Reasons to get an appraisal
Thousands of people in Illinois buy, sell or refinance their home every month. A lot of these transactions involve a simple line item for an appraisal. Most lenders still call for a local expert because the stakes are very high, even though there are a multiplying number of automated home valuation methods that may appear to be more practical than an appraisal. Is obtaining a mortgage the only reason to acquire an appraisal? Are there other times when the services of a licensed, independent real estate professional might come in handy? Absolutely.
Appeal your tax assessment
It's likely you're paying too much in property taxes if you live in an area where property values have depreciated. Property taxes are based upon a previous assessment of your real estate, so if prices have gone down in your area, you can challenge your assessment and save money. An appraisal from Accredited Appraisals is your best evidence when building your case. We're capable of assisting you in appealing your tax assessment.
PMI removal to lower your mortgage payment
When the amount being loaned to the home buyeris more than 80% of the actual value of the property, most lenders ask homebuyers to take out this extra insurance policy. That policy is Private Mortgage Insurance, or PMI. Most often, this extra payment is folded into the monthly mortgage payment and is promptly forgotten. PMI is unnecessary when the remaining balance of the loan - whether through market appreciation or principal pay down - decreases 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 remove the PMI payments when the loan-to-value ratio conditions have been met.
If you'd like to eliminate PMI, Accredited Appraisals can produce a statement regarding the value of your home. The cost of the home valuation can usually be offset in little time because you'll no longer be paying the PMI.
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Get a clear valuation on a home take make a divorce settlement less stressful
A divorce is often complicated by the strenuous decision of who gets the home, and it can be an especially horrible ordeal for both parties. It's a good idea to get an appraisal from Accredited Appraisals so both parties are entirely aware of the true market value of their property, regardless of the situation.
If the parties want to sell the home, they'll have a a good idea of what price to set. And on the flip side, if a "buyout" is the chosen option, both parties will feel like they've gotten a fair assessment.
Determine a fair and accurate valuation for estate liquidation
The death of a loved one is a painful time in life, and settling an estate from a death, or probate, often entails an appraisal to establish Fair Market Value for the real estate involved. We guarantee the maximum degree of discretion, as we're bound with confidentiality by the ethics provision within the Uniform Standards of Professional Appraisal Practice (USPAP).
Most Americans don't have dedicated estate planners or executors to take care of these issues, unlike wealthy individuals. And seeing that a home or other property often makes up a disproportionate share of the total estate value, knowing 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.
Move to or from Cook County for work
We are aware of the stress involved with an employee relocation. We take great care in setting up a convenient appointment time for the appraisal inspection. During our detailed inspection, we suggest relocating employees to provide remarks on the positive aspects of their property, as well as information regarding any recent sales or listings in their neighborhood that they want considered.
Sell your home quickly — for 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 asking price. An appraiser has no vested interest in what amount the house sells for, unlike real estate agents. Our fees aren't related to the sales price, but rather they depend on our efforts to finish the appraisal report.
On a daily basis, we analyze the difference in value items like an additional bathroom or a kitchen remodel can make. And we're experts in knowing how long housesare on the market. So, 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.