Why you should get an appraisal
Thousands of people in Virginia purchase, sell or refinance their home each year. Most of these transactions involve a simple line item for an appraisal. And while there are a developing number of automated home valuation methods that may appear to be more prudent than an appraisal, practically all lenders still need a local expert because the stakes are incredibly high. You might assume that obtaining a mortgage is the only reason you should get an appraisal, but there are more instances when the services of a licensed, independent real estate professional could come in handy.
Appeal your tax assessment
If you are 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 Warrenton Appraisal Group, we're equipped to assist you in challenging your tax assessment.
Remove PMI to lower your mortgage payment
Private Mortgage Insurance, or PMI, is a supplemental insurance plan that almost all lenders ask homebuyers to purchase when the amount being loaned to the home owner is more than 80% of the actual value of the real estate. Very often, this extra payment is bundled into the monthly mortgage payment and is soon forgotten. This is unfortunate because PMI isn't required when the remainder of the loan - whether through market appreciation or principal pay down - falls below the 80% mark. In fact, the United States Congress implemented a law in 1998 (the Homeowners Protection Act of 1998) requiring lenders to dismiss the PMI payments 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 usually be recovered in little time because you'll no longer be paying the PMI.
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Divorce settlement with fewer hang-ups
A divorce is often complicated by the challenging decision of who gets the property, and it can be an especially traumatic event for both parties. So both parties are fully aware of the true market value of their property, it's a good idea to order an appraisal from Warrenton Appraisal Group, regardless of the circumstances.
If the parties need 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 evaluation.
Fair and accurate estate liquidation
Losing a loved one is a difficult 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 fullest degree of discretion.
Most Americans don't have dedicated estate planners or executors to take care of these matters, unlike many wealthy individuals. And seeing that a home or other property often makes up an uneven share of the total estate value, knowing the true value of the real estate at hand is of essential importance to ensuring disputing parties walk away knowing they've received an honest deal.
Move to or from Fauquier County through an employee relocation program
We are aware of the headaches associated with an employee relocation. That's why we take great care in organizing an accommodating appointment time for the appraisal inspection. During our detailed inspection, we recommend relocating employees to provide input on the positive attributes of their property, as well as information about any recent sales or listings in their neighborhood that they want considered.
Close on your home promptly — for an accurate price
A professional appraisal will help you make a more informed decision when determining your asking price, whether you decide to sell your home on your own or use the assistance of a real estate agent. Apart from a real estate agent, an appraiser has no vested interest in what price the house sells for. Our fees are based on our efforts to complete the appraisal report and not a percentage of the sales price.
We determine the difference in value things like an additional bathroom or a kitchen remodel can make on a daily basis. Obtaining a professional appraisal is a trusted way to decide 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, because we're experts in knowing how long houses stay on the market.