6 Reasons to consider an appraisal from Independent Valuation Services
Thousands of people in Minnesota purchase, sell or refinance their home each month. A lot of these transactions have a simple line item for an appraisal. While there are a multiplying number of automated home valuation processes that may appear to be less expensive than an appraisal, practically all lenders still need a local expert because the stakes are very high. You might think that getting a mortgage is the only basis for getting an appraisal, but there are additional cases when the services of a certified, independent real estate professional could be beneficial.
Contest your tax assessment
It's quite possible you're paying too much in property taxes if you live in an area where property values have declined. Property taxes are based upon a past assessment of your real estate, so if prices have declined in your neighborhood, you can appeal your assessment and save money. An appraisal from Independent Valuation Services is your best evidence when building your case. We can assist you in appealing your tax assessment.
Eliminating PMI for mortgage payments
Private Mortgage Insurance, or PMI, is an added insurance policy that nearly all lenders ask homeowners to purchase when the amount being loaned to the homebuyer is more than 80% of the actual value of the real estate. This added payment is often folded into the monthly mortgage payment and is promptly forgotten. PMI becomes unnecessary when the leftover balance of the loan - whether through market appreciation or principal pay down - dips below the 80% level, making this very unfortunate. In fact, the Homeowners Protection Act (HPA) of 1998 was implemented by the United States Congress that requires lenders to dismiss the PMI payments when the loan-to-value ratio conditions have been met.
Independent Valuation Services can give you a statement regarding the value of your home, and the price you paid for the appraisal can often be offset in just a few months because you'll no longer be paying the PMI.
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Divorce settlement with fewer hang-ups
A divorce can be a very traumatic experience for both parties, and it is often more complicated by the burdensome decision of who maintains the home. Regardless of the circumstances, it's a good idea to get an appraisal from Independent Valuation Services so both parties are completely aware of the true market value of their home.
If the parties want 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 evaluation.
Determine an accurate and fair valuation for estate liquidation
The death 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 residential property involved. The ethics provision within the Uniform Standards of Professional Appraisal Practice (USPAP) binds us with confidentiality, ensuring the utmost degree of discretion.
Most Americans don't have dedicated estate planners or executors to manage these matters, unlike wealthy individuals. 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 essential importance to ensuring disputing parties walk away knowing they've gotten a fair deal.
Move to or from Scott County for work
We are familiar with the headaches associated with an employee relocation. That being said, we take great care in establishing an accommodating appointment time for the appraisal inspection. During our intensive inspection, we encourage relocating employees to provide remarks on the positive aspects of their property, along with information regarding any current sales or listings in their area that they want considered.
Sell your home quickly — at 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 will help you make a better educated decision regarding your asking price. An appraiser has no vested interest in what amount the house sells for, apart from real estate agents. Our fees aren't related to the sales price, but rather they depend on our efforts to finish the appraisal report.
On a daily basis, we determine the difference in value items like an additional bathroom or a kitchen remodel can make. Seeking 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, because we're experts in knowing how long houses are one the market.