Reasons to get an appraisal
Year after year, thousands of people in Virginia buy, sell or refinance their home. Many of these transactions consist of a simple line item for an appraisal. Nearly all lenders still want a local expert because the stakes are very high, even though there are a budding number of automated home valuation systems that might appear less expensive than an appraisal. Is securing a mortgage the only reason to acquire an appraisal? Are there additional cases when the services of a licensed, independent real estate professional could be beneficial? You bet.
Challenge your tax assessment in Fauquier County
It's quite possible 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 house, so if values have gone down in your area, you can appeal your assessment and save money. When building your case, an appraisal from us is your best evidence. At Warrenton Appraisal Group, we're qualified to assist you in appealing your tax assessment.
Get rid of PMI to lower your mortgage payment
When the amount being loaned to the home owneris more than 80% of the actual value of the real estate, most lenders ask home buyers to purchase this additional insurance plan. That policy is Private Mortgage Insurance, or PMI. More often than not, this additional payment is lumped into the monthly mortgage payment and is soon forgotten. PMI becomes unnecessary when the leftover balance of the loan - whether through market appreciation or principal pay down - dips below the 80% level, making this very unfortunate. In fact, the United States Congress invoked a law in 1998 (the Homeowners Protection Act of 1998) that requires lenders to remove the PMI installments when the loan-to-value ratio conditions have been met.
Warrenton Appraisal Group can produce a statement regarding the value of your home, and the cost 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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Get a clear valuation on a home take make a divorce settlement less stressful
A divorce is a very daunting ordeal for the parties involved, and it is often further complicated by the hard decision of who maintains the home. Regardless of the situation, it's a good idea to get an appraisal from Warrenton Appraisal Group so both parties are fully aware of the true market value of their property.
If the parties wish to sell the home, they'll have a clearer picture 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.
Fair and accurate 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. 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).
Most Americans do not have dedicated estate planners or executors to manage these affairs, unlike wealthy individuals. And since a home or other property often makes up an unequal share of the total estate value, understanding the true worth of the real estate at hand is of essential importance to ensuring disputing parties walk away knowing they've gotten a fair deal.
Relocate to or from Fauquier County for work
Employee relocation can be a stressful event, and we understand. That being said, we take great care in organizing an accommodating appointment time for the appraisal inspection. We encourage relocating employees to provide input on the positive features of their property, along with information regarding any new sales or listings in their area that they want considered during our intensive inspection.
Sell your home promptly — at the right price
Whether you want to sell your home on your own or use the assistance of a real estate agent, a professional appraisal will help you make a more informed decision when determining your selling price. An appraiser has no vested interest in what amount the house sells for, unlike real estate agents. Our fees are based on our efforts to complete the appraisal report and and aren't related to the sales price.
We analyze the difference in value items like an additional bathroom or a kitchen remodel can make on a daily basis. Obtaining a professional appraisal is a trusted way to determine 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 homes stay on the market.