6 Reasons to consider an appraisal from Preferred Appraisers, Inc.
To many, an appraisal just looks like another cost in the long list of items for a mortgage or refinance. Even though there are a developing number of automated home valuation systems that might appear to be less expensive than an appraisal, the majority of lenders still want a local expert because the stakes are so high. Is securing a mortgage the only reason to acquire an appraisal? Are there additional instances when the services of a certified, independent real estate professional could be beneficial? Of course.
Challenge your tax assessment in Gloucester County
If you reside in an area where property values have depreciated, it's possible you're paying too much in property taxes. When building your case, an appraisal from us is your best evidence. At Preferred Appraisers, Inc., we're qualified to assist you in challenging your tax assessment.
Removing PMI for mortgage payments
When the amount being loaned to the home owneris more than 80% of the actual value of the real estate, nearly all lenders ask home buyers to purchase this additional insurance plan. That policy is Private Mortgage Insurance, or PMI. Seeing that extra payment is usually lumped into the monthly mortgage payment, it is often forgotten. This is damaging because PMI becomes unnecessary when the remainder of the loan - whether through market appreciation or principal pay down - goes below the 80% level. In fact, the United States Congress passed a law in 1998 (the Homeowners Protection Act of 1998) requiring lenders to dismiss the PMI installments when the loan-to-value ratio conditions have been met.
Preferred Appraisers, Inc. can provide you with a statement regarding the value of your home, and the expense of the home valuation can generally be regained in a short amount of time because you'll no longer be paying the PMI.
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Get a fair valuation on a home for divorce settlements
A divorce is often complicated by the strenuous decision of who gets the home, and it can be a very daunting ordeal for both parties. It's a good idea to order an appraisal from Preferred Appraisers, Inc. so both parties are fully aware of the true market value of their property, regardless of the circumstances.
If the parties want 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 gotten a fair assessment.
Determine an accurate and fair valuation for estate liquidation
Losing a loved one is a difficult time in life, and settling an estate from a death, or probate, often calls for an appraisal to establish Fair Market Value for the real estate involved. The ethics provision within the Uniform Standards of Professional Appraisal Practice (USPAP) binds us with confidentiality, guaranteeing the highest degree of discretion.
Most Americans do not have dedicated estate planners or executors to take care of these issues, unlike wealthier individuals. And since a home or other property often makes up an unequal share of the total estate value, knowing the true value of the real estate at hand is of essential importance to ensuring disputing parties walk away knowing they've received a fair deal.
Relocate to or from Gloucester County for work
Employee relocation can be a stressful event, and we understand. That's why we take great care in setting up an accommodating appointment time for the appraisal inspection. During our thorough inspection, we suggest relocating employees to provide input on the positive attributes of their property, along with information regarding any recent sales or listings in their neighborhood that they want considered.
Close on your home quickly — for an accurate 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 more informed decision when determining your asking price. Unlike a real estate agent, an appraiser has no vested interest in what amount the house sells for. Our fees aren't a percentage of the sales price, but rather they are based on our efforts to complete the appraisal report.
On a daily basis, we examine the difference in value things like an additional bathroom or a kitchen remodel can make. And we're experts in knowing how long propertiesare on the market. So, getting 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.