Reasons to hire an appraiser
To a lot of us, an appraisal is simply a line item on the settlement sheet for a home sale or refinance. While there are a developing number of automated home valuation systems that may seem more practical than an appraisal, the majority