Townsend Appraisals

Townsend Appraisals and Peter and Nancy Townsend were featured this month (September 2010) in Appraisal Today, the premier real estate appraisal periodical. The focus was on how the Townsends have adapted their business to the changing marketplace and evolving needs of the appraisal profession.

The article describes how the Townsends use division of labor, their commitment to being a green appraisal company, and some specific issues related to appraising as a family business. For instance, the article discusses the value of record keeping, the importance of vacation, and the need to save for retirement. There are a number of candid photos of the couple [see the full article and scroll to the bottom for photos], including some of the San Francisco area. The five page feature is a welcome recognition of this California appraisal company. Townsend appraisals covers Contra Costa County and Alameda County in California.

After we say hello, we measure the exterior of your home and draw a diagram of the exterior walls.  We photograph the front, rear and street scene of your home, and possibly other amenities such as a view, pool, decking, patio, landscaping, etc.

Once inside, we measure the garage (if it is attached) and indicate where rooms are located on the diagram we have drawn.  Typically, we do not measure interior walls.  We do take interior photographs, primarily of the the living room, kitchen, baths, and may take a photograph of every room in the house.

We note the following: flooring materials used throughout, tub/shower surround materials, any significant deferred maintenance (ceiling leaks, very old roofs, torn carpet, etc.)  We will ask you if there is anything you would like to tell us about your home.

A typical appointment takes between 15 – 45 minutes, depending on the complexity of your house.

We are all hearing  about banks helping — or not helping –  folks having trouble paying their mortgage payments. In many cases, the people that are being helped, 40 or 50% of them, default on their loans a few months after  the loan was restructured.

Restructuring almost always  extends the term of the loan or reduces the interest temporarily.  Seldom is the principal of the loan reduced.

This may change. Owners  that are under water, that is they owe more than their homes  are worth, which  here in California are about 1/3 (and in neighboring Nevada is 2/3!), have little incentive to make their payments  or take care of their homes.  Lets face it, they feel more like renters than owners.  So some banks, Wells Fargo, for instance, are reducing the principle owed or deferring payment of the principle.  In the case of  a principle reduction, some of the loan is forgiven.  In the case of deferment a  part of the principle  is deferred until the time when the owner sells the house, at which time he has to pay back the amount of principle  that was deferred.  Either way, the owner is more  motivated to stay put and continue making payments, now at a reduced level. We are hoping it works.  An agent recently told us she knew 6 people living in El Cerrito or nearby communities that hadn’t made payments in over a year but had not been foreclosed upon.  We suspect there are a lot of people out there like that which means foreclosures may increase and extend over a lot longer time.   Let’s hope effective action of some kind can be taken.

Appraisal consulting is useful in a variety of situations. Before putting their home on the market, some clients wish to have an idea of what is a fair market value for their home. There are also clients who wish to know what they can do to maximize the value of their homes before selling them. We can tell you what makes a difference in property value so you can get the most “bang for your buck” when you are considering different improvements for your home. We can also estimate diminution in value for your property, if this should occur.  For example, if your neighbor’s tree grows and blocks your view, we can estimate the loss in value to your property.
Another situation in which clients seek appraisal consulting is in order to have an accurate record of their property’s square footage, as county records frequently do not accurately reflect the correct size and room count of a dwelling.

How we’re different: At Townsend Appraisals, we limit our market area to Contra Costa and Alameda Counties.  This enhances the quality of our appraisals and the level of trust that our clients experience.  We have 36+ years of combined appraisal experience.  Combined with commitment to be active in the appraisal community through speaking at Appraisal Institute conferences and other volunteer activities, we stay aware of the latest market trends, and have a network of skilled and competent professionals.