Reasons to hire an appraiser

Each year, thousands of people in New Jersey purchase, sell or refinance their home. A lot of these transactions involve a simple line item for an appraisal. Practically all lenders still call in a local expert because the stakes are incredibly high, even though there are an increasing number of automated home valuation processes that might appear more prudent than an appraisal. Is getting a mortgage the only reason to acquire an appraisal? Are there additional instances when the services of a licensed, independent real estate professional could be beneficial? Of course.

Let Preferred Appraisers, Inc. help you lower your mortgage payment

Contest your tax assessment

It's probable you're paying too much in property taxes if you live in an area where property values have depreciated. Ad Valorem taxes are based upon a past assessment of your home, so if values have gone down in your neighborhood, you can appeal your assessment and save money. When building your case, an appraisal from us is your best evidence. We're qualified to assist you in challenging your tax assessment.

PMI removal to lower your mortgage payment

Private Mortgage Insurance, or PMI, is an additional insurance policy that nearly all lenders ask home buyers to purchase when the amount being loaned to the homeowner is more than 80% of the actual value of the real estate. Oftentimes, this additional 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 United States Congress implemented a law in 1998 (the Homeowners Protection Act of 1998) requiring lenders to remove the PMI payments when the loan-to-value ratio conditions have been met.

Preferred Appraisers, Inc. will provide you with a statement regarding the value of your home, and the cost of the appraisal can generally be offset in little time because you'll no longer be paying the PMI.

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Divorce settlement with less stress

A divorce is a particularly traumatic event for the parties involved, and it is often even more complicated by the troublesome decision of who maintains the house. Regardless of the circumstances, 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 house.

The parties will have a better idea of what price to set, if they want to sell the home. 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 requires 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, guaranteeing the highest degree of discretion.

Unlike many wealthy individuals, most Americans don't have dedicated estate planners or executors to take care of these affairs. A home or other property often makes up a disproportionate share of the total estate value, so knowing the true worth of the real estate at hand is of significant importance to ensuring disputing parties walk away knowing they've received an honest deal.

Move to or from Gloucester County through an employee relocation program

Employee relocation is a stressful event, and we understand. We take great care in establishing a convenient appointment time for the appraisal inspection. During our detailed inspection, we encourage relocating employees to provide feedback on the positive features of their property, as well as information regarding any recent sales or listings in their neighborhood that they want considered.

Close on your home quickly — at the right price

A professional appraisal will help you make a better educated decision when determining your asking price, whether you choose to sell your home on your own or with the help of a real estate agent. An appraiser has no vested interest in what amount the house sells for, unlike real estate agents. Our fees are calculated on our efforts to finish the appraisal report and not a percentage of the sales price.

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 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, because we're experts in knowing how long homes are one the market.

Let Preferred Appraisers, Inc. help you sell your home quickly at the right price