Why Get a Home Appraisal?

Every year, countless people in the United States buy, sell or refinance a home, whether it be their primary residence or a second home used for vacations. Most, if not all, of these transactions include a line item for an appraisal. It has become an understood and accepted part of a real estate transaction, to bring in the expert and make sure we’re not spending too much on the property.

This is not the only time you may need the services of an appraiser. There are other times when the services of a certified, licensed, independent real estate professional might be useful for you.

Selling Your Home — If you are going to sell your home, it would be wise to invest in an appraisal done by a state certified licensed appraiser. A professional appraiser works daily with real estate values, and an appraisal can give you the market value of your home. This amount is not what you have invested in your home, or how much you paid for it, but what the current market value is for your home. A professional appraiser is objective and will tell you what you need to know, not just what you want to hear. A professional appraisal can help you set a realistic price for your home, and will give you something concrete to show potential buyers.

Estate Planning, Liquidation or Divorce — The loss of a love one is a difficult time in life. A divorce can be a traumatic time also. These events are often complicated by difficult decisions regarding disposition of property. The majority of us do not have dedicated estate planners or executors to handle these issues, and in most cases a home or real estate property makes up a disproportionate share of the total estate value. A professional appraiser can determine the true value of property, and equitable arrangements can more easily be arrived at among disputing parties. Everyone can walk away knowing they have received a fair deal.

PMI Removal — A popular money saver for homeowners in the past few years is to get PMI (Private Mortgage Insurance) removed from their mortgage loan, thus saving them money on their monthly payments. PMI is the supplemental insurance that many lenders require home owners to purchase when the amount being loaned is more than 80 percent of the value of their home. PMI becomes unnecessary when the remaining balance of the home loan dips below 80 percent, whether through market depreciation, home additions or improvements, or principal pay down. A professional appraiser can give you the current market value of your home. You can then take the next step, and request in writing that your lender remove PMI coverage. The United States Congress passed a law in 1998 that requires lenders to remove PMI payments when the loan-to-value ratio conditions have been met. This law is called the Homeowners Protection Act of 1998.

Field and Desktop Appraisal Review Services — Have you just received a copy of your appraisal and you would like to have a professional double check it for accuracy, or do you need a second opinion?

Appraisal Field Reviews — We can check your appraisal for accuracy and provide exterior field inspections of the subject and comparable properties for maximum appraisal certainty. This is perfect for any situation demanding a second opinion of value.

Appraisal Desk Reviews — Are you in a hurry and just want to double check the facts? We’ll use our extensive internet research capabilities and office files to deliver reviews with the highest degree precision, without the expense of a whole new appraisal.

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