For years, mortgage lenders and consumers have depended on Longshore Appraisal Services to provide high-quality valuations on a wide range of homes in Los Angeles County.  

 

How many years have we been in business?

We have been in business since 1988. A lot has changed over the years in the housing market, but how we conduct business has not. We continue to provide our clients with a personable approach to our appraisals. After all, buyers and sellers alike need to feel safe during the sale of a home, and we provide that for you here at Longshore Appraisal Services.

 

How the process works:

One's home purchase can be the biggest investment most people will ever consider. It doesn't matter if it's where you raise your family, a seasonal vacation property or a rental fixer upper, the purchase of real property is a complex transaction that requires multiple people working in concert to make it all happen.

 

The majority of the parties participating are very familiar. The real estate agent is the most familiar entity in the exchange. Next, the mortgage company provides the financial capital necessary to bankroll the exchange. Ensuring all details of the exchange are completed and that the title is clear to transfer from the seller to the buyer is the title company.

So what party makes sure the real estate is consistent with the amount being paid?  This is where the appraiser comes in.   We provide an unbiased opinion of what a buyer might expect to pay - or a seller receive - for a parcel of real estate, where both buyer and seller are informed parties. A professional California licensed appraiser from Appraisal Services will ensure you as an interested party are informed.

 

The inspection is where an appraisal begins

To determine an accurate status of the property, it's our responsibility to first conduct a thorough inspection. We must physically view features, such as the number of bedrooms and bathrooms, the location, living areas, etc., to ensure they truly exist and are in the shape a reasonable buyer would expect them to be. To ensure the stated size of the property is accurate and describe the layout of the house, the inspection often requires creating a sketch of the floor plan. Most importantly, the appraiser looks for any obvious amenities - or defects - that would have an impact on the value of the house.

Once the site has been inspected, we use two or three approaches when determining the value of real property: paired sales analysis and, in the case of a rental property, an income approach. 

 

 

 

Cost Approach

Here, we analyze information on local building costs, labor rates and other elements to figure out how much it would cost to build a property similar to the one being appraised. This estimate commonly sets the maximum on what a property would sell for. It's also the least used method. 

 

Paired Sales Analysis

Appraisers are intimately familiar with the subdivisions in which they work. We thoroughly understand the value of certain features to the homeowners of that area. Then, the appraiser looks up recent transactions in close proximity to the subject and finds properties which are 'comparable' to the subject in question. Using knowledge of the value of certain items such as square footage, additional bathrooms, hardwood floors, fireplaces or view lots (just to name a few), we add or subtract from each comparable's sales price so that they are more accurately in line with the features of subject. 
 

At Appraisal Services, we are an authority when it comes to knowing the value of real estate features in Santa Clarita and Los Angeles County neighborhoods. The sales comparison approach to value is typically awarded the most importance when an appraisal is for a real estate purchase. 

 

Valuation Using the Income Approach

In the case of income producing properties - rental houses for example - we may use a third approach to value. In this case, the amount of revenue the real estate generates is taken into consideration along with income produced by similar properties to give an indicator of the current value.

 

Arriving at a Value Conclusion

Examining the data from all approaches, the appraiser is then ready to put down an estimated market value for the property at hand. Note: While the appraised value is probably the most reliable indication of what a property would sell for in an open market, it probably will not be the final sales price. Prices can always be driven up or down by extenuating circumstances like the motivation or urgency of a seller or 'bidding wars'. Regardless, the appraised value is often employed as a guideline for lenders who don't want to loan a buyer more money than they could get back in the event they had to sell the property again. Here's what it all boils down to: An appraiser from Appraisal Services will guarantee you get the most accurate property value, so you can make wise real estate decisions.

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