Reasons to order an appraisal
Thousands of people in Illinois buy, sell or refinance their home each month. Many of these transactions contain a simple line item for an appraisal. Even though there are an increasing number of automated home valuation systems that might appear more economical than an appraisal, practically all lenders still call for a local expert because the stakes are incredibly high. Is getting a mortgage the only reason you should get an appraisal? Are there also times when the services of a certified, independent real estate professional could be helpful? You bet there are.
Dispute 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. Property taxes are determined by a previous assessment of your real estate, so if values have declined in your area, you can challenge your assessment and save money. An appraisal from Accredited Appraisals is your best evidence when building your case. At Accredited Appraisals, we're capable of assisting you in appealing your tax assessment.
PMI removal to reduce a mortgage payment
When the amount being loaned to the homeowneris more than 80% of the actual value of the property, many lenders ask homebuyers to buy this extra 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. PMI becomes 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 Homeowners Protection Act (HPA) of 1998 was passed by the United States Congress that requires lenders to dismiss the PMI installments 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 price you paid for the appraisal can usually be regained 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 often complicated by the troublesome decision of who maintains the house, and it can be an especially horrible experience for both parties. It's a good idea to get an appraisal from Accredited Appraisals so both parties are fully aware of the true market value of their house, regardless of the situation.
If the parties wish 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 gotten a fair evaluation.
Determine an accurate and fair valuation for estate liquidation
Losing 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 residential property involved. We ensure the maximum degree of discretion, as we're bound with confidentiality by the ethics provision within the Uniform Standards of Professional Appraisal Practice (USPAP).
Unlike wealthy individuals, most Americans do not have dedicated estate planners or executors to handle these matters. And seeing that a home or other property often makes up an uneven share of the total estate value, knowing the true worth 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 Cook County for work
We know the headaches associated with an employee relocation. That being said, we take great care in setting up a convenient appointment time for the appraisal inspection. We encourage relocating employees to provide input on the positive attributes of their property, along with information about any recent sales or listings in their area that they want considered during our detailed inspection.
Close on your home promptly — at the right price
A professional appraisal can help you make a more informed decision when determining your asking 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 depend on our efforts to finish the appraisal report and and aren't related to the sales price.
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 propertiesare 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.