Reasons to get an appraisal from Central Appraisal Services
Thousands of people in Pennsylvania buy, sell or refinance their home each month. Most of these transactions involve a simple line item for an appraisal. And even though there are a multiplying number of automated home valuation methods that might appear to be less expensive than an appraisal, nearly all 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 cases when the services of a certified, independent real estate professional could be helpful? You bet.
Challenge your tax assessment
If you live in an area where the property value has depreciated, it's possible you're paying too much in property taxes. An appraisal from Central Appraisal Services is your best evidence when building your case. We can assist you in disputing your tax assessment.
Eliminate PMI to lower your mortgage payment
When the amount being loaned to the home owneris more than 80% of the actual value of the real estate, most lenders ask homeowners to purchase this added insurance plan. That policy is Private Mortgage Insurance, or PMI. More often than not, this additional payment is folded 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% level, making this very unfavorable. In fact, the United States Congress passed a law in 1998 (the Homeowners Protection Act of 1998) requiring lenders to remove the PMI installments when the loan-to-value ratio conditions have been met.
Central Appraisal Services can produce a statement regarding the value of your home, and the cost of the appraisal can usually be offset in a short amount of time because you'll no longer be paying the PMI.
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Divorce settlement with fewer hang-ups
A divorce is an especially horrible experience for the parties involved, and it is often more complicated by the burdensome decision of who maintains the home. So both parties are fully aware of the true market value of their home, it's a good idea to order an appraisal from Central Appraisal Services, regardless of the circumstances.
The parties will have a better idea of what price to set, if they wish to sell the home. And if a "buyout" is the chosen option, both parties will feel like they've received a fair assessment.
Determine a fair and accurate 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 real estate involved. We ensure the maximum degree of discretion, as we're bound with confidentiality by the ethics provision within the Uniform Standards of Professional Appraisal Practice (USPAP).
Most Americans don't have dedicated estate planners or executors to handle these issues, unlike wealthier individuals. A home or other property often makes up an uneven share of the total estate value, so understanding the true worth of the real estate at hand is of vital importance to ensuring disputing parties walk away knowing they've received a fair deal.
Move to or from Philadelphia County through an employee relocation program
Employee relocation is a stressful event, and we understand. That being said, we take great care in organizing a convenient appointment time for the appraisal inspection. During our detailed inspection, we recommend relocating employees to provide remarks on the positive characteristics of their property, as well as information regarding any new sales or listings in their neighborhood that they want considered.
Sell your home quickly — for an accurate price
Whether you decide 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 regarding your selling price. An appraiser has no vested interest in what amount the house sells for, apart from real estate agents. Our fees aren't a percentage of the sales price, but rather they are calculated on our efforts to complete the appraisal report.
On a daily basis, we examine the difference in value items like an additional bathroom or a kitchen remodel can make. Getting a professional appraisal is a reliable 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, because we're experts in knowing how long homes stay on the market.
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