Reasons to order an appraisal
Thousands of people in Pennsylvania purchase, sell or refinance their home every year. Many of these transactions consist of a simple line item for an appraisal. And while there are an increasing number of automated home valuation methods that might appear more economical than an appraisal, almost all lenders still call in a local expert because the stakes are so high. Is obtaining a mortgage the only reason you should get an appraisal? Are there more instances when the services of a licensed, independent real estate professional might be helpful? You bet.
Challenge your tax assessment
If you reside in an area where property values have depreciated, it's possible you're paying too much in property taxes. An appraisal from Frederick & Company is your best evidence when building your case. At Frederick & Company, we're qualified to assist you in appealing 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 home, most lenders ask buyers to take out this extra insurance policy. That policy is Private Mortgage Insurance, or PMI. Since the added payment is usually bundled into the monthly mortgage payment, it is often forgotten. PMI isn't necessary when the remainder of the loan - whether through market appreciation or principal pay down - falls below the 80% level, making this very unfortunate. In fact, the Homeowners Protection Act (HPA) of 1998 was invoked by the United States Congress that requires lenders to do away with the PMI installments when the loan-to-value ratio conditions have been met.
Frederick & Company can give you a statement regarding the value of your home, and the price you paid for the appraisal can often be regained in just a few months because you'll no longer be paying the PMI.
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Get a fair valuation on a home for divorce settlements
A divorce is an especially traumatic event for the parties involved, and it is often further complicated by the troublesome decision of who maintains the home. So both parties are entirely aware of the true market value of their house, it's a good idea to get an appraisal from Frederick & Company, regardless of the circumstances.
The parties will have a clearer picture of what price to set, if they wish to sell the home. And if a "buyout" is the chosen option, both parties will feel like they've gotten 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 calls for 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 maximum degree of discretion.
Most Americans do not have dedicated estate planners or executors to handle these matters, unlike wealthy individuals. A home or other property often makes up a disproportionate share of the total estate value, so knowing the true value of the real estate at hand is of essential importance to ensuring disputing parties leave knowing they've received a fair deal.
Move to or from Allegheny County through an employee relocation program
Employee relocation is a stressful event, and we understand. That's why we take great care in establishing an accommodating appointment time for the appraisal inspection. During our thorough inspection, we recommend relocating employees to provide input on the positive characteristics of their property, as well as information about any recent sales or listings in their area that they want considered.
Close on your home quickly — for an accurate price
A professional appraisal will help you make a better educated decision regarding your selling price, whether you choose to sell your home on your own or with the help of a real estate agent. An appraiser has no vested interest in what amount the house sells for, apart from 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.
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 reliable way to determine 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.