Reasons to order an appraisal from Personal Service Realty's Residential Valuation Group
Year after year, thousands of people in Florida buy, sell or refinance their home. A lot of these transactions involve a simple line item for an appraisal. And while there are a budding number of automated home valuation processes that might seem more practical than an appraisal, almost all lenders still call for a local expert because the stakes are very high. You might think that securing a mortgage is the only reason you should get an appraisal, but there are additional instances when the services of a certified, independent real estate professional might be beneficial.
Challenge your tax assessment
If you reside in an area where the value of property has depreciated, it's possible you're paying too much in property taxes. When building your case, an appraisal from us is your best evidence. At Personal Service Realty's Residential Valuation Group, we're capable of assisting you in appealing your tax assessment.
Eliminate PMI to lower your mortgage payment
When the amount being loaned to the home owneris more than 80% of the actual value of the home, almost all lenders ask home owners to purchase this additional insurance plan. That policy is Private Mortgage Insurance, or PMI. Most often, this extra payment is bundled into the monthly mortgage payment and is promptly forgotten. This is bad because PMI is no longer required when the leftover balance of the loan - whether through market appreciation or principal pay down - dips below the 80% mark. In fact, the Homeowners Protection Act (HPA) of 1998 was passed by the United States Congress that requires lenders to remove the PMI payments when the loan-to-value ratio conditions have been met.
Personal Service Realty's Residential Valuation Group can produce a statement regarding the value of your home, and the expense of the appraisal can generally be regained 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 can be a particularly horrible ordeal for both parties, and it is often even more complicated by the challenging decision of who maintains the property. Regardless of the situation, it's a good idea to get an appraisal from Personal Service Realty's Residential Valuation Group so both parties are entirely aware of the true market value of their house.
The parties will have a clearer picture of what price to set, if they need to sell the home. And if a "buyout" is the chosen option, both parties will feel like they've gotten a fair assessment.
Determine an accurate and fair valuation for estate liquidation
The loss of a loved one is a difficult 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. The ethics provision within the Uniform Standards of Professional Appraisal Practice (USPAP) binds us with confidentiality, ensuring the utmost degree of discretion.
Most Americans don't have dedicated estate planners or executors to take care of these matters, unlike wealthy individuals. A home or other property often makes up an unequal 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 an honest deal.
Relocate to or from Duval County for work
We know the headaches involved with an employee relocation. That's why we take great care in setting up an accommodating appointment time for the appraisal inspection. We encourage relocating employees to provide feedback on the positive aspects of their property, along with information about any recent sales or listings in their area that they want considered during our thorough inspection.
Close on your home promptly — for the right price
A professional appraisal will help you make a more informed decision regarding your asking price, whether you decide to sell your home on your own or use the assistance of a real estate agent. 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 are based on our efforts to complete the appraisal report.
On a daily basis, we examine the difference in value things like an extra bathroom or a kitchen remodel can make. Getting a professional appraisal is a trusted way to decide what improvements will add value and what a suitable 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 homes are one the market.