Let Race Appraisal Services, LLC serve your appraisal needs
To a lot of people, an appraisal just looks like one more thing in the long list of items for a home sale or refinance. Nearly all lenders still call in a local expert because the stakes are very high, even though there are a growing number of automated home valuation processes that may appear more cost-effective than an appraisal. You might think that getting a mortgage is the only reason to get an appraisal, but there are additional situations when the services of a certified, independent real estate professional could be beneficial.
Dispute your tax assessment
It's possible 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 prices are less than what they used to be in your area, you can appeal your assessment and save money. An appraisal from Race Appraisal Services, LLC is your best evidence when building your case. We can assist you in challenging your tax assessment.
PMI removal to reduce a mortgage payment
Private Mortgage Insurance, or PMI, is a supplemental 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 property. This extra payment is often folded into the monthly mortgage payment and is promptly forgotten. This is damaging because PMI isn't required when the remaining balance of the loan - whether through market appreciation or principal pay down - decreases below the 80% level. In fact, the United States Congress passed a law in 1998 (the Homeowners Protection Act of 1998) that requires lenders to do away with the PMI payments when the loan-to-value ratio conditions have been met.
If you'd like to get rid of PMI, Race Appraisal Services, LLC will provide you with a statement regarding the value of your home. 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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Get a fair valuation on a home for divorce settlements
A divorce is often complicated by the hard decision of who gets the property, and it can be a very traumatic ordeal for both parties. Regardless of the circumstances, it's a good idea to order an appraisal from Race Appraisal Services, LLC so both parties are fully aware of the true market value of their property.
The parties will have a clearer picture of what price to set, if they need 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 an accurate and fair valuation for estate liquidation
Losing a loved one is a difficult time in life, and settling an estate from a death, or probate, often entails an appraisal to establish Fair Market Value for the real estate involved. The ethics provision within the Uniform Standards of Professional Appraisal Practice (USPAP) binds us with confidentiality, ensuring the highest degree of discretion.
Unlike wealthy individuals, most Americans don't have dedicated estate planners or executors to manage these issues. And seeing that a home or other property often makes up an unequal share of the total estate value, knowing the true value of the real estate at hand is of vital importance to ensuring disputing parties leave knowing they've received an honest deal.
Move to or from Hampden County for work
Employee relocation can be a stressful event, and we understand. We take great care in establishing an accommodating appointment time for the appraisal inspection. During our intensive inspection, we encourage relocating employees to provide feedback on the positive features of their property, as well as information about any recent sales or listings in their neighborhood that they want considered.
Close on your home promptly — for an accurate price
Whether you decide to sell your home on your own or with the help of a real estate agent, a professional appraisal can help you make a better educated decision regarding your selling price. An appraiser has no vested interest in what price the house sells for, apart from real estate agents. Our fees aren't related to the sales price, but rather they rest on our efforts to finish the appraisal report.
We analyze the difference in value items like an additional bathroom or a kitchen remodel can make on a daily basis. And we're experts in knowing how long homesstay on the market. So, seeking a professional appraisal is a reliable way to determine what improvements will add value and what a suitable sales price is for your home so you don't come up short or have your house on the market an unnecessarily long time.
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