Reasons to order an appraisal from Central Appraisal Services
To a lot of people, an appraisal is simply one more thing in the long list of items for a mortgage or refinance. Almost all lenders still want a local expert because the stakes are incredibly high, even though there are an increasing number of automated home valuation methods that might appear to be less expensive than an appraisal. Is securing a mortgage the only reason to get an appraisal? Are there also times when the services of a certified, independent real estate professional could come in handy? Of course there are.
Contest your tax assessment
It's possible you're paying too much in property taxes if you live in an area where property values have depreciated. Property taxes are based upon a past assessment of your real estate, so if values have declined in your neighborhood, you can appeal your assessment and save money. An appraisal from Central Appraisal Services is your best evidence when building your case. At Central Appraisal Services, we're equipped to assist you in disputing your tax assessment.
PMI removal to lower a mortgage payment
Private Mortgage Insurance, or PMI, is a supplemental insurance policy that most lenders ask home buyers to buy when the amount being loaned to the homeowner is more than 80% of the actual value of the real estate. Since the additional payment is usually bundled into the monthly mortgage payment, it is often forgotten. PMI isn't necessary when the remaining balance of the loan - whether through market appreciation or principal pay down - decreases below the 80% mark, making this very unfortunate. In fact, the United States Congress passed a law in 1998 (the Homeowners Protection Act of 1998) that requires lenders to do away with the PMI payments when the loan-to-value ratio conditions have been met.
If you'd like to do away with PMI, Central Appraisal Services can provide you with a statement regarding the value of your home. The expense of the home valuation can usually be offset in just a few months 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 keeps the house, and it can be an especially horrible experience for both parties. It's a good idea to order an appraisal from Central Appraisal Services so both parties are fully aware of the true market value of their property, regardless of the situation.
If the parties wish to sell the home, they'll have a clearer picture of what price to set. And on the flip side, if a "buyout" is the chosen option, both parties will feel like they've gotten a fair assessment.
Fair and accurate estate liquidation
The death 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 residential property involved. We ensure the utmost 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 many wealthy individuals. A home or other property often makes up an unequal share of the total estate value, so understanding the true worth of the real estate at hand is of essential importance to ensuring disputing parties leave knowing they've received an honest deal.
Relocate to or from Philadelphia County for work
Employee relocation is a stressful event, and we understand. That's why we take great care in organizing an accommodating appointment time for the appraisal inspection. We encourage relocating employees to provide feedback on the positive attributes of their property, as well as information about any recent sales or listings in their neighborhood that they want considered during our thorough inspection.
Close on your home quickly — at the right price
Whether you choose to sell your home on your own or use the assistance of a real estate agent, a professional appraisal will help you make a better educated decision when determining your selling price. An appraiser has no vested interest in what amount 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 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 homesstay 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.
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