Appraisal & Appraisal Review
LHL Appraisal Associates, Inc. performs a variety of valuation services, including but not limited to Appraisal and Appraisal Review. An appraisal is the act or process of developing an opinion of value of or pertaining to appraising and related functions such as appraisal practice or appraisal services. An appraisal is numerically expressed as a specific amount, as a range of numbers, or as a relationship (e.g., not more than, not less than) to a previous value opinion or numerical benchmark (e.g., assessed value, collateral value), while Appraisal Review is the act or process of developing an opinion about the quality of another appraiser’s work (i.e., a report, part of a report, a workfile, or some combination of these), that was performed as part of an appraisal or appraisal review assignment. (USPAP 2020-2021 Ed.)
Home Appraisal for Divorce
LHL Appraisal Associates Inc. provide Appraisal and Appraisal Review services to be used for marital dissolution proceedings.
Home appraisal and appraisal review play a key role in establishing the asset value for divorce settlement and/or trial. A divorce appraisal is not the same as your typical appraisal used for lending purposes. The defensibly of the conclusion, coupled with the appraisers’ ability to provide competent testimony when needed are most attorneys’ primary concerns when deciding on an expert appraiser witness.
The depth and breadth of our experience in performing appraisals for divorce cases, as well as our proven track record and past performance as expert witnesses ensure that our opinions of value will stand up under the most severe scrutiny.
Estate & Gift/Date of Death Appraisal
LHL Appraisal Associates Inc. provide Appraisal and Appraisal Review services to be used for estate settlement, gift tax reporting and date of death reporting.
When someone dies, it is necessary to value all of the decedent’s assets, including real property such as real estate. As part of the valuation of assets at death by an estate tax appraiser, a date of death valuation determines the Fair Market Value of real estate as of the date that the owner died.
This property valuation is used to determine if a federal estate tax return is due to the IRS, and the amount of estate tax, if one is owed. This is part of what is sometimes referred to as the death tax. The valuation of the property is also used to determine the new income tax basis for the decedent’s assets when they are passed on to the person’s heirs.
These situations are usually stressful and complex and must be handled carefully and with practices that will hold up in court, i.e., are defensible.
The depth and breadth of our experience in performing appraisal for estate and gift tax reporting, as well as our proven track record and past performance as expert witnesses ensure that our opinions of value will stand up under the most severe scrutiny.
Title Insurance, Fire Loss Claims & Property Encroachment Appraisal
LHL Appraisal Associates Inc. provide Appraisal and Appraisal Review services to be used to determine the diminution in value resulting from a variety of potential disputes including title insurance claims, fire loss claims, and property encroachment.
Is your neighbor attempting to take a portion of your property through adverse possession? Are you having a fence line encroachment conflict? Or did your title insurance company miss an easement that may give your neighbor the right to use a portion of your property? These types of disputes are commonplace in all types of settings and communities; from dense intercity neighborhood where homes are essentially built on top of each other to vast rural acreage where the neighboring family has been using a hunting trail for generations. Solving these property rights disputes is a nuanced business that requires the expertise of a qualified appraiser who understands how to determine the appropriate diminution in value to work towards a resolution.
The depth and breadth of our experience in performing appraisal for property right disputes, as well as our proven track records and past performance as expert witnesses ensure that our opinions of value will stand up under the most severe scrutiny.
Mortgage Lending Appraisal
LHL Appraisal Associates Inc. provide Appraisal and Appraisal Review services to be used in mortgage lending transactions.
Whether you’re buying a home using a mortgage, refinancing your existing mortgage, or selling your home to anyone other than an all-cash buyer, a home appraisal is a key component of the transaction. If you’re a buyer, owner, or seller, you’ll want to understand how the appraisal process works and how an appraiser determines a home’s value. An appraisal is an unbiased professional opinion of a home's value and is used whenever a mortgage is involved in buying, refinancing, or selling that property.
A qualified appraiser creates a report based on an in-person inspection, using recent sales of similar properties, current market trends, and aspects of the home to determine the property’s appraisal value.
