WHY GET AN APPRAISAL

When do you need an Appraisal?

“Let’s bring in the expert and make sure we’re not spending too much on this property.”

Year after year this has been the most commonly used sentence in all households from around the world especially from the United States who would need an appraiser to see through their plans of selling, buying or refinancing their beloved houses. These transactions would include an appraisal. You can’t go wrong with an appraiser on standby.

Is this the only role of appraisers? When do we need to hire a certified, licensed, independent and a real estate professional?

PMI Removal

Private Mortgage Insurance is actually an insurance that protects the lenders not you who applied for the loan. Some prefer this type of insurance if they can’t afford the high down payment of a property. PMI can be terminated if your property’s value increased in time or you have remodeled your house to increase its market value.

In cases that your property has not been remodeled and increase its market value, you can pay a monthly mortgage. Overtime when the loan-to-value ratio will go below 80% you can no longer pay for your PMI. Appraisal can help you do this. When the equity of your property goes below 80% of the loan-to-value ratio, then you can terminate your mortgage insurance. Appraisers are hired to challenge their mortgage company to provide them the new and higher market value of their property.

Property Tax Challenges

We all have our preferences and we are entitled to our opinions. But when property tax is concerned, the tax assessor is in the pedestal. People would tend to challenge the tax assessments given by tax assessors. Most people searched for different information in the internet to support their claims but unfortunately, the information they gathered were not enough to be the basis of their complains.

Property taxes would differ from time to time. This is because of the change of the current market value of the property. An appraiser is of great help in this situation. It will not be easy to hire one because you will be paying a big amount of money but this can make things clearer for you and you will not be embarrassed when you will be appearing on the board of appeals.

Estate Planning, Liquidation or Divorce

Losing someone we love so dearly would be the most difficult time for us. Same with having a divorce. These tragic and emotional events are few of the reasons why people would want to dispose their properties. It’s good for those filthy rich individuals that can hire real estate planners but most of the Americans don’t have one to handle such issues.

Disposing an estate is to know the real value. Here is where the appraisers come in. Appraisers can be of help when knowing the true value of an estate is concerned. Disputing parties will be settled with the results given by the appraiser giving them both a fair deal.

Real estate appraisals have other benefits. Home owners and the people who support them are benefitted because the people behind these services are highly-trained to use their expertise to look for ways to help them.

Pre-Sale Decisions

Everybody wants to sell their properties at a high market value. But how are you going to increase the value of your properties? Should you remodel it, or change the bathroom tiles to make it look more sophisticated? Should you put another room in the house or repaint it? There are many things that you tend to do just to make its market value higher. But, are you sure that it would meet your purpose or you are just spending for nothing?

You will make a clear decision when you have an appraiser. An appraiser is not bias. They are not after the commission that they can get when your property will be sold. His fee depends on his efforts not on the percentage of your selling price. Professional appraisal can help you make decisions as to what changes you have to make in your property to get the market value you want for your property.