6 Reasons to choose an appraisal from Mitchell Appraisals
To a lot of us, an appraisal is simply one more thing in the long list of items for a home sale or refinance. While there are a multiplying number of automated home valuation systems that might appear to be less expensive than an appraisal, nearly all lenders still want a local expert because the stakes are very high. Is obtaining a mortgage the only reason to acquire an appraisal? Are there more cases when the services of a licensed, independent real estate professional could come in handy? Of course.
Dispute 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 determined by a previous assessment of your real estate, so if prices are less than what they used to be in your area, you can appeal your assessment and save money. When building your case, an appraisal from us is your best evidence. We're equipped to assist you in appealing your tax assessment.
PMI removal to reduce a mortgage payment
When the amount being loaned to the home owneris more than 80% of the actual value of the home, many lenders ask home buyers to purchase this supplemental insurance plan. That policy is Private Mortgage Insurance, or PMI. This added payment is often lumped into the monthly mortgage payment and is soon forgotten. This is damaging because PMI is unnecessary when the remainder of the loan - whether through market appreciation or principal pay down - falls below the 80% level. In fact, the Homeowners Protection Act (HPA) of 1998 was invoked by the United States Congress that requires lenders to eliminate the PMI installments when the loan-to-value ratio conditions have been met.
If you'd like to eliminate PMI, Mitchell Appraisals can provide you with a statement regarding the value of your home. The price you paid for the home valuation can generally be offset in a short amount of time because you'll no longer be paying the PMI.
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Get a clear valuation on a home for divorce settlements
A divorce can be an especially horrible experience for both parties, and it is often further complicated by the difficult decision of who keeps the home. 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 home, regardless of the situation.
The parties will have a good idea of what price to set, if they need to sell the home. And if a "buyout" is the chosen option, both parties will feel like they've gotten a fair evaluation.
Accurate and fair estate liquidation
The death 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 fullest degree of discretion.
Most Americans do not have dedicated estate planners or executors to handle these affairs, unlike many wealthy individuals. A home or other property often makes up an uneven share of the total estate value, so understanding the true worth of the real estate at hand is of significant importance to ensuring disputing parties walk away knowing they've gotten an honest deal.
Move to or from Santa Rosa County for work
Employee relocation is a stressful event, and we understand. That being said, we take great care in establishing an accommodating appointment time for the appraisal inspection. We encourage relocating employees to provide feedback on the positive aspects of their property, along with information about any current sales or listings in their neighborhood that they want considered during our thorough inspection.
Sell your home quickly — at the right price
A professional appraisal will help you make a more informed decision regarding your asking price, whether you decide to sell your home on your own or use the assistance of a real estate agent. Apart from a real estate agent, an appraiser has no vested interest in what price the house sells for. Our fees aren't related to the sales price, but rather they are calculated on our efforts to finish the appraisal report.
We examine the difference in value things like an extra bathroom or a kitchen remodel can make on a daily basis. Obtaining 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 houses are one the market.