Reasons to order an appraisal from Elite Appraisal Services
Every year, thousands of people in Texas purchase, sell or refinance their home. A lot of these transactions have a simple line item for an appraisal. And even though there are a multiplying number of automated home valuation systems that may appear to be more cost-effective than an appraisal, almost all lenders still call for a local expert because the stakes are so high. You might think that getting a mortgage is the only reason to get an appraisal, but there are additional cases when the services of a certified, independent real estate professional could be helpful.
Contest your tax assessment
It's likely you're paying too much in property taxes if you live in an area where property values have declined. Ad Valorem taxes are determined by a past assessment of your home, so if prices are less than what they used to be in your area, you can challenge your assessment and save money. An appraisal from Elite Appraisal Services is your best evidence when building your case. We're equipped to assist you in disputing your tax assessment.
PMI removal to reduce a mortgage payment
When the amount being loaned to the homeowneris more than 80% of the actual value of the property, many lenders ask homeowners to buy this extra insurance policy. That policy is Private Mortgage Insurance, or PMI. Since the additional payment is usually folded into the monthly mortgage payment, it is often forgotten. This is bad because PMI is unnecessary when the leftover balance of the loan - whether through market appreciation or principal pay down - decreases below the 80% level. In fact, the United States Congress implemented a law in 1998 (the Homeowners Protection Act of 1998) requiring lenders to remove the PMI installments when the loan-to-value ratio conditions have been met.
If you'd like to do away with PMI, Elite Appraisal Services can provide you with a statement regarding the value of your home. The cost of the appraisal can often be offset in just a few months because you'll no longer be paying the PMI.
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Get a clear valuation on a home for divorce settlements
A divorce is often complicated by the strenuous decision of who keeps the home, and it can be an especially traumatic occurrence for both parties. So both parties are completely aware of the true market value of their property, it's a good idea to order an appraisal from Elite Appraisal Services, regardless of the circumstances.
If the parties need to sell the home, they'll have a a good idea of what price to set. And on the flip side, if a "buyout" is the chosen option, both parties will feel like they've received a fair assessment.
Fair and accurate estate liquidation
Losing a loved one is a difficult time in life, and settling an estate from a death, or probate, often calls for an appraisal to establish Fair 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 fullest degree of discretion.
Most Americans don't have dedicated estate planners or executors to manage these issues, unlike wealthier individuals. And since a home or other property often makes up a disproportionate share of the total estate value, understanding the true value of the real estate at hand is of vital importance to ensuring disputing parties walk away knowing they've gotten a fair deal.
Relocate to or from Brazoria County through an employee relocation program
Employee relocation can be a stressful event, and we understand. That being said, we take great care in establishing an accommodating appointment time for the appraisal inspection. During our detailed inspection, we recommend 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.
Sell your home quickly — at an accurate price
A professional appraisal will help you make a better educated decision when determining your asking price, whether you choose to sell your home on your own or use the assistance of a real estate agent. Apart from 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 calculated on our efforts to finish the appraisal report.
On a daily basis, we determine the difference in value items like an extra bathroom or a kitchen remodel can make. And we're experts in knowing how long propertiesstay on the market. So, seeking a professional appraisal is a reliable way to determine 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.