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5 Reasons to Have Your Home Appraised: An Interview with Vladimir Boulytchev of BZ Appraisers

By Vladimir Boulytchev

Tell us a little bit about your company and the services you offer.

We are a small residential appraisal company with over 10 years experience in San Diego. While our main coverage area is San Diego County, we also have appraisers helping us with coverage in adjacent counties including Los Angeles, Orange and Riverside Counties. We specialize in appraisals of residential properties (homes, condos, land and 2-4 multi-units) for lending and non-lending transactions: divorce, bankruptcy and PMI removal.

What is one of the most common reasons that someone has their house appraised?

There are many reasons for getting appraisal, most common being for lending transactions, such as when getting a loan for a purchase or a refinance. The appraisal is typically needed to determine the value of the home being utilized as collateral for the loan. This makes up the majority of our appraisal business.

Other reasons for getting an appraisal: bankruptcy, divorce, estate and taxes, and PMI removal (private mortgage insurance).

With the recent increase in prices of real estate in San Diego and with many homeowners now having the required equity in their homes (typically a homeowner needs to have a loan to value ratio of 80% or lower), one recent trend I am noticing is a sharp increase in appraisals needed for PMI removal. As each bank has different guidelines for removal of PMI, homeowners can check with their lender to see what steps they need to take to have their PMI removed.

When you're buying a home, how can an independent appraisal help you?

If a buyer is getting a loan from a bank, that bank will typically require an appraisal. The appraisal is used by the bank to determine the market value of the home.

Many cash buyers also get appraisals to determine the value of the home they are purchasing. Cash buyers and investors often use appraisals to help with their negotiations when setting a purchase price. Also, sellers and listing agents often request appraisals prior to listing a property to determine the home's value.

How does a home appraisal affect property taxes in the San Diego area?

Many homeowners wonder if an appraisal for a refinance will affect their property taxes. Appraisals for refinance transactions are independent of property taxes. Homes are assessed by the County Assessor. Properties and property taxes can however be reassessed up or down depending on the market conditions in the area.

Is there anything that most people don't know about home appraisals that they should know?

In addition to current value appraisals, appraisals can also be done to determine value retrospectively or prospectively. Retrospective appraisals are used to determine value effective as of a specified historical date. These appraisals are often used for estate, tax appeals or divorce. Prospective appraisals are typically for construction projects.

What's the best way for people to contact you and your company?

I can always be reached at 619-920-8467 or by e-mail at appraiserv@gmail.com.

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