Reasons to order an appraisal
Thousands of people in Florida buy, sell or refinance their home each month. A lot of these transactions include a simple line item for an appraisal. The majority of lenders still call in a local expert because the stakes are so high, even though there are a developing number of automated home valuation processes that may seem more prudent than an appraisal. Is securing a mortgage the only reason you should get an appraisal? Are there additional cases when the services of a certified, independent real estate professional could be beneficial? You bet there are.
Appeal your tax assessment
It's quite possible you're paying too much in property taxes if you reside in an area where property values have depreciated. Ad Valorem taxes are determined by a previous assessment of your home, so if values are less than what they used to be in your area, you can appeal your assessment and save money. An appraisal from Greater Orlando Appraisal Assoc., Inc. is your best evidence when building your case. At Greater Orlando Appraisal Assoc., Inc., we're qualified to assist you in challenging 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 home, almost all lenders ask homebuyers to take out this added insurance policy. That policy is Private Mortgage Insurance, or PMI. Since the additional payment is usually lumped into the monthly mortgage payment, it is often forgotten. This is unfortunate because PMI is unnecessary when the remaining balance of the loan - whether through market appreciation or principal pay down - dips below the 80% level. In fact, the United States Congress implemented a law in 1998 (the Homeowners Protection Act of 1998) that requires lenders to do away with the PMI payments when the loan-to-value ratio conditions have been met.
If you'd like to eliminate PMI, Greater Orlando Appraisal Assoc., Inc. can produce a statement regarding the value of your home. The price you paid for the appraisal can often be recovered in just a few months because you'll no longer be paying the PMI.
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Settle a divorce with less stress
A divorce is often complicated by the difficult decision of who maintains the house, and it can be a particularly traumatic occurrence for both parties. Regardless of the circumstances, it's a good idea to get an appraisal from Greater Orlando Appraisal Assoc., Inc. so both parties are entirely aware of the true market value of their property.
If the parties need to sell the home, they'll have a a good idea of what price to set. And 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 hard 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, guaranteeing the highest degree of discretion.
Most Americans don't have dedicated estate planners or executors to handle these issues, unlike wealthy individuals. 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 walk away knowing they've gotten an honest deal.
Move to or from Orange County through an employee relocation program
We are familiar with the stress involved with an employee relocation. That's why we take great care in organizing a convenient appointment time for the appraisal inspection. During our thorough inspection, we recommend relocating employees to provide remarks on the positive features of their property, as well as information regarding any current sales or listings in their neighborhood that they want considered.
Sell your home quickly — at the right price
Whether you choose to sell your home on your own or use the assistance of a real estate agent, a professional appraisal can help you make a more informed decision when determining your selling price. An appraiser has no vested interest in what price the house sells for, unlike real estate agents. 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 determine the difference in value items like an additional bathroom or a kitchen remodel can make. 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 applicable sales price is for your home so you don't come up short or have your house on the market an unnecessarily long time.