Reasons to get an appraisal from Race Appraisal Services, LLC
Every year, thousands of people in Massachusetts purchase, sell or refinance their home. Many of these transactions include a simple line item for an appraisal. And while there are a developing number of automated home valuation methods that may appear less expensive than an appraisal, practically all lenders still call in a local expert because the stakes are so high. Is getting a mortgage the only reason to acquire an appraisal? Are there additional situations when the services of a licensed, independent real estate professional might be helpful? Absolutely.
Dispute your tax assessment
It's likely you're paying too much in property taxes if you reside in an area where property values have declined. Ad Valorem taxes are based upon a previous assessment of your real estate, so if values have gone down in your neighborhood, you can challenge your assessment and save money. When building your case, an appraisal from us is your best evidence. We can assist you in challenging your tax assessment.
Remove PMI to lower your mortgage payment
Private Mortgage Insurance, or PMI, is an added insurance policy that almost all lenders ask home owners to buy when the amount being loaned to the home owner is more than 80% of the actual value of the home. Seeing that additional payment is usually bundled into the monthly mortgage payment, it is often forgotten. This is bad because PMI becomes unnecessary when the leftover balance of the loan - whether through market appreciation or principal pay down - goes below the 80% level. In fact, the United States Congress invoked a law in 1998 (the Homeowners Protection Act of 1998) that requires lenders to eliminate the PMI payments when the loan-to-value ratio conditions have been met.
Race Appraisal Services, LLC will provide you with a statement regarding the value of your home, and the expense of the appraisal can usually be recovered in a short amount of time because you'll no longer be paying the PMI.
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Settle a divorce with fewer hang-ups
A divorce can be a particularly horrible ordeal for both parties, and it is often further complicated by the strenuous decision of who maintains the house. So both parties are entirely aware of the true market value of their house, it's a good idea to order an appraisal from Race Appraisal Services, LLC, regardless of the situation.
The parties will have a better idea of what price to set, if they wish to sell the home. And on the flip side, if a "buyout" is the chosen option, both parties will feel like they've received a fair evaluation.
Determine a fair and accurate valuation for estate liquidation
The loss of a loved one is a painful time in life, and settling an estate from a death, or probate, often requires an appraisal to establish Fair Market Value for the real estate involved. We ensure the highest degree of discretion, as we're bound with confidentiality by the ethics provision within the Uniform Standards of Professional Appraisal Practice (USPAP).
Most Americans do not have dedicated estate planners or executors to manage these matters, unlike wealthier individuals. 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 vital importance to ensuring disputing parties leave knowing they've gotten an honest deal.
Move to or from Hampden County for work
We understand the headaches associated with an employee relocation. That's why we take great care in organizing a convenient 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 new sales or listings in their neighborhood that they want considered during our intensive inspection.
Sell your home quickly — for an accurate price
A professional appraisal will help you make a more informed decision when determining your asking price, whether you decide to sell your home on your own or with the help 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 depend on our efforts to complete the appraisal report.
We examine 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 decide 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.
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