Reasons to order an appraisal from Independent Valuation Services
Thousands of people in Minnesota purchase, sell or refinance their home each month. Many of these transactions have a simple line item for an appraisal. Even though there are a growing number of automated home valuation processes that might seem more economical than an appraisal, the majority of lenders still call for a local expert because the stakes are incredibly high. You might think that getting a mortgage is the only reason you should get an appraisal, but there are additional situations when the services of a certified, independent real estate professional might be helpful.
Contest your tax assessment in Scott County
If you are in an area where the property value has declined, it's possible you're paying too much in property taxes. When building your case, an appraisal from us is your best evidence. We can assist you in appealing your tax assessment.
PMI removal to reduce your mortgage payment
When the amount being loaned to the home buyeris more than 80% of the actual value of the property, almost all lenders ask buyers to take out this supplemental insurance plan. That policy is Private Mortgage Insurance, or PMI. Since the additional payment is usually bundled into the monthly mortgage payment, it is often forgotten. PMI isn't necessary 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 United States Congress implemented a law in 1998 (the Homeowners Protection Act of 1998) requiring lenders to dismiss the PMI payments when the loan-to-value ratio conditions have been met.
Independent Valuation Services will produce a statement regarding the value of your home, and the cost of 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 less stress
A divorce can be a particularly traumatic ordeal for both parties, and it is often further complicated by the burdensome decision of who gets the home. So both parties are fully aware of the true market value of their home, it's a good idea to get an appraisal from Independent Valuation Services, regardless of the situation.
The parties will have a clearer picture 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.
Accurate and fair estate liquidation
Losing a loved one is a difficult 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. We ensure the fullest 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 take care of these matters, unlike many wealthy individuals. A home or other property often makes up an uneven 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 an honest deal.
Relocate to or from Scott County through an employee relocation program
We know the stress involved 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 suggest relocating employees to provide remarks on the positive features of their property, as well as information regarding any new sales or listings in their neighborhood that they want considered.
Close on your home quickly — at an accurate price
Whether you want to sell your home on your own or use the assistance of a real estate agent, a professional appraisal will help you make a more informed decision regarding your asking price. Apart from a real estate agent, an appraiser has no vested interest in what amount the house sells for. Our fees aren't a percentage of the sales price, but rather they are calculated on our efforts to complete the appraisal report.
On a daily basis, we analyze the difference in value things like an additional bathroom or a kitchen remodel can make. And we're experts in knowing how long propertiesare on the market. So, obtaining a professional appraisal is a reliable 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.