Reasons to order an appraisal from Greater Orlando Appraisal Assoc., Inc.
To a lot of people, an appraisal just looks like another cost in the long list of items for a home purchase or refinance. And even though there are a growing number of automated home valuation systems that may appear to be more practical than an appraisal, practically all lenders still call for a local expert because the stakes are so high. You might assume that securing a mortgage is the only reason to acquire an appraisal, but there are additional cases when the services of a licensed, independent real estate professional could come in handy.
Dispute your tax assessment
If you are in an area where the value of property has declined, it's possible you're paying too much in property taxes. An appraisal from Greater Orlando Appraisal Assoc., Inc. is your best evidence when building your case. We're capable of assisting you in challenging your tax assessment.
Eliminate PMI to lower your mortgage payment
When the amount being loaned to the homeowneris more than 80% of the actual value of the real estate, nearly all lenders ask home owners to take out this additional insurance plan. That policy is Private Mortgage Insurance, or PMI. Very often, this extra payment is lumped into the monthly mortgage payment and is soon forgotten. This is bad because PMI isn't required when the remaining balance 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 implemented by the United States Congress that requires lenders to dismiss the PMI installments when the loan-to-value ratio conditions have been met.
Greater Orlando Appraisal Assoc., Inc. will provide you with a statement regarding the value of your home, and the expense of the home valuation can generally be recovered in little time because you'll no longer be paying the PMI.
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Get a clear valuation on a home for divorce settlements
A divorce is a particularly traumatic experience for the parties involved, and it is often even more complicated by the difficult decision of who maintains the property. Regardless of the situation, it's a good idea to get an appraisal from Greater Orlando Appraisal Assoc., Inc. so both parties are fully aware of the true market value of their property.
The parties will have a a good idea 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 assessment.
Determine an accurate and fair valuation for estate liquidation
Losing a loved one is a hard 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. The ethics provision within the Uniform Standards of Professional Appraisal Practice (USPAP) binds us with confidentiality, guaranteeing the highest degree of discretion.
Unlike many wealthy individuals, most Americans do not 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 a fair deal.
Move to or from Orange County for work
We understand the stress associated with an employee relocation. That's why we take great care in establishing a convenient appointment time for the appraisal inspection. We encourage relocating employees to provide feedback on the positive features of their property, as well as information regarding any recent sales or listings in their area that they want considered during our intensive inspection.
Close on your home promptly — 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 when determining your asking price. Unlike a real estate agent, an appraiser has no vested interest in what amount the house sells for. Our fees aren't related to the sales price, but rather they depend on our efforts to finish the appraisal report.
We examine the difference in value things like an extra bathroom or a kitchen remodel can make on a daily basis. Seeking a professional appraisal is a reliable 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 homes are one the market.