A qualified appraiser creates a report based on an in-person inspection, using recent sales of similar properties, current market trends, and aspects of the home to determine the property’s appraisal value.
Eminent Domain/Condemnation Appraisal
LHL Appraisal Associates Inc. provide Appraisal and Appraisal Review services to be used in eminent domain negotiation proceedings in lieu of condemnation and/or as evidence in trial.
Eminent Domain Appraisals are most often developed as a result of a whole or partial taking of real estate by a government agency or utility company. The purpose of an Eminent Domain Appraisal is to determine a fair amount of compensation to pay a property owner experiencing a loss of property or property rights. The law of eminent domain authorizes the government to confiscate private property so long as just compensation is paid to the owner and the property is used for a public purpose. The appraisal values obtained by the government and the property owner may vary drastically and lead to a dispute between the parties.
The depth and breadth of our experience in performing appraisal for eminent domain cases, as well as our proven track records and past performance as expert witnesses ensure that our opinions of value will stand up under the most severe scrutiny.
Litigation Support/Arbitration & Mediation
The need for real estate appraisals has become increasingly common in litigation proceedings including arbitration and mediation proceedings. Considering today’s legal climate, to win settlements or court decisions involves a need for highly skilled expert professionals. LHL Appraisal Associates, Inc.’s staff has tremendous experience 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. Some examples of issues we have experience with include:
· Valuation for divorce, partnership, taxation issues etc.
· Valuation of stigmatized property
· Valuation as of a date in the past, retrospective
· 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
· Construction defect, or physical obsolescence
· Developer defect class-actions
· Fire Loss
· Title Insurance Claims
LHL Appraisal Associates, Inc. is committed to remaining unbiased in performing our role as appraisers and consultants. We can consult 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. 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.
Tax Appeal/ Ad Valorem
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 simple petition. However, if after petitioning 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 LHL Appraisal Associates, Inc., we are able to professionally and persuasively testify at appeal hearings.
HOA Replacement Reserve Studies
LHL Appraisal Associates, Inc. provides Reserve Study services for properties situated in Seattle and throughout the Northwest Region, offering your association an economical solution to your reserve planning needs. Our services provide recommendations to resolve even the toughest funding problems, and alert the community to potential funding shortfalls. Our services also fulfill the fiduciary responsibility of the Board of Directors.
- Detailed Component Inventory
– In-depth replacement component itemization
– Comprehensive inventory, even for the larger communities
– Components organized to meet the needs of your community
- Understandable, Useful Information
– 30-year calendar of replacements – an excellent planning tool!
- National Standard Reporting
– Reports comply with USPAP and the Professional Code of Ethics of the Appraisal Institute
– Reports are generated under direct supervision of an MAI Appraiser (Member of the Appraisal Institute) or a WA State General Certified Appraiser.
- Component & Cash Flow Methods
– Simultaneously calculates component and cash flow methods
– Graphs compare the financial results of both for easy understanding
- Realistic Funding Plans
– Close coordination with the community manager and Board of Directors
– Recommended solutions to even the most challenging funding problems
Insurable Replacement
LHL Appraisal Associates, Inc. provides insurable replacement cost analysis. The term “insurance cost or value” is commonly used by insurance companies as the basis for determining the appropriate level of coverage.
Estimating the insurable replacement cost of any improvement requires a diligent effort on the part of the consultant to be accurate and credible. If the valuation is being performed for the first time or changes have taken place to the property since the last valuation, a detailed site inspection of all insurable components takes place with the property representative. If necessary, this is followed by a consultation meeting in which the components observed are discussed and their relevance to the valuation considered. This is then followed by close examination of construction plans to estimate the quality and quantity of each component. If plans are not available then physical measurements and inventories will be taken. After all the property data is obtained, the valuation and reporting process commences.
Insurance replacement valuation reports are generally based on replacement cost square foot method or segregated cost method derived from the Marshal Valuation Service Cost Guide, a trusted nationally published source. In addition to this cost data, our staff has formed many relationships with local contractor, architectural and engineering firms which are utilized in support of the cost data, as needed.
