6 Reasons to order an appraisal from Lundquist Appraisals & Real Estate Services
To many, an appraisal just looks like one more thing on the settlement sheet for a mortgage or refinance. And even though there are a growing number of automated home valuation systems that may appear to be more cost-effective than an appraisal, almost all lenders still call in a local expert because the stakes are incredibly high. You might believe that securing a mortgage is the only reason to get an appraisal, but there are more times when the services of a certified, independent real estate professional could be beneficial.
Contest your tax assessment
It's probable you're paying too much in property taxes if you reside in an area where property values have depreciated. Property taxes are based upon a previous assessment of your home, so if prices are less than what they used to be in your neighborhood, you can appeal your assessment and save money. An appraisal from Lundquist Appraisals & Real Estate Services is your best evidence when building your case. We're qualified to assist you in disputing your tax assessment.
Get rid of 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, nearly all lenders ask buyers to take out this extra insurance plan. That policy is Private Mortgage Insurance, or PMI. Seeing that additional payment is usually bundled into the monthly mortgage payment, it is often forgotten. PMI isn't required when the remainder of the loan - whether through market appreciation or principal pay down - dips below the 80% level, making this very unfortunate. In fact, the Homeowners Protection Act (HPA) of 1998 was implemented by the United States Congress that requires lenders to eliminate the PMI payments when the loan-to-value ratio conditions have been met.
If you'd like to eliminate PMI, Lundquist Appraisals & Real Estate Services will give you a statement regarding the value of your home. The cost of the appraisal can generally be regained 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 very horrible experience for the parties involved, and it is often even more complicated by the troublesome decision of who gets the home. It's a good idea to order an appraisal from Lundquist Appraisals & Real Estate Services so both parties are entirely aware of the true market value of their house, 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 gotten a fair assessment.
Determine an accurate and fair valuation for estate liquidation
The loss of a loved one is a difficult time in life, and settling an estate from a death, or probate, often entails an appraisal to establish Fair Market Value for the real estate involved. The ethics provision within the Uniform Standards of Professional Appraisal Practice (USPAP) binds us with confidentiality, ensuring the maximum degree of discretion.
Most Americans do not have dedicated estate planners or executors to manage these issues, unlike many wealthy individuals. And since a home or other property often makes up an uneven share of the total estate value, understanding the true worth of the real estate at hand is of essential importance to ensuring disputing parties walk away knowing they've gotten an honest deal.
Relocate to or from Wabash County for work
We understand the stress associated with an employee relocation. That being said, we take great care in setting up an accommodating appointment time for the appraisal inspection. During our thorough inspection, we encourage relocating employees to provide feedback on the positive characteristics of their property, along with information regarding any new sales or listings in their neighborhood that they want considered.
Sell your home quickly — at the right price
A professional appraisal will help you make a more informed decision when determining your selling price, whether you choose to sell your home on your own or use the assistance of a real estate agent. An appraiser has no vested interest in what amount the house sells for, unlike real estate agents. Our fees aren't related to the sales price, but rather they are based on our efforts to finish the appraisal report.
On a daily basis, we analyze the difference in value items like an extra bathroom or a kitchen remodel can make. Getting a professional appraisal is a reliable way to determine what improvements will add value and what an appropriate 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.