Reasons to hire an appraiser
Year after year, thousands of people in Ohio buy, sell or refinance their home. A lot of these transactions contain a simple line item for an appraisal. Almost all lenders still call in a local expert because the stakes are very high, even though there are a developing number of automated home valuation systems that might appear more prudent than an appraisal. 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 be beneficial? You bet.
Appeal 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. Ad Valorem taxes are determined by a previous assessment of your house, so if prices have gone down in your area, you can appeal your assessment and save money. When building your case, an appraisal from us is your best evidence. At Village Appraisal Ltd., we're capable of assisting you in challenging your tax assessment.
Eliminate PMI to lower your mortgage payment
When the amount being loaned to the home buyeris more than 80% of the actual value of the home, most lenders ask homeowners to take out this added insurance policy. That policy is Private Mortgage Insurance, or PMI. More often than not, this extra payment is bundled into the monthly mortgage payment and is soon forgotten. This is unfortunate because PMI becomes unnecessary when the remainder of the loan - whether through market appreciation or principal pay down - falls below the 80% mark. In fact, the Homeowners Protection Act (HPA) of 1998 was invoked by the United States Congress requiring lenders to remove the PMI installments when the loan-to-value ratio conditions have been met.
Village Appraisal Ltd. will give you a statement regarding the value of your home, and the expense of the appraisal can usually be regained in little time because you'll no longer be paying the PMI.
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Divorce settlement with less stress
A divorce is often complicated by the challenging decision of who gets the home, and it can be a particularly horrible ordeal for both parties. It's a good idea to order an appraisal from Village Appraisal Ltd. so both parties are fully aware of the true market value of their home, regardless of the circumstances.
If the parties want to sell the home, they'll have a a good idea of what price to set. And if a "buyout" is the chosen option, both parties will feel like they've received a fair evaluation.
Fair and accurate estate liquidation
Losing 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, guaranteeing the fullest degree of discretion.
Unlike many wealthy individuals, most Americans do not have dedicated estate planners or executors to handle these issues. A home or other property often makes up a disproportionate share of the total estate value, so knowing the true value of the real estate at hand is of significant importance to ensuring disputing parties walk away knowing they've received a fair deal.
Relocate to or from Fairfield County through an employee relocation program
We understand the headaches involved with an employee relocation. That being said, we take great care in setting up an accommodating appointment time for the appraisal inspection. We encourage relocating employees to provide input on the positive features of their property, along with information regarding any current sales or listings in their area that they want considered during our thorough inspection.
Sell your home quickly — at the right price
A professional appraisal can help you make a more informed decision when determining your asking price, whether you decide to sell your home on your own or use the assistance 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 are based on our efforts to complete the appraisal report.
We examine the difference in value things like an additional bathroom or a kitchen remodel can make on a daily basis. Getting a professional appraisal is a trusted way to determine what improvements will add value and what a suitable 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 homes stay on the market.