Reasons to get an appraisal
Each year, thousands of people in Indiana purchase, sell or refinance their home. Most of these transactions have a simple line item for an appraisal. Almost all lenders still call for a local expert because the stakes are very high, even though there are an increasing number of automated home valuation processes that may seem more cost-effective than an appraisal. Is securing a mortgage the only reason to acquire an appraisal? Are there additional instances when the services of a licensed, independent real estate professional might be helpful? You bet there are.
Contest your tax assessment
It's likely you're paying too much in property taxes if you reside in an area where property values have depreciated. Ad Valorem taxes are based upon a previous assessment of your home, so if prices are less than what they used to be in your area, you can appeal your assessment and save money. When building your case, an appraisal from us is your best evidence. We're qualified to assist you in challenging your tax assessment.
PMI removal to reduce a mortgage payment
When the amount being loaned to the home owneris more than 80% of the actual value of the property, many lenders ask home owners to take out this supplemental insurance policy. That policy is Private Mortgage Insurance, or PMI. This added payment is often bundled into the monthly mortgage payment and is promptly forgotten. This is unfavorable because PMI is unnecessary when the remainder of the loan - whether through market appreciation or principal pay down - dips below the 80% level. In fact, the Homeowners Protection Act (HPA) of 1998 was implemented by the United States Congress that requires lenders to do away with the PMI payments when the loan-to-value ratio conditions have been met.
DRB Appraisal will provide you with a statement regarding the value of your home, and the price you paid for the appraisal can generally be offset in just a few months because you'll no longer be paying the PMI.
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Settle a divorce with fewer hang-ups
A divorce is often complicated by the challenging decision of who maintains the house, and it can be a particularly traumatic experience for both parties. It's a good idea to get an appraisal from DRB Appraisal so both parties are completely aware of the true market value of their house, 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 gotten a fair evaluation.
Fair and accurate estate liquidation
The loss of a loved one is a painful time in life, and settling an estate from a death, or probate, often calls for an appraisal to establish Fair Market Value for the real estate 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 don't have dedicated estate planners or executors to handle these affairs, unlike wealthier individuals. A home or other property often makes up an uneven share of the total estate value, so knowing the true value 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 Blackford County for work
We are aware of the stress associated with an employee relocation. That's why we take great care in organizing 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 about any current sales or listings in their neighborhood that they want considered during our intensive inspection.
Sell your home quickly — for the right price
A professional appraisal can help you make a better educated decision when determining your selling price, whether you want to sell your home on your own or use the assistance of a real estate agent. An appraiser has no vested interest in what price the house sells for, unlike real estate agents. Our fees rest on our efforts to finish the appraisal report and and aren't related to the sales price.
We examine the difference in value items like an additional bathroom or a kitchen remodel can make on a daily basis. 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 properties stay on the market.