Reasons to hire an appraiser
To a lot of people, an appraisal is simply one more thing in the long list of items for a home purchase or refinance. Most lenders still call in a local expert because the stakes are very high, even though there are a multiplying number of automated home valuation processes that might appear more economical than an appraisal. You might believe that securing a mortgage is the only reason to get an appraisal, but there are additional cases when the services of a licensed, independent real estate professional could be beneficial.
Challenge 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 determined by a past assessment of your real estate, so if values have declined in your area, you can appeal your assessment and save money. An appraisal from Mitchell Appraisals is your best evidence when building your case. We can assist you in appealing your tax assessment.
PMI removal to reduce a mortgage payment
When the amount being loaned to the homebuyeris more than 80% of the actual value of the property, almost all lenders ask homebuyers to purchase this added insurance policy. That policy is Private Mortgage Insurance, or PMI. This added payment is often bundled into the monthly mortgage payment and is promptly forgotten. PMI isn't necessary when the leftover 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) requiring lenders to remove the PMI payments when the loan-to-value ratio conditions have been met.
Mitchell Appraisals can give you a statement regarding the value of your home, and the cost of the home valuation can usually be regained in little time because you'll no longer be paying the PMI.
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Divorce settlement with fewer hang-ups
A divorce can be an especially traumatic experience for both parties, and it is often more complicated by the strenuous decision of who keeps the property. It's a good idea to order an appraisal from Mitchell Appraisals so both parties are completely aware of the true market value of their house, regardless of the situation.
If the parties wish to sell the home, they'll have a better idea 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 evaluation.
Fair and accurate estate liquidation
The loss of a loved one is a painful 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 utmost degree of discretion.
Unlike wealthy individuals, most Americans do not have dedicated estate planners or executors to take care of these issues. And seeing that a home or other property often makes up a disproportionate share of the total estate value, knowing the true worth of the real estate at hand is of essential importance to ensuring disputing parties leave knowing they've gotten an honest deal.
Move to or from Santa Rosa County for work
We understand the headaches involved with an employee relocation. That's why we take great care in setting up an accommodating appointment time for the appraisal inspection. During our intensive inspection, we encourage relocating employees to provide remarks on the positive features of their property, as well as information about any recent sales or listings in their neighborhood that they want considered.
Sell your home quickly — at the right price
Whether you choose to sell your home on your own or with the help of a real estate agent, a professional appraisal can help you make a more informed decision when determining your asking price. An appraiser has no vested interest in what price the house sells for, apart from real estate agents. Our fees rest on our efforts to finish the appraisal report and and aren't related to the sales price.
On a daily basis, we analyze the difference in value things like an additional bathroom or a kitchen remodel can make. And we're experts in knowing how long homesstay on the market. So, obtaining a professional appraisal is a reliable 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.