Betsy Pokorny
State Certified Appraiser and Consultant
Des Moines Real Estate Services
betsy@dsmappraisal.com
phone: (515) 279-9574
fax: (515) 279-9576
As a homeowner, you may have reason to question the value of your home on various occasions. These may include planning to buy or sell a home, appealing your property tax assessment, seeking to eliminate payment of private mortgage insurance or undertaking a major home renovation project.
If you’re planning to sell your home, setting an appropriate listing price can help to speed the sale. An appraiser, using market data, arrives at an opinion of market value that can help you decide on a fair listing price. Similarly, when you’re shopping for a new home, a professional appraisal can tell you if you’re paying market value. Refer to our buyer and seller sections of this website for more reasons to use our appraisal services in your buying or selling transaction.
Transfer of ownership typically involves a mortgage, and an appraisal usually is required before a home loan is approved. Lending institutions may require an appraisal of property that will be used as security for a mortgage, and this opinion of value plays a key role in mortgage application approval and the amount of down payment required.
New homeowners are frequently required to obtain private mortgage insurance, but as a result of legislation passed by Congress in 1998, homeowners can cancel this coverage when their loan-to-value ratio reaches 80 percent. To take advantage of this option, a homeowner generally must have a good payment history and satisfy the holder of the mortgage that the value of the property has not declined below its original value. An appraiser can develop an opinion of the current value of the home, which will assist the homeowner in deciding whether or not to ask the lender to drop mortgage insurance.
Real estate appraisals are often needed by relocation firms that assist employers in the transfer of their employees. Sometimes, the relocation firm offers to purchase an employee’s home if the employee is unable to sell the home during a specified time period. An appraiser is called in to estimate the market value of the home; this estimate of value helps the relocation firm decide how much to pay for the property. The appraiser may be selected by the relocation firm, the employer or the homeowner, depending on the relocation firm’s policy.
In most communities real estate taxes are based on an ad valorem (“according to value”) assessment of your property’s value. If you believe the assessed value is unfair, you may have the right to appeal the assessor’s valuation. Many assessment appeals can be resolved with a telephone call or letter to your local assessor. If a dispute is carried beyond this point, however, you may want a professional appraiser to give you an independent opinion of value to bolster your appeal to the assessor. We'll even fill out the protest paperwork if you'd like.
Many homeowners today are choosing to fix up rather than trade up: to remodel and enlarge their current home rather than move to another home. But don’t count on receiving a dollar-for-dollar return at resale time—improvements may not return their costs. Some highly personalized improvements can even handicap the sale of your home. If you’re considering improving your home with the intention of increasing its resale value, an appraiser can help you decide which improvements make the most economic sense. If you’re undertaking a major rehabilitation project, a feasibility study can be very useful. The appraiser can also investigate whether your property qualifies for historic preservation benefits from the federal and local governments. All of the data, gathered and analyzed by the professional appraiser, can aid you in your decision to rehabilitate. Refer to our investor section of this website for more information on improving your home.
NFC provides unique lending programs and related services to help revitalize targeted neighborhoods in Polk County, Iowa through partnerships with residents, government bodies, community-based organizations and the business community.
Is your home in a designated area to qualify for $10,000 of forgivable funds to complete improvements to the property? If so, it could be a real benefit to know the ins and outs of the program before you start a renovation project.
Des Moines Real Estate Services has over 12 years of valuation experience working with NFC and we are very knowledgeable with their lending areas and home improvement program.
A divorce can be a particularly traumatic experience for both parties and is most often further complicated by the difficult decision of “Who gets the house?”. In most divorce cases, the Court won’t usually force the parties involved to “buyout” the other party’s interest but it may however order the sale of the home so each party gets an equal share of the equity. Regardless of the situation, it’s a good idea to order an appraisal so both parties are fully aware of what the true market value is.
If the parties want to sell the home, they will have a better idea of what price to set. And on the flipside, if a “buyout” is the chosen option, both parties will feel like they’ve gotten a fair assessment.
A survey conducted by Marshall & Swift indicated that 58% of houses are undervalued for insurance purposes, by an average of 20%. Material and labor prices have driven up replacement costs by 7% over the past five years. It is not unusual for homeowners to get insurance coverage when they buy a house, but not revisit it for years. We can help you estimate the replacement value of your home to be sure that you have adequate insurance protection.
An experienced, professional appraiser can assist in many other real estate decisions. Appraisers often are asked to come up with a value for the courts to use in establishing “just compensation” in situations where the government takes private property for public use, such as for a road or public park. The law requires that owners of the property taken in this manner must be paid a fair price. Appraisers also can give an opinion of property value for gift for inheritance taxes, lease rental schedules, estate settlement and other investment purposes.
Whatever the reason that calls for a value estimate of your home you should engage the services of a member of the Appraisal Institute. These professionals meet stringent ethics requirements that surpass those required for state certification. Reflecting their unbiased and objective approach to real property appraisal and analysis, members of the Appraisal Institute are required to adhere to a strictly enforced Code of Professional Ethics and Standards of Professional Appraisal Practice.
As a professional real estate appraiser and member of the Appraisal Institute, Betsy Pokorny is committed to delivering value and professionalism and will help you determine the appropriate report or service for your individual situation. Professional market analysis and experience is key in providing useful information for whatever your valuation need may be. Contact us today!
Source: Appraisal Institute
State Certified Appraiser and Consultant
Des Moines Real Estate Services
betsy@dsmappraisal.com
phone: (515) 279-9574
fax: (515) 279-9576
Having completed over 2,800 appraisals in the past 11 years, Betsy Pokorny and Des Moines Real Estate Services has become a trusted name for accurate, ethical, and professional valuation services. Betsy has acquired unique knowledge and valuation expertise in historic neighborhoods, vintage homes, and suburban communities.
Tanya K. and Doug J., clients
We very much appreciate your help in determining the best value for our dollar in the River Bend neighborhood! It has been very confusing try to determine the value of a property when things are changing so quickly. It was so helpful to get your professional input to cut through the emotional aspects of home buying. It really helped us get realistic about our options. I also appreciate how flexible your services are, since we couldn't afford a full blown appraisal of every property we were interested in, but the "once over" information was critical information in making our decision. We look forward to working with you again!
Jack Hatch, State Senator
"As a state senator, I sponsored, and the legislature passed in 2008, a law requiring appraisers to be registered. As a real estate developer, I know the importance of reliable and accurate appraisals and Betsy is one appraiser I always request the banks to use or I hire her directly during my pre-development phase. There is no one I trust more."
Mary C., client
I couldn't have sold my home by myself without Betsy Pokorny's help. She is extremely knowledgeable about the current and changing Des Moines metro housing market and is great to work with. She guided me through every step in the process, from initial price-setting through sale and closing. She was right on the money with property values. I highly recommend anyone who is selling their home by owner to contact Betsy and use her services. Invaluable!
Deb Buenting, Bankers Trust
"We have used Betsy Pokorny for numerous years as one of our approved appraisers. I personally have found her expertise in the Des Moines market to be invaluable. She understands the many different programs available through the City of Des Moines and Polk County, and is able to anticipate what values will be based on these programs. Her knowledge has been extremely useful during this rapidly changing mortgage industry. She is able to keep us informed of the many changes in the appraisal world, and also keeps us informed on what neighborhood values are doing. We are thankful to have such a detailed and knowledgeable appraiser on our approved list."