Reasons to get an appraisal from Preferred Appraisers, Inc.
To a lot of people, an appraisal is simply a line item in the long list of items for a home sale or refinance. The majority of lenders still want a local expert because the stakes are very high, even though there are a growing number of automated home valuation systems that might seem cheaper than an appraisal. You might believe that obtaining a mortgage is the only reason to acquire an appraisal, but there are other times when the services of a certified, independent real estate professional could be helpful.
Contest your tax assessment
It's possible you're paying too much in property taxes if you live in an area where property values have declined. Ad Valorem taxes are based upon a previous assessment of your real estate, so if values have gone down in your area, you can appeal your assessment and save money. An appraisal from Preferred Appraisers, Inc. is your best evidence when building your case. We can assist you in disputing your tax assessment.
Eliminate PMI to lower your mortgage payment
Private Mortgage Insurance, or PMI, is an added insurance policy that almost all lenders ask home owners to buy when the amount being loaned to the buyer is more than 80% of the actual value of the property. Seeing that added payment is usually lumped into the monthly mortgage payment, it is often forgotten. PMI is unnecessary when the remaining 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) requiring lenders to dismiss the PMI installments when the loan-to-value ratio conditions have been met.
If you'd like to eliminate PMI, Preferred Appraisers, Inc. will provide you with a statement regarding the value of your home. The cost of the appraisal can generally be recovered in little time because you'll no longer be paying the PMI.
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Get a clear valuation on a home for divorce settlements
A divorce can be an especially daunting ordeal for both parties, and it is often more complicated by the strenuous decision of who keeps the house. It's a good idea to get an appraisal from Preferred Appraisers, Inc. so both parties are completely aware of the true market value of their house, regardless of the circumstances.
If the parties want to sell the home, they'll have a a good idea of what price to set. And if a "buyout" is the chosen option, both parties will feel like they've received a fair evaluation.
Accurate and fair estate liquidation
The death 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. We ensure the highest degree of discretion, as we're bound with confidentiality by the ethics provision within the Uniform Standards of Professional Appraisal Practice (USPAP).
Unlike many wealthy individuals, most Americans don't have dedicated estate planners or executors to take care of these matters. A home or other property often makes up a disproportionate share of the total estate value, so understanding the true value of the real estate at hand is of vital importance to ensuring disputing parties leave knowing they've received a fair deal.
Move to or from Gloucester County for work
Employee relocation is a stressful event, and we understand. We take great care in establishing an accommodating appointment time for the appraisal inspection. We encourage relocating employees to provide remarks on the positive attributes of their property, along with information regarding any recent sales or listings in their neighborhood that they want considered during our detailed inspection.
Close on your home promptly — for an accurate price
Whether you choose to sell your home on your own or with the help of a real estate agent, a professional appraisal will help you make a more informed decision when determining your selling price. Unlike a real estate agent, an appraiser has no vested interest in what price the house sells for. Our fees depend on our efforts to finish the appraisal report and not a percentage of the sales price.
We determine the difference in value items like an extra bathroom or a kitchen remodel can make on a daily basis. And we're experts in knowing how long propertiesstay on the market. So, getting a professional appraisal is a trusted way to determine what improvements will add value and what an appropriate sales price is for your home so you don't come up short or have your house on the market an unnecessarily long time.