Reasons to order an appraisal
To many, an appraisal just looks like a line item on the settlement sheet for a mortgage or refinance. Even though there are an increasing number of automated home valuation systems that might seem more economical than an appraisal, most lenders still want a local expert because the stakes are very high. You might believe that getting a mortgage is the only reason to acquire an appraisal, but there are other cases when the services of a licensed, independent real estate professional could be beneficial.
Contest your tax assessment
It's probable 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 real estate, so if prices are less than what they used to be in your neighborhood, you can challenge your assessment and save money. When building your case, an appraisal from us is your best evidence. At Appraisal Professionals, we're qualified to assist you in appealing your tax assessment.
Remove PMI to lower your mortgage payment
When the amount being loaned to the buyeris more than 80% of the actual value of the property, most lenders ask homeowners to buy this added insurance policy. That policy is Private Mortgage Insurance, or PMI. Very often, this added payment is bundled into the monthly mortgage payment and is promptly forgotten. PMI is no longer required when the remaining balance of the loan - whether through market appreciation or principal pay down - dips below the 80% level, making this very unfavorable. In fact, the Homeowners Protection Act (HPA) of 1998 was passed by the United States Congress that requires lenders to remove the PMI payments when the loan-to-value ratio conditions have been met.
Appraisal Professionals can provide you with a statement regarding the value of your home, and the price you paid for the home valuation can usually be offset in just a few months because you'll no longer be paying the PMI.
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Get a fair valuation on a home take make a divorce settlement less stressful
A divorce can be a particularly traumatic ordeal for both parties, and it is often even more complicated by the hard decision of who maintains the house. It's a good idea to get an appraisal from Appraisal Professionals so both parties are entirely aware of the true market value of their property, regardless of the situation.
The parties will have a good idea of what price to set, if they need to sell the home. And if a "buyout" is the chosen option, both parties will feel like they've received a fair evaluation.
Fair and accurate estate liquidation
The loss of 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. The ethics provision within the Uniform Standards of Professional Appraisal Practice (USPAP) binds us with confidentiality, guaranteeing the maximum degree of discretion.
Unlike many wealthy individuals, most Americans do not have dedicated estate planners or executors to handle these matters. A home or other property often makes up a disproportionate share of the total estate value, so understanding the true worth of the real estate at hand is of significant importance to ensuring disputing parties walk away knowing they've gotten a fair deal.
Move to or from Hays County through an employee relocation program
Employee relocation is a stressful event, and we understand. That being said, we take great care in establishing an accommodating appointment time for the appraisal inspection. We encourage relocating employees to provide remarks on the positive aspects of their property, as well as information regarding any recent sales or listings in their area that they want considered during our intensive inspection.
Close on your home quickly — at the right price
Whether you choose to sell your home on your own or use the assistance of a real estate agent, a professional appraisal can help you make a better educated decision regarding your selling price. An appraiser has no vested interest in what amount the house sells for, apart from real estate agents. Our fees are based on our efforts to finish the appraisal report and and aren't related to the sales price.
On a daily basis, we analyze the difference in value things like an additional bathroom or a kitchen remodel can make. And we're experts in knowing how long housesstay on the market. So, obtaining a professional appraisal is a reliable way to decide what improvements will add value and what a suitable sales price is for your home so you don't come up short or have your house on the market an unnecessarily long time.