Reasons to get an appraisal from Residential Appraisal Service, LLC
To many, an appraisal is simply another fee in the long list of items for a home purchase or refinance. While there are a developing number of automated home valuation systems that might appear more cost-effective than an appraisal, practically all lenders still call in a local expert because the stakes are very high. You might assume that securing a mortgage is the only reason to acquire an appraisal, but there are additional instances when the services of a licensed, independent real estate professional could be helpful.
Challenge 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. Ad Valorem taxes are based upon a previous assessment of your home, so if values have gone down in your area, you can challenge your assessment and save money. When building your case, an appraisal from us is your best evidence. We're qualified to assist you in appealing your tax assessment.
Remove PMI to lower your mortgage payment
Private Mortgage Insurance, or PMI, is an extra insurance plan that almost all lenders ask homebuyers to buy when the amount being loaned to the homebuyer is more than 80% of the actual value of the property. This extra payment is often bundled into the monthly mortgage payment and is promptly forgotten. PMI isn't required when the leftover balance of the loan - whether through market appreciation or principal pay down - decreases below the 80% mark, making this very unfavorable. In fact, the Homeowners Protection Act (HPA) of 1998 was implemented by the United States Congress that requires lenders to dismiss the PMI payments when the loan-to-value ratio conditions have been met.
If you'd like to get rid of PMI, Residential Appraisal Service, LLC can produce a statement regarding the value of your home. The price you paid for the appraisal can usually be regained in just a few months because you'll no longer be paying the PMI.
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Settle a divorce with fewer hang-ups
A divorce is a particularly daunting event for the parties involved, and it is often more complicated by the strenuous decision of who keeps the home. Regardless of the situation, it's a good idea to get an appraisal from Residential Appraisal Service, LLC so both parties are fully aware of the true market value of their house.
The parties will have a a good idea of what price to set, if they want to sell the home. 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 death of a loved one is a hard time in life, and settling an estate from a death, or probate, often requires an appraisal to establish Fair Market Value for the residential property involved. We guarantee the maximum degree of discretion, as we're bound with confidentiality by the ethics provision within the Uniform Standards of Professional Appraisal Practice (USPAP).
Unlike wealthy individuals, most Americans don't have dedicated estate planners or executors to take care of these matters. A home or other property often makes up an unequal share of the total estate value, so knowing the true worth of the real estate at hand is of essential importance to ensuring disputing parties leave knowing they've received a fair deal.
Relocate to or from Frederick County through an employee relocation program
We know the stress associated with an employee relocation. That's why we take great care in establishing a convenient appointment time for the appraisal inspection. We encourage relocating employees to provide remarks on the positive attributes of their property, along with information regarding any recent sales or listings in their neighborhood that they want considered during our intensive inspection.
Sell your home promptly — for an accurate price
A professional appraisal can help you make a more informed decision when determining your asking price, whether you want to sell your home on your own or with the help of a real estate agent. Unlike a real estate agent, an appraiser has no vested interest in what amount the house sells for. Our fees aren't related to the sales price, but rather they depend on our efforts to complete the appraisal report.
On a daily basis, we examine the difference in value items like an extra bathroom or a kitchen remodel can make. And we're experts in knowing how long propertiesare on the market. So, obtaining a professional appraisal is a trusted way to decide 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.