CHARNAS APPRAISAL is a real estate appraisal and consulting firm serving northeast Ohio. We specialize in residential property, providing a wide range of services, including:
Conventional and FHA Mortgage Appraisals
These are performed as part of the loan approval process when someone is buying a home or when they are refinancing the existing loan amount. Our team of appraisers work from separate office locations across our geographic territory and, as a result, are able to provide our mortgage clients relentless commitment to on-time delivery of quality valuation services. While quality and accuracy are always important, timeliness is of utmost importance for our mortgage clients and Charnas Appraisal delivers.
Homeowners with conventional mortgage loans who had less than a 20% down payment typically are required to buy Private Mortgage Insurance, also known as PMI insurance. The premiums for this insurance are fairly steep and homeowners typically want to get out from under these payments as soon as possible. In many cases, the homeowner will be relieved of the obligation to maintain the PMI insurance once their equity exceeds 20%, as determined by a professional appraisal. Charnas Appraisal can assist homeowners in getting their PMI insurance removed.
Lenders are increasingly being scrutinized to insure that they are not involved in so-called "predatory lending" practices. Since most such practices involve faulty or fraudulent appraisals, they need to have a qualified disinterested third party review the appraisals for quality control. We provide these services and we also provide large institutional lenders with retrospective reviews of the appraisals that were made to secure a loan that became non-performing
When a borrower defaults on a loan, the lender will typically end up gaining title to the home through the foreclosure process. The industry term for such properties is "Real Estate Owned" or REO for short. Charnas Appraisal assists lenders in analyzing a property's market potential both before foreclosure occurs and after the property ends up in inventory. Similar to relocation appraising, REO appraisals need to be accurate so that the lender can know what repairs are needed and what the property will sell for in a reasonable amount of time.
When a buyer is relocating to northeast Ohio, they often do not know what price levels in our area are. They, or their employer will hire us to appraise the home the employee is considering buying and/or to counsel the employee to help them make a wise purchase, both with respect to price and marketability of the home.
Appraisals for Legal Purposes including Expert Testimony
While these appraisals are most often for domestic relation (divorce) cases, they can also include appraisals where the owner's property value was diminished from some outside factor. We are available to do assignments that may involve expert court testimony but do need to be informed at the time our services are requested that the appraiser may be required to appear in court.
There are times when the owner of a home is no longer able to make decisions regarding its sale either due to death or illness. Family members or trustees are charged with the responsibility marketing the home at its full market potential. We provide these services to trusts and also to family members who are often out of the area and do not know current market prices.
While most local buyers and sellers are cognizant of current market prices, there are times when the home is so unusual that neither the buyer/seller nor their real estate agent feel confident in arriving at a price for the property. Charnas Appraisal routinely provides these valuation services to the public.