The Good News: Home Prices in the Bay Area are trending UP!
The Bad News: Appraisers (needed for a home purchase or "simple refinance") don't necessarily see it that way.
The below article out of the Washington Post describes the situation in detail.
http://www.washingtonpost.com/realestate/house-sales-hampered-by-appraisers-who-fail-to-recognize-appreciation/2012/06/21/gJQALhMetV_story.html
In any case, we are here to provide advise and counsel on the issues at hand.
HOW CAN WE HELP?
1) INSURANCE TOOLS: We can counsel with homeowners and/or negotiate with Lenders and Mortgage Companies using various Replacement Cost EstimatorsValuation tools.
2) AMCs: APPRAISAL MANAGMENT COMPANIES: Required to be used by Lenders these days, we work with our AMCs to get the correct appraised value for your home.
Please call our office to discuss any Calfornia Home Insurance or California Home Loan questions you may have.
Written by Penwest Insurance Services on Jun 22, 2012