To a lot of people, an appraisal just looks like another fee on the settlement sheet for a mortgage or refinance. Most lenders still call for a local expert because the stakes are incredibly high, even though there are a budding number of automated home valuation systems that might appear more economical than an appraisal. But is obtaining a mortgage the only reason you should get an appraisal? Are there other cases when the services of a licensed, independent real estate professional might be helpful? You bet.
Appeal your tax assessment in Citrus CountyIt's possible you're paying too much in property taxes if you live in an area where property values have declined. Property taxes are based upon a previous assessment of your real estate, so if values 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 Snell & Associates Inc. is your best evidence. At Snell & Associates Inc., we're qualified to assist you in disputing your tax assessment.
Get rid of PMI to lower your mortgage paymentPrivate Mortgage Insurance, or PMI, is an added insurance policy that most lenders ask homebuyers to purchase when the amount being loaned to the home owner is more than 80% of the actual value of the real estate. This additional payment is often bundled into the monthly mortgage payment and is quickly forgotten. This is unfavorable because PMI is unnecessary when the remainder of the loan - whether through market appreciation or principal pay down - decreases below the 80% level. In fact, the Homeowners Protection Act (HPA) of 1998 was implemented by the United States Congress requiring lenders to do away with the PMI payments on most mortgages when the balance is paid down to 78% of the original value.
Snell & Associates Inc. can give you a statement regarding the value of your home, and the expense of the home valuation can generally be recovered in just a few months because you'll no longer be paying the PMI.
Divorce settlement with less stressA divorce can be a particularly traumatic experience for both parties, and it is often even more complicated by the hard decision of who gets the house. It's a good idea to get an appraisal from Snell & Associates Inc. so both parties are fully aware of the true market value of their home, regardless of the situation.
If the parties wish to sell the home, they'll have a better idea of what price to set. And if a "buyout" is the chosen option, both parties will feel like they've gotten a fair evaluation.
Accurate and fair estate liquidationLosing a loved one is a difficult time in life, and settling an estate from a death, or probate, often entails an appraisal to establish Market Value for the residential property involved. The ethics provision within the Uniform Standards of Professional Appraisal Practice (USPAP) binds us with confidentiality, guaranteeing the highest 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 an uneven share of the total estate value, so understanding the true value of the real estate at hand is of essential importance to ensuring disputing parties walk away knowing they've received a fair deal.
Relocating to/from Citrus CountyWe know the headaches involved with an employee relocation. We take great care in organizing an accommodating appointment time for the appraisal inspection. During our detailed process, we recommend relocating employees to provide remarks on the positive characteristics of their property, along with information about any current sales or listings in their neighborhood that they want considered.
Sell your home quickly, at the right priceA professional appraisal can help you make a more informed decision regarding your selling price, whether you choose to sell your home on your own or with the help of a real estate agent. An appraiser has no vested interest in what amount the house sells for, unlike real estate agents. Our fees are derived from our efforts to finish the appraisal report and not a percentage of the sales price.
We determine the difference in value items like an extra 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 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 - because we're experts in knowing how long homes are one the market.