Why you should get an appraisal
Year after year, thousands of people in New Jersey buy, sell or refinance their home. A lot of these transactions consist of a simple line item for an appraisal. The majority of lenders still call for a local expert because the stakes are so high, even though there are an increasing number of automated home valuation methods that may appear to be cheaper than an appraisal. You might think that obtaining a mortgage is the only basis for getting an appraisal, but there are other instances when the services of a certified, independent real estate professional could come in handy.
Challenge your tax assessment
If you are in an area where the value of property has declined, it's possible you're paying too much in property taxes. When building your case, an appraisal from us is your best evidence. We can assist you in challenging your tax assessment.
Getting rid of your PMI for mortgage payments
When the amount being loaned to the homeowneris more than 80% of the actual value of the property, many lenders ask buyers to buy this supplemental insurance policy. That policy is Private Mortgage Insurance, or PMI. This extra payment is often bundled into the monthly mortgage payment and is soon forgotten. PMI isn't necessary when the leftover balance of the loan - whether through market appreciation or principal pay down - dips below the 80% mark, making this very unfavorable. In fact, the Homeowners Protection Act (HPA) of 1998 was implemented by the United States Congress requiring lenders to eliminate the PMI installments when the loan-to-value ratio conditions have been met.
If you'd like to do away with PMI, Preferred Appraisers, Inc. can give you a statement regarding the value of your home. The price you paid for the home valuation can usually be offset in little time because you'll no longer be paying the PMI.
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Settle a divorce with less stress
A divorce is often complicated by the strenuous decision of who maintains the house, and it can be a particularly horrible occurrence for both parties. It's a good idea to get an appraisal from Preferred Appraisers, Inc. so both parties are entirely aware of the true market value of their property, regardless of the situation.
The parties will have a clearer picture of what price to set, if they need to sell the home. And on the flip side, if a "buyout" is the chosen option, both parties will feel like they've gotten a fair evaluation.
Ascertain a fair and accurate valuation for estate liquidation
The death of a loved one is a hard 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 highest degree of discretion, as we're bound with confidentiality by the ethics provision within the Uniform Standards of Professional Appraisal Practice (USPAP).
Unlike wealthier individuals, most Americans do not have dedicated estate planners or executors to take care of these affairs. 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 significant importance to ensuring disputing parties walk away knowing they've received a fair deal.
Relocate to or from Gloucester County through an employee relocation program
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 detailed inspection, we suggest relocating employees to provide remarks on the positive aspects of their property, as well as information regarding any current sales or listings in their neighborhood that they want considered.
Sell your home promptly — for an accurate price
A professional appraisal can help you make a better educated decision when determining your selling price, whether you decide to sell your home on your own or with the help of a real estate agent. Apart from a real estate agent, an appraiser has no vested interest in what price the house sells for. Our fees aren't related to the sales price, but rather they are calculated on our efforts to complete the appraisal report.
On a daily basis, we analyze the difference in value things like an extra bathroom or a kitchen remodel can make. Obtaining a professional appraisal is a trusted way to decide 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, because we're experts in knowing how long properties stay on the market.