Reasons to get an appraisal

To a lot of people, an appraisal just looks like a line item in the long list of items for a home sale or refinance. While there are a multiplying number of automated home valuation processes that might appear more prudent than an appraisal, nearly all lenders still call for a local expert because the stakes are so high. You might assume that obtaining a mortgage is the only reason you should get an appraisal, but there are more situations when the services of a licensed, independent real estate professional could come in handy.

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Contest your tax assessment in Hampden County

It's possible you're paying too much in property taxes if you reside in an area where property values have declined. Property taxes are based upon a past assessment of your house, so if prices are less than what they used to be in your neighborhood, you can appeal your assessment and save money. When building your case, an appraisal from us is your best evidence. We can assist you in appealing your tax assessment.

Eliminating PMI for mortgage payments

When the amount being loaned to the homeowneris more than 80% of the actual value of the property, most lenders ask homebuyers to buy this additional insurance policy. That policy is Private Mortgage Insurance, or PMI. Seeing that added payment is usually lumped into the monthly mortgage payment, it is often forgotten. This is bad because PMI is no longer required when the remainder of the loan - whether through market appreciation or principal pay down - decreases below the 80% mark. In fact, the Homeowners Protection Act (HPA) of 1998 was passed by the United States Congress that requires lenders to remove the PMI payments when the loan-to-value ratio conditions have been met.

If you'd like to eliminate PMI, Race Appraisal Services, LLC can give you a statement regarding the value of your home. The price you paid for the home valuation can usually be regained in little time because you'll no longer be paying the PMI.

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Settle a divorce with less stress

A divorce is a very horrible ordeal for the parties involved, and it is often more complicated by the hard decision of who maintains the home. So both parties are entirely aware of the true market value of their home, it's a good idea to get an appraisal from Race Appraisal Services, LLC, regardless of the situation.

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.

Accurate and fair estate liquidation

The death of a loved one is a hard 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 highest degree of discretion.

Unlike wealthy individuals, most Americans don't have dedicated estate planners or executors to manage these matters. And seeing that a home or other property often makes up a disproportionate share of the total estate value, knowing the true value of the real estate at hand is of significant importance to ensuring disputing parties leave knowing they've gotten an honest deal.

Move to or from Hampden County for work

We are aware of the stress associated with an employee relocation. That being said, we take great care in establishing a convenient appointment time for the appraisal inspection. During our thorough inspection, we recommend relocating employees to provide feedback on the positive aspects of their property, as well as information about any current sales or listings in their neighborhood that they want considered.

Sell your home quickly — at the right price

A professional appraisal can help you make a more informed decision when determining your selling price, whether you choose 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 are calculated on our efforts to finish the appraisal report and and aren't related to the sales price.

We determine the difference in value things like an additional bathroom or a kitchen remodel can make on a daily basis. Seeking a professional appraisal is a trusted 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, because we're experts in knowing how long houses stay on the market.

Let Race Appraisal Services, LLC help you sell your home quickly at the right price

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Do you have a question relating to real estate appraisals? We can help. Simply fill out the form below and we'll contact you with the answer, with no obligation to you. We guarantee your privacy.

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