Reasons to order an appraisal
To many, an appraisal just looks like one more thing in the long list of items for a home purchase or refinance. Nearly all lenders still need a local expert because the stakes are incredibly high, even though there are a growing number of automated home valuation processes that might appear to be more prudent than an appraisal. You might believe that securing a mortgage is the only reason you should get an appraisal, but there are additional cases when the services of a certified, independent real estate professional might come in handy.
Challenge your tax assessment
It’s likely you’re paying too much in property taxes if you reside in an area where property values have depreciated. Property taxes are based upon a previous assessment of your house, so if values have declined in your area, you can challenge your assessment and save money. When building your case, an appraisal from us is your best evidence. We’re equipped to assist you in challenging your tax assessment.
Get rid of PMI to lower your mortgage payment
When the amount being loaned to the home buyeris more than 80% of the actual value of the home, most lenders ask homebuyers to purchase this supplemental insurance plan. That policy is Private Mortgage Insurance, or PMI. Seeing that extra payment is usually bundled into the monthly mortgage payment, it is often forgotten. This is unfortunate because PMI is unnecessary when the remaining balance of the loan – whether through market appreciation or principal pay down – dips below the 80% mark. In fact, the United States Congress passed a law in 1998 (the Homeowners Protection Act of 1998) requiring lenders to do away with the PMI payments when the loan-to-value ratio conditions have been met.
Jay Flanagan will provide you with a statement regarding the value of your home, and the expense of the home valuation can usually be offset in little time because you’ll no longer be paying the PMI.
Get a fair valuation on a home for divorce settlements
A divorce is a particularly daunting ordeal for the parties involved, and it is often further complicated by the challenging decision of who maintains the house. It’s a good idea to order an appraisal from Jay Flanagan so both parties are completely aware of the true market value of their property, regardless of the circumstances.
If the parties wish to sell the home, they’ll have a clearer picture of what price to set. And if a “buyout” is the chosen option, both parties will feel like they’ve received a fair assessment.
Accurate and fair estate liquidation
Losing a loved one is a painful time in life, and settling an estate from a death, or probate, often requires an appraisal to establish Fair Market Value for the residential property involved. We ensure the maximum degree of discretion, as we’re bound with confidentiality by the ethics provision within the Uniform Standards of Professional Appraisal Practice (USPAP).
Most Americans don’t have dedicated estate planners or executors to manage these affairs, unlike many wealthy individuals. A home or other property often makes up an uneven share of the total estate value, so knowing the true value of the real estate at hand is of essential importance to ensuring disputing parties leave knowing they’ve gotten an honest deal.
Relocate for work
Employee relocation can be a stressful event, and we understand. We take great care in organizing a convenient appointment time for the appraisal inspection. We encourage relocating employees to provide feedback on the positive features of their property, along with information about any new sales or listings in their area that they want considered during our thorough inspection.
Close on your home quickly — at an accurate price
Whether you want to sell your home on your own or use the assistance of a real estate agent, a professional appraisal can help you make a more informed decision when determining your selling price. An appraiser has no vested interest in what amount the house sells for, apart from real estate agents. Our fees aren’t related to the sales price, but rather they rest on our efforts to complete the appraisal report.
We determine the difference in value things like an extra bathroom or a kitchen remodel can make on a daily basis. And we’re experts in knowing how long homesare on the market. So, seeking a professional appraisal is a trusted way to decide what improvements will add value and what an applicable sales price is for your home so you don’t come up short or have your house on the market an unnecessarily long time.
