Why should you get an Appraisal? 

Every year a vast amount of people sell or refinance their property. Most, if not all of these transactions include a simple line item for an appraisal. It has become an understood and accepted part of a real estate transaction. Sellers often find themselves wanting to bring in the experts to make sure they're not overspending or underselling property. 

But this shouldn't be the only reason to get an appraisal. There are many other times when the services of a certified, independent real estate professional might come in handy.

1. Purchase of a Home.
   When it comes to buying a new house, the most common issue is figuring out how much the real estate is worth, so you can make a proper offer. A professional appraisal report performed by a qualified, state-certified appraiser can provide you with an objective, third party opinion of a property's current market value. Get an appraisal today, so you can be at ease that you're offering a fair price for the property. 

2. Refinance or Get a Home Equity Loan.
   If you need to consolidate bills, have a college tuition to pay, or just want to tap into the equity of your home, you'll need a new loan that sometimes requires a new appraisal of the property. 
    
3. PMI Removal.
   Private Mortgage Insurance or PMI, is the supplemental insurance that many lenders ask home buyers to purchase when the amount being loaned is more than 80% of the value of the home. Very often, this additional payment is folded into the monthly mortgage payment and is quickly forgotten or overlooked. This is unfortunate because PMI becomes unnecessary when the remaining balance of the loan dips below this 80% level. In 1998, the United States Congress passed a law (the Homeowners Protection Act of 1998) that requires lenders to remove the PMI payments when the loan-to-value ratio conditions have been met.
   
   We offer a specific service for home owners that believe they have met the 80% loan-to-value metric. Our appraisal service provides you with a statement regarding the home value. Some will even take the next step and help you file a challenge with your mortgage company. The costs of these services are very often recovered in just a few months of not paying the PMI.

4. Divorce Settlement.

   A divorce can be a very rough time for both parties involved, and is often further complicated by the difficult decision of "Who gets the house?" The courts won't usually force the parties involved to "buyout" the other party's interest, but it may however order the sale of the home so each party gets an equal share of the equity. Regardless of the situation, it's a good idea to order an appraisal so both parties are fully aware of what the true market value is, so your both on the same page. 

   If the parties want to sell the home, they'll have a better idea of what price to set. In turn, if a "buyout" is the chosen option, both parties will feel like they've gotten a fair assessment.

5. Estate Liquidation.
   The loss of a loved one is never an easy thing to deal with. 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, ensuring the fullest degree of discretion.

   The majority of Americans do not have dedicated estate planners or executors to handle these issues. In most cases, a home or other real estate property makes up a disproportionate share of the total estate value.Here too, an appraiser can help. The first step in fairly disposing of an estate is to understand its true value. Where property is involved, the appraiser can help determine the true value. At this point, equitable arrangements can easily be gathered among disputing parties. Everyone walks away knowing they've received a fair deal.

6. Relocation.
   We understand the stress involved with a client relocation. We take great care in establishing a convenient appointment time for the appraisal inspection. During our thorough inspection, we encourage relocating clients to provide input on the positive attributes of their property along with information about any recent sales or listings in their neighborhood that they want considered.

7. Home Improvements that Add Value.
   Before you decide to sell your home, there are several decisions to be made. First and foremost, you want to know how much to sell it for. Don't forget there may be other equally important questions that need answering, would it be better to paint the entire house before you sell it? Should you put in that third bathroom? Should you complete your kitchen remodel? Anything you do to your house will have an effect on its value. Unfortunately, not all of them have an equal effect. While a kitchen remodel may improve the appeal of a home, it may not add nearly enough to the value to justify the expense. 

8. Selling a Home.
   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 when determining your selling price. Unlike a real estate agent, an appraiser has no vested interest in what amount the house sells for. It's easy for them to step in and give you the information to help you make your decision. Appraiser fees are based on efforts to complete the report and not a percentage of the sales price. So seeking a professional appraisal can often help homeowners make the best decisions on investing in their home and setting a fair sales price.