REASONS FOR AN APPRAISAL
Each year, countless people in Wayne County, Indiana buy, sell, or refinance their home or get a home equity loan. Whether you decide to buy or sell a home on your own or with the help of a real estate agent, an unbiased appraisal will help determine the valuation of the property. A buyer needs to know they are not paying too much for a home and the bank or mortgage company needs to be sure the loan is in line with the value of the property. There are many other important reasons to obtain an appraisal by a certified professional.
Divorce Settlements
A divorce can be complicated and stressful when trying to decide who keeps the home. An appraisal will help establish the true market value of their house if they decide to sell and divide the assets or “buyout” the other person’s interest.
Estate Settlements
The death of a loved one can be a traumatic time in one’s life and settling an estate can often be overwhelming. An appraisal will help to establish the market value of the property to ensure any distribution between the parties involved is fair and equitable. Appraisers are bound to a strict code of confidentiality through the ethics provision within the Uniform Standards of Professional Appraisal (USPAP) and appraisals are handled with the utmost discretion.
Tax Appeals
Over time, property values in some areas have depreciated so it’s possible you’re paying too much in property taxes. An appraisal will assist you in challenging your tax assessment.
Private Mortgage Insurance (PMI) Removal
When the amount being loaned to a homeowner is more than 80% of the actual value of the real estate, lenders may require buyers to purchase a Private Mortgage Insurance (PMI) policy. When the remaining balance on the loan goes below 80%, the PMI is no longer required. However, since the payment is bundled with the monthly mortgage payment, it is often forgotten. The US Congress passed the Homeowners Protection Act of 1998 that requires lenders to remove the PMI payments when the loan-to-value ration conditions have been met. If you think you have met these conditions, an appraisal can be used to remove the PMI payment.
Relocation
We can help make the transition process smoother when relocating to or from Wayne County by arranging an appointment around your hectic schedule. We encourage any input you may have relative to any home improvements, special features, or recent listings/sales in your neighborhood to be considered in the appraisal process.