Residential Property Appraisals
Collins and Associates provide dependable and accurate appraisals in Anaheim, Orange County, Southern California, and beyond. Principal David R. Collins is a licensed Certified General Appraiser (G.A.A., S.C.R.E.A.) with over 50 years of experience. We are an appraiser of residential income properties, providing the type of reliable values that banks and major lending institutions require for loans. In addition to lending appraisals, our services include:
Apartment Buildings & Small Income Units (1-4 Units) Property Appraisal
Collins and Associates provides dependable and accurate appraisals in Los Angeles / Orange / Riverside / San Bernardino / San Diego / Ventura Counties and beyond. We are an appraiser of residential properties, providing the type of reliable values that banks and major lending institutions require for loans. In addition to lending appraisals, our services include:
The Different Types of Appraisals
The Uniform Standards of Professional Appraisal Practice (USPAP) allows two types of appraisals. They are as follows:
There are three appraisal formats, and they are as follows:
Typically used for conventional lending, on houses, small income units, and apartment buildings. This consists of a few pages of checking the correct boxes and one-line answers, i.e., the zoning is to check a box and give the legal use on one line.
Typically used for conventional lending, on commercial and industrial properties. This consists of a narrative report with 60 to 120 pages, i.e., the zoning information could consist of several pages, with an in-depth analysis of the zoning and the legal uses.
This is typically used for the IRS, Legal Matters, Property Appraisals to determine the value of a property to buy or sell, etc. The reports are approximately 20 to 30 pages, i.e., the zoning information could be only one or two paragraphs. The Restricted Narrative Appraisal Report consists of the same information and appraisal approaches to value as the Narrative Appraisal Report but is a brief report with just the essentials and the value is just as reliable. Appraisal fees depend on which type of appraisal format is used. Deciding which format is used also depends on the purpose of the appraisal report.
Insurance Appraisals
Collins and Associates provide dependable and accurate appraisals near Malibu, Los Angeles County, Southern California and beyond. Principal David R. Collins is a licensed Certified General Appraiser, with appraisal designations (G.A.A., S.C.R.E.A.) with over 50 years of experience. We appraise real estate insurance value and insurance losses, providing the type of reliable values that banks, major lending institutions, courts, Internal Revenue Service and you require.
(562)694-4920-call for more information and a FREE CONSULTATION.
INSURANCED POLICY VALUATION APPRAISALS
Most property owners, managers, boards and insurance agent agree that obtaining a property insurance appraisal is one of the best decision. Along with peach of mind, some reasons for getting an appraisal, includes a replacement cost analysis, giving you an accurate estimate of the amount of insurance required to replace each structure and / or improvements so they are exactly the same as they currently exist. We calculate each building's reproduction cost, which provides the most accurate valuation available. This will insure you have the correct coverage.
No place is immune from catastrophes such as earthquakes, fires, flooding and explosions. Knowing the potential for such a loss, owners should be proactive and take every precaution to make sure to have accurate insurance coverage.
INSURANCE PROPERTY CLAIM APPRAISALS
If you have a property insurance dispute, an uncommon form of ADR could help avoid a lawsuit. Under California Insurance Code Section 2070-2071, fire insurance policies must contain an appraisal provision that may be invoked to settle disputes over the value of losses. An appraisal only applies where the disagreement involves the amount of the lost, an appraisal may not be used to determine the cause or extent of the damage, policy interpretation, or coverage issued (Figi vs. New Hampshire Ins. Co. !980) 108 CaI.App.3d 772).
As a form of contractual arbitration, an insurance appraisal is governed by Code of Civil Procedure Section 1280, et seg. (Appalachian Ins. Co. vs Rivcom Corp. (1982) 130 CaI.App.3d 818.) When a party demands an appraisal, the process is mandatory, except in the event of a government-declared disaster, (Insurance Code 2071). Each side selects a competent and independent appraiser, two appraisers then choose a neutral umpire. After considering the evidence, the panel will deliberates and issues an award.
The appraisal report is called a retrospective appraisal. The real estate is valued as of the date of loss using the cost approach, market approach and the income approach as deemed applicate for the type of property.
CHURCHES / RELIGIOUS BUILDINGS
Collins and Associates provide dependable and accurate appraisals in Anaheim, Orange County, Southern California and beyond. Principal David R. Collins is a licensed Certified General Appraiser, with appraisal designations (G.A.A., S.C.R.E.A.) with over 50 years of experience. We appraise churches and religious buildings, providing the type of reliable values that banks, major lending institutions, courts, Internal Revenue Service and you require.
(562)694-4920-call for more information and a FREE CONSULTATION.
Older churches are frequently constructed of stone masonry, with bell towers, steeples, stain~glass windows, pews, and an organ. The labor costs of other modern types of construction and this type of construction is rare in newer buildings.
If a congregation intends to sell the church to an investor and lease it back, or if a congregation that will make use of these element can be found, these elements might contribute to market value. This type of transaction is more likely to be feasible in more affluent areas with wealthy congregation. In these instances, the church's seating capacity, classrooms, and parking, and the balance between these, are important considerations.
More often, however, these elements do not contribute to the highest and best use and those that are severable, i.e. stain-glass windows, pews and organs, are best sold separately. Fortunately, there are active secondary markets for these elements.
Adaptive re-use of a church is relative common when it changes ownership. Churches have been converted to multi-family residences, offices, senior living facilities, and recreational centers. When one of these uses represents the higher and best use of the subject facility, the property is appraised by deducting the cost of conversion from the value after the conversion to the alternative use.
However, typically churches and other religious facilities are a special use property. Typically commercial church appraisals only use the cost approach and the market approach when appraising a church. Since most churches are owned and are not rented the income approach is rarely applied.