When do you need an Appraisal

Every year, countless people in the United States buy, sell or refinance their own slice of the American Dream. Most, if not all, of these transactions include a simple line item for an appraisal. It has become an understood and accepted part of a real estate transaction. ''Let's bring in the expert and make sure we're not spending too much on this property.''

This is not the only reason to get an appraisal. There other times when the services of a certified independent real estate professional would be prudent. 

Property Tax Challenges

Everyone has a different perspective of the value of a house, but when the tax assessor thinks your property is worth more than you do, you need professional help!  A real estate appraiser can help in these situations.  Several appraisal options are available to assist you in challenging your assessed valuation.

PMI Removal

Private Mortgage Insurance or PMI is the supplemental insurance that many lenders require 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 and is quickly forgotten. This is unfortunate because 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, on your request, to remove the PMI payments when the loan-to-value ratio conditions have been met. 
We offer a specific service for homeowners that believe they have met the 80% loan-to-value level.    For a nominal fee, we can provide an appraisal which states our opinion of your home's value. This appraisal will meet the lender's criteria, and the cost of this service is very often recovered in just a few months.

Pre-Sale Decisions

Before the homeowner decides to sell a home, there are important decisions to be made.  First, ''How do I establish a reasonable marketing price?"  Also, "Are there any anticipated repair requirements that should be made before the property is listed?"  "What are the current market conditions?" 

Appraisers can assist in these decisions.  Unlike a real estate agent, an appraiser has no vested interest in the sales price of the property.  The appraiser's fee is based on the work completed and not a percentage of the sales price.  Oftentimes, the best marketing decisions are made with the help of a professional appraisal. 

Estate Settlement or Divorce

An appraisal is ofen mandated by the court in order to effect an equitable division of the property.  The third party professional's opinion is to the benefit of all parties.