Reasons to get an appraisal from Preferred Appraisers, Inc.
Thousands of people in New Jersey purchase, sell or refinance their home each month. A lot of these transactions include a simple line item for an appraisal. While there are a developing number of automated home valuation processes that may appear to be more prudent than an appraisal, the majority of lenders still want a local expert because the stakes are incredibly high. You might believe that securing a mortgage is the only reason you should get an appraisal, but there are more times when the services of a licensed, independent real estate professional could come in handy.
Appeal your tax assessment
It's quite possible you're paying too much in property taxes if you live in an area where property values have depreciated. Ad Valorem taxes are determined by a previous assessment of your home, so if prices have gone down in your area, you can challenge your assessment and save money. An appraisal from Preferred Appraisers, Inc. is your best evidence when building your case. We can assist you in challenging your tax assessment.
PMI removal to lower a mortgage payment
When the amount being loaned to the buyeris more than 80% of the actual value of the property, nearly all lenders ask homeowners to purchase this additional insurance plan. That policy is Private Mortgage Insurance, or PMI. Most often, this extra payment is folded into the monthly mortgage payment and is soon forgotten. This is bad because PMI is unnecessary when the leftover balance of the loan - whether through market appreciation or principal pay down - goes below the 80% mark. In fact, the Homeowners Protection Act (HPA) of 1998 was passed by the United States Congress that requires lenders to remove the PMI payments when the loan-to-value ratio conditions have been met.
If you'd like to eliminate PMI, Preferred Appraisers, Inc. can provide you with a statement regarding the value of your home. The cost of the home valuation can usually be regained in a short amount of time because you'll no longer be paying the PMI.
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Divorce settlement with less stress
A divorce is often complicated by the challenging decision of who gets the home, and it can be a very traumatic occurrence for both parties. So both parties are fully aware of the true market value of their house, it's a good idea to order an appraisal from Preferred Appraisers, Inc., regardless of the circumstances.
If the parties need 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 assessment.
Accurate and fair estate liquidation
The loss 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 real estate involved. The ethics provision within the Uniform Standards of Professional Appraisal Practice (USPAP) binds us with confidentiality, guaranteeing the utmost degree of discretion.
Unlike wealthier individuals, most Americans do not have dedicated estate planners or executors to take care of these matters. And since 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 leave knowing they've gotten an honest deal.
Move to or from Gloucester County for work
We know the stress associated with an employee relocation. That being said, we take great care in establishing a convenient appointment time for the appraisal inspection. During our intensive inspection, we suggest relocating employees to provide remarks on the positive features of their property, as well as information about any new sales or listings in their neighborhood that they want considered.
Close on your home promptly — for the right price
A professional appraisal can help you make a more informed decision regarding your selling 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, unlike real estate agents. Our fees are based on our efforts to finish the appraisal report and and aren't related to the sales price.
We determine the difference in value things like an additional 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 decide 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.