6 Reasons to order an appraisal from Preferred Appraisers, Inc.
To a lot of people, an appraisal is simply a line item on the break-sheet for a home purchase or refinance. And even though there are a budding number of automated home valuation processes that may seem less expensive than an appraisal, nearly all lenders still call for a local expert because the stakes are incredibly high. You might believe that obtaining a mortgage is the only reason to acquire an appraisal, but there are more cases when the services of a certified, independent real estate professional could be beneficial.
Contest your tax assessment in Gloucester County
It's quite possible you're paying too much in property taxes if you live in an area where property values have declined. 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 area, you can challenge your assessment and save money. When building your case, an appraisal from us is your best evidence. We're qualified to assist you in challenging your tax assessment.
PMI removal to reduce a mortgage payment
When the amount being loaned to the home buyeris more than 80% of the actual value of the real estate, many lenders ask home buyers to purchase this supplemental insurance policy. That policy is Private Mortgage Insurance, or PMI. Seeing that additional payment is usually folded into the monthly mortgage payment, it is often forgotten. PMI is no longer required when the leftover balance of the loan - whether through market appreciation or principal pay down - decreases below the 80% level, making this very unfavorable. In fact, the United States Congress implemented a law in 1998 (the Homeowners Protection Act of 1998) that requires lenders to eliminate the PMI payments when the loan-to-value ratio conditions have been met.
Preferred Appraisers, Inc. will give you a statement regarding the value of your home, and the price you paid for the home valuation can usually be offset in a short amount of time because you'll no longer be paying the PMI.
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Settle a divorce with fewer hang-ups
A divorce can be a very daunting ordeal for both parties, and it is often even more complicated by the challenging decision of who gets the house. So both parties are fully aware of the true market value of their house, it's a good idea to get an appraisal from Preferred Appraisers, Inc., regardless of the circumstances.
The parties will have a clearer picture of what price to set, if they want to sell the home. And on the flip side, if a "buyout" is the chosen option, both parties will feel like they've received a fair assessment.
Fair and accurate estate liquidation
Losing a loved one is a painful time in life, and settling an estate from a death, or probate, often entails an appraisal to establish Fair Market Value for the residential property involved. We ensure the fullest degree of discretion, as we're bound with confidentiality by the ethics provision within the Uniform Standards of Professional Appraisal Practice (USPAP).
Unlike wealthy individuals, most Americans don't have dedicated estate planners or executors to handle these issues. And seeing that a home or other property often makes up a disproportionate share of the total estate value, knowing the true worth of the real estate at hand is of vital importance to ensuring disputing parties walk away knowing they've gotten a fair deal.
Move to or from Gloucester County for work
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. During our intensive inspection, we encourage relocating employees to provide remarks on the positive features of their property, along with information regarding any new sales or listings in their area that they want considered.
Close on your home promptly — at the right price
A professional appraisal will help you make a better educated decision regarding your asking price, whether you want to sell your home on your own or use the assistance of a real estate agent. An appraiser has no vested interest in what price the house sells for, apart from real estate agents. Our fees are based on our efforts to complete the appraisal report and not a percentage of the sales price.
On a daily basis, we determine the difference in value items like an additional bathroom or a kitchen remodel can make. And we're experts in knowing how long homesare on the market. So, obtaining a professional appraisal is a reliable way to determine 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.