When do you need an Appraisal

Every year, countless people in the United States buy, sell or refinance their homes. Most, if not all, of these transactions require having your property appraised by a real estate professional. Other times services of a certified, licensed, independent real estate professional will help make an informed decision about your property.

Property Tax Challenges

If you think you are paying too much for your property taxes, we can help. While it may not be economical to commission a full appraisal to save a few hundred on your tax bill, we can do a limited appraisal or neighborhood analysis for much less. These documents can carry a lot of weight when you appear before a property tax appeals board.

PMI Removal

You may not have to pay Private Mortgage Insurance (PMI). 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. Very often, this additional payment is folded into the monthly mortgage payment. PMI becomes unnecessary when the remaining balance of the loan - whether through market appreciation or principal paydown - dips below this 80% level. In fact, the United States Congress passed a law in 1998 (the Homeowners Protection Act of 1998) that requires lenders to remove the PMI payments when the loan-to-value ratio conditions have been met.

We offer a specific service for home owners that believe they have met the 80% loan-to-value metric. For a nominal fee, we can provide you with a statement regarding the home value. We will even take the next step and help you file a challenge with your mortgage company. The costs of these services are very often recovered in just a few months of not paying the PMI.

Pre-Sale Decisions

You want to know the market value of your home. Before someone decides to sell a home, there are several decisions to be made. First and foremost: ''How much should it sell for?'' But first there may be other equally important questions to ask: ''Would it be better to paint the entire house first?'' ''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.

Appraisers can step in and help make these decisions. Unlike a Realtor, an appraiser has no vested interest in what amount the house sells for. His fee is based on his efforts, not a percentage of the sales price. So seeking a professional appraisal can often help homeowners make the best decisions on investing in their homes and setting a fair sales price.

Estate Planning, Liquidation or Divorce

You want to know the market value of your Real Estate. The loss of a loved one is a difficult time in life. Likewise, a divorce can be a particularly traumatic experience. Sadly, these events are often complicated by difficult decisions regarding the disposition of an estate. 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.

If you need to sell a home or liquidate an estate due to divorce or death, you will first need to understand it's market 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.