REASONS TO GET AN APPRAISAL
Every year, countless people in the United States buy, sell or refinance their own slice of the American Dream. Most, if not all, of these transactions include a simple line item for an appraisal. It has become an understood and accepted part of a real estate transaction. But there are other times when the services of a certified, licensed, independent real estate professional might come in handy.
PURCHASE OF A HOME
A professional appraisal report performed by a qualified, state-licensed appraiser can provide you with an objective, third party opinion of a property's current Market Value.
REFINANCE OR GET A HOME EQUITY LOAN
If you need to consolidate bills, have a college tuition to pay, or just want to tap into the equity of your home, you'll need a new loan, which often requires a new appraisal of the property.
Private Mortgage Insurance or PMI is the supplemental insurance that many lenders ask home buyers to purchase when the amount being loaned is more than 80% of the value of the home. When your home value increases so that your loan is no longer 80% of your house’s value, you may get your PMI removed. An appraisal can help validate this increase in value.
If the parties want to sell the home, they'll have a better idea of what price to set. And if the "buyout" option is the chosen option, both parties will feel like they've gotten a fair assessment.
Often the first step in fairly disposing of an estate is to understand its true value. When property is involved, an appraiser can help determine the true value. At this point, equitable arrangements can more easily be arrived at among disputing parties. Everyone walks away knowing they've received a fair deal.
SELLING A HOME
Whether you choose to sell your home on your own or use the assistance of a real estate agent, a professional appraisal can help you make a better educated decision when determining your selling price.