6 Reasons to consider an appraisal from Preferred Appraisers, Inc.
Each year, thousands of people in New Jersey buy, sell or refinance their home. Many of these transactions involve a simple line item for an appraisal. While there are a developing number of automated home valuation processes that might appear to be cheaper than an appraisal, the majority of lenders still call in a local expert because the stakes are so high. Is securing a mortgage the only reason to get an appraisal? Are there other times when the services of a certified, independent real estate professional could be beneficial? You bet.
Appeal your tax assessment
It's quite possible you're paying too much in property taxes if you reside in an area where property values have declined. Property taxes are determined by a previous assessment of your home, so if values have declined in your neighborhood, you can challenge your assessment and save money. An appraisal from Preferred Appraisers, Inc. is your best evidence when building your case. We're capable of assisting 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 real estate, many lenders ask homeowners to purchase this added insurance policy. That policy is Private Mortgage Insurance, or PMI. This extra payment is often bundled into the monthly mortgage payment and is promptly forgotten. This is bad because PMI isn't required when the remaining balance of the loan - whether through market appreciation or principal pay down - falls below the 80% mark. In fact, the United States Congress passed a law in 1998 (the Homeowners Protection Act of 1998) requiring lenders to eliminate the PMI payments when the loan-to-value ratio conditions have been met.
Preferred Appraisers, Inc. can give you a statement regarding the value of your home, and the cost of the home valuation can generally be offset in little 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 difficult decision of who gets the property, and it can be an especially horrible experience for both parties. It's a good idea to order an appraisal from Preferred Appraisers, Inc. so both parties are entirely aware of the true market value of their home, regardless of the situation.
If the parties wish to sell the home, they'll have a better idea of what price to set. And on the flip side, if a "buyout" is the chosen option, both parties will feel like they've received a fair evaluation.
Determine an accurate and fair valuation for estate liquidation
The death of a loved one is a difficult 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. The ethics provision within the Uniform Standards of Professional Appraisal Practice (USPAP) binds us with confidentiality, ensuring the fullest degree of discretion.
Unlike wealthy individuals, most Americans don't have dedicated estate planners or executors to handle these affairs. And seeing that 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 vital importance to ensuring disputing parties walk away knowing they've received an honest deal.
Relocate to or from Gloucester County for work
We are aware of the headaches involved with an employee relocation. That being said, we take great care in setting up a convenient appointment time for the appraisal inspection. We encourage relocating employees to provide feedback on the positive characteristics of their property, along with information about any recent sales or listings in their area that they want considered during our thorough inspection.
Close on your home quickly — 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 can help you make a more informed decision when determining your selling price. An appraiser has no vested interest in what price the house sells for, apart from real estate agents. Our fees are calculated on our efforts to finish the appraisal report and not a percentage of the sales price.
We examine 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 housesare on the market. So, obtaining a professional appraisal is a trusted way to decide what improvements will add value and what an applicable sales price is for your home so you don't come up short or have your house on the market an unnecessarily long time.