Why you should get an appraisal
Thousands of people in Massachusetts buy, sell or refinance their home each year. Many of these transactions have a simple line item for an appraisal. While there are a developing number of automated home valuation processes that may appear more prudent than an appraisal, most lenders still call in a local expert because the stakes are incredibly high. Is getting a mortgage the only reason you should get an appraisal? Are there also situations when the services of a licensed, independent real estate professional could be beneficial? You bet there are.
Challenge your tax assessment
It's probable 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 real estate, so if prices are less than what they used to be in your area, 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.
Removing PMI for mortgage payments
When the amount being loaned to the homebuyeris more than 80% of the actual value of the property, nearly all lenders ask homebuyers to take out this supplemental insurance plan. That policy is Private Mortgage Insurance, or PMI. Oftentimes, this extra payment is bundled into the monthly mortgage payment and is quickly forgotten. PMI becomes unnecessary when the remainder of the loan - whether through market appreciation or principal pay down - falls below the 80% mark, making this very unfavorable. In fact, the United States Congress invoked a law in 1998 (the Homeowners Protection Act of 1998) that requires lenders to dismiss the PMI installments when the loan-to-value ratio conditions have been met.
Race Appraisal Services, LLC can produce a statement regarding the value of your home, and the cost of the home valuation can usually be recovered in just a few months because you'll no longer be paying the PMI.
Order an appraisal from Race Appraisal Services, LLCOrder online
Settle a divorce with fewer hang-ups
A divorce is often complicated by the challenging decision of who gets the home, and it can be an especially horrible ordeal for both parties. 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, regardless of the circumstances.
If the parties wish to sell the home, they'll have a clearer picture 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.
Accurate and fair estate liquidation
The loss of a loved one is a painful time in life, and settling an estate from a death, or probate, often entails an appraisal to establish Fair Market Value for the residential property involved. We guarantee the highest degree of discretion, as we're bound with confidentiality by the ethics provision within the Uniform Standards of Professional Appraisal Practice (USPAP).
Unlike many wealthy individuals, most Americans don't have dedicated estate planners or executors to take care of these issues. A home or other property often makes up an unequal share of the total estate value, so understanding the true worth of the real estate at hand is of significant importance to ensuring disputing parties leave knowing they've received a fair deal.
Relocate to or from Hampden County for work
We understand the headaches involved with an employee relocation. That being said, we take great care in establishing a convenient appointment time for the appraisal inspection. During our intensive inspection, we recommend relocating employees to provide feedback on the positive attributes of their property, along with information about any recent sales or listings in their neighborhood that they want considered.
Sell your home promptly — for an accurate price
Whether you want to sell your home on your own or with the help of a real estate agent, a professional appraisal will help you make a better educated decision when determining your asking price. An appraiser has no vested interest in what amount the house sells for, unlike real estate agents. Our fees aren't a percentage of the sales price, but rather they depend on our efforts to complete 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 homesare on the market. So, obtaining a professional appraisal is a trusted way to decide 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.
Got a Question?
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.