate as of the time of the owner’s passing. Anyone involved in the settlement process may order a date of death appraisal. The executor of the estate or another family member usually orders them. The accountant or lawyer may also order the appraisal. They are usually completed by a state-licensed real estate appraiser when settling an estate. This appraiser is referred to as a qualified appraiser by the IRS.

Real property isn’t like publicly traded stock or other items which don’t fluctuate in value very much or for which historical public data is available. You need a professional real estate appraiser, bound by the Uniform Standards of Professional Appraisal Practice (USPAP) for a high degree of confidentiality and professionalism, and you need the kind of quality report and work product taxing authorities and courts need and expect.

If you need a date of death appraisal in the Washington DC Area, click here for a free appraisal fee quote.

Divorce

There are generally two options for the involved parties regarding any property, residential or commercial, affected by the matrimonial proceedings.

• The property can be sold and the proceeds divided appropriately.

• One party can ‘buyout’ the other party.

In either case, the value of the property will be required. In some cases, the two parties will choose one independent appraiser to perform the property appraisal. If both parties are in agreement with the appraised value, then the divorce appraisal will be utilized to determine how the property will be handled. If one or both parties are not in agreement with the appraised value, a second independent appraisal may be obtained. In other cases, especially if the parties are not amicable, they may opt to each independently hire an appraiser to value the property from the beginning.

In all scenarios, matrimonial appraisals require experienced, qualified appraisers that are competent in providing high quality divorce appraisals which may be presented in court proceedings. Area Appraisal Services stands by their appraisals and has experience defending them in court. There are several good articles written about appraising / divorce on the internet. Below are several of the better ones that I have found.

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. 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.

Negotiating a divorce property settlement depends on a fair, impartial and accurate assessment of the value of the property to be divided. But, who should determine how much the real estate is worth? It isn’t something a mediator or a judge can decide. For an accurate evaluation, you’ll need the expertise of a professional real estate appraiser.

-Forbes

PMI Removal

For homeowners with a conventional mortgage loan, you can get rid of mortgage insurance with a new appraisal if your home value has risen enough to put you over 20 percent equity. However, some loan underwriters will re-evaluate PMI based only on the original appraisal.

Have equity in your home?
Want a lower payment?
An appraisal from DC Area Appraisal can help you get rid of your PMI

It’s widely understood that a 20% down payment is the standard when buying a house. The lender’s liability is often only the difference between the home value and the amount outstanding on the loan, so the 20% provides a nice cushion against the charges of foreclosure, selling the home again, and natural value changes on the chance that a borrower doesn’t pay.

During the recent mortgage boom of the mid 2000s, it was widespread to see lenders taking down payments of 10, 5 or sometimes 0 percent. A lender is able to manage the increased risk of the low down payment with Private Mortgage Insurance or PMI. PMI guards the lender in case a borrower is unable to pay on the loan and the value of the home is lower than the loan balance.

How can a homebuyer refrain from bearing the cost of PMI?

With the employment of The Homeowners Protection Act of 1998, on most loans lenders are forced to automatically eliminate the PMI when the principal balance of the loan reaches 78 percent of the initial loan amount. The law promises that, upon request of the home owner, the PMI must be abandoned when the principal amount equals only 80 percent. So, savvy homeowners can get off the hook a little earlier.

It can take many years to arrive at the point where the principal is only 20% of the initial loan amount, so it’s essential to know how your home has grown in value. After all, any appreciation you’ve obtained over the years counts towards dismissing PMI.

So why pay it after your loan balance has fallen below the 80% mark? Even when nationwide trends hint at decreasing home values, be aware that real estate is local. Your neighborhood might not be adopting the national trends and/or your home might have acquired equity before things settled down.

The hardest thing for most homeowners to understand is just when their home’s equity goes over the 20% point. A certified, licensed real estate appraiser can definitely help. As appraisers, it’s our job to keep up with the market dynamics of our area. At DC Area Appraisal, we’re experts at identifying value trends in Bethesda, Montgomery County and surrounding areas, and we know when property values have risen or declined. Faced with figures from an appraiser, the mortgage company will usually eliminate the PMI with little effort. At that time, the home owner can retain the savings from that point on.

Pre Listing

A pre-listing appraisal is a detailed analysis and appraisal of the most recent and similar comp sales and an accurate description of your house’s features. In today’s evolving market, hiring a licensed appraiser is the perfect way to get a skillful listing price for your home.

Need a pre-listing appraisal?

If you’re working with An agent to list your property, then they’ll give you a comparative market analysis (or CMA) that includes comparable sales in your local area. It’s a good starting point when deciding your home’s listing price. For anyone looking to get most profit out of their house, which includes not having it for sale too long, this is a natural move.

But even if you are working with an accomplished agent, it’s definitely in your best interest to have a third-party’s objective opinion before you sign the Listing Agreement.

DC Area Appraisal can perform a pre-listing appraisal so you and your agent both have a detailed analysis of the most recent and similar comp sales and an accurate description of your home’s features.

• Area Appraisal Services, Inc. can help you decide on a realistic selling price so your house will entice potential buyers, and we can also:

• Provide expert tips to help you negotiate once you find a an interested buyer

• Wow potential buyers with written proof of your house’s shape inside and out

• Eliminate last-minute repair hassles and make yourself aware of problems that might delay a closing

• Decrease the chances of unexpected difficulties that cause negotiations to break down

• Cut out waiting for the buyer’s appraisal to have assurance the deal can be underwritten

Many people are surprised when they find out that the market value of their house is a lot more than they expected, so investing in an appraisal from Area Appraisal Services, Inc. actually allowed these sellers to receive several thousand more dollars than they thought they would when their home was sold. An appraisal helps those who have an inflated opinion of their home’s estimated value to decide on a realistic price for their home in order for it to sell. Overpriced homes don’t attract potential buyers, which means no offers and no closing and that you have wasted valuable time, money, and efforts. Each month that your home is still on the market is another month you have to pay its mortgage.