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REASONS TO GET A REAL ESTATE APPRAISAL

 
 
 
 

 

PURCHASE OF A HOME

 

A professional real estate appraisal report performed by a qualified, state-licensed appraiser can provide you with an objective, third party opinion of a property's current Market Value.  And for the small price of this service, you can give yourself "peace of mind" prior to making an offer to purchase that you're offering a fair price for the property.

 


REFINANCE OR GET A HOME EQUITY LOAN

If you need to consolidate bills, have a college tuition to pay, or just want to tap into the equity of your home, you'll need a new loan, which oftentimes requires a new real estate appraisal of the property.


 

PMI REMOVAL

Private Mortgage Insurance or PMI is the supplemental insurance that many lenders ask home buyers to purchase when the amount being loaned is more than 80% of the value of the home. 
 PMI becomes unnecessary when the remaining balance of the loan - whether through market appreciation or principal paydown - dips below this 80% level.
The cost of an appraisal for removal of PMI is often recovered in just a few months of not paying the PMI.



DIVORCE SETTLEMENT

A divorce can be a particularly traumatic experience for both parties and is often further complicated by the difficult decision of "Who gets the house?".  In most divorce cases, the Court may order the sale of the home so each party gets an equal share of the equity.

  Regardless of the situation, it's a good idea to order a real estate 
appraisal so both parties are fully aware of what the true market value is.

If the parties want to sell the home, they'll have a better idea of what price to set.  And on the flipside, if a "buyout"
is the chosen option, both parties will feel like they've gotten a fair assessment. 

 


ESTATE LIQUIDATION

The loss of a loved one is a difficult time in life and settling an estate from a death, or probate, often requires a real estate 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 many wealthy individuals, the majority of Americans do not have dedicated estate planners or executors to handle these issues.  Also, in most cases, a home or other real property makes up a disproportionate share of the total estate value.

Here too, a real estate appraiser can help.  Often the first step in fairly disposing of an estate is to understand its true value.  Where property is involved, the appraiser can help determine the true value.  At this point, equitable arrangements can more easily be arrived at among disputing parties. Everyone walks away knowing they've received a fair deal.




RELOCATION

We understand the stress involved with an employee relocation.  We take great care in establishing a convenient appointment time for the appraisal inspection. During our thorough inspection, we encourage relocating employees to provide input on the positive attributes of their property along with information about any recent sales or listings in their neighborhood that they want considered.

 

HOME IMPROVEMENTS TO ADD VALUE

Before you decide to sell your home, there are several decisions to be made. First and foremost: "How much should it sell for?"  But don't forget there may be other equally important questions to ask yourself such as "Would it be better to paint the entire house before we sell it?", "Should I put in that third bathroom?", "Should I complete my kitchen remodel?"  Many things which we do to our houses have an effect on their value.  Unfortunately, not all of them have an equal effect. While a kitchen remodel may improve the appeal of a home, it may not add nearly enough to the value to justify the expense.



SELLING A HOME

Whether you choose to sell your home on your own or use the assistance of a real estate agent, a professional real estate appraisal can help you make a better educated decision when determining your selling price.
A real estate 
appraiser has no vested interest in what amount the house sells for so it's easy for them to step in and give you the information to help you make your decision.  Real estate appraiser fees are based on efforts to complete the report and not a percentage of the sales price. So seeking a professional real estate appraisal can often help homeowners make the best decisions on investing in their homes and setting a fair sales price.



SELLING YOUR HOME FSBO

More and more homeowners today are choosing to sell their homes FSBO (For Sale By Owner) and foregoing the help of a real estate agent. Selling your home by this method can end up saving you a potential “hefty” commission (industry average is 5-7% of the home’s selling price).

Plus many FSBO sellers feel that they have more control in the process of selling their home since they’re in essence making all the rules. But selling your home on your own will require a significant amount of "homework" if you're going to do it right. One piece of advice that is consistently given by the experts in selling your home FSBO....Do NOT "Overprice" Your Home!

It's very hard to be objective about your own home because of your emotional attachment to it. A professional real estate appraiser is objective and will tell you what you need to know, not just what you want to hear.





PRE
-LISTING PROPERTY APPRAISAL

If you’re working with a real estate agent to list your property, more than likely they’ll provide you with a Comparative Market Analysis (CMA) that lists selected sales in your area as one of the first steps in determining what to set as the “Listing Price". This step is vital if you're going to maximize your profit and minimize the home’s time on the market.
But even if you're working with the most experienced real estate agent, it's probably in your best interest to have an "objective" third-party's opinion of value prior to signing a Listing Agreement. We can provide you with a pre-listing property appraisal so both you and your agent have an accurate description of your home's features and a detailed analysis of the most recent and similar "comparable sales" or as they're commonly called, "Comps".

In addition to helping you set a realistic selling price so your home will attract buyers, a professional real estate appraisal can:
- Be a very valuable negotiating tool once you have a potential buyer
- Impress buyer’s with written proof of your home’s condition inside and out
- Make you aware of problems and eliminate last-minute repair hassles that might delay a closing
- Decrease the chances of unknown problems that cause sales to fall through
- Eliminate the wait for the buyer or their mortgage company to get the real estate appraisal done on their own

Many people are surprised when they find out that the market value of their home is much more than they thought, so investing in a professional real estate appraisal actually allowed these people to receive several thousand more dollars than they thought they would when their home was sold. Others have an inflated opinion of their home's value and a real estate appraisal helped them to realistically price their home in order for it to sell. An overpriced home will not attract buyers, which means no offers and no closing and that you have wasted valuable time, money, and efforts.