Why you should get an appraisal from Warrenton Appraisal Group
Thousands of people in Virginia buy, sell or refinance their home each month. A lot of these transactions have a simple line item for an appraisal. Nearly all lenders still call in a local expert because the stakes are so high, even though there are an increasing number of automated home valuation methods that might appear more cost-effective than an appraisal. Is securing a mortgage the only reason to get an appraisal? Are there other cases when the services of a licensed, independent real estate professional could be beneficial? You bet.
Appeal your tax assessment
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 determined by a past assessment of your house, so if values are less than what they used to be in your area, you can appeal your assessment and save money. When building your case, an appraisal from us is your best evidence. We're equipped to assist you in appealing your tax assessment.
Eliminating PMI for mortgage payments
When the amount being loaned to the buyeris more than 80% of the actual value of the home, most lenders ask home owners to buy this supplemental insurance policy. That policy is Private Mortgage Insurance, or PMI. Most often, this additional payment is folded into the monthly mortgage payment and is soon forgotten. PMI isn't necessary when the remaining balance of the loan - whether through market appreciation or principal pay down - goes below the 80% level, making this very unfortunate. In fact, the Homeowners Protection Act (HPA) of 1998 was implemented by the United States Congress requiring lenders to eliminate the PMI payments when the loan-to-value ratio conditions have been met.
If you'd like to do away with PMI, Warrenton Appraisal Group can produce a statement regarding the value of your home. The cost of the appraisal can often be regained in a short amount of time because you'll no longer be paying the PMI.
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Divorce settlement with less stress
A divorce is often complicated by the challenging decision of who maintains the home, and it can be an especially traumatic event for both parties. Regardless of the circumstances, it's a good idea to order an appraisal from Warrenton Appraisal Group so both parties are completely aware of the true market value of their property.
The parties will have a clearer picture of what price to set, if they wish to sell the home. And if a "buyout" is the chosen option, both parties will feel like they've received 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 requires 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, guaranteeing the fullest degree of discretion.
Unlike wealthy individuals, most Americans do not have dedicated estate planners or executors to take care of these matters. A home or other property often makes up an unequal share of the total estate value, so understanding the true value of the real estate at hand is of essential importance to ensuring disputing parties leave knowing they've gotten an honest 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 setting up an accommodating appointment time for the appraisal inspection. During our detailed inspection, we recommend relocating employees to provide feedback on the positive attributes of their property, along with information regarding any recent sales or listings in their area that they want considered.
Sell your home quickly — for an accurate price
Whether you decide to sell your home on your own or with the help of a real estate agent, a professional appraisal can help you make a more informed decision regarding your selling price. An appraiser has no vested interest in what amount the house sells for, apart from real estate agents. Our fees aren't related to the sales price, but rather they rest on our efforts to complete the appraisal report.
We determine the difference in value items like an extra bathroom or a kitchen remodel can make on a daily basis. And we're experts in knowing how long housesare 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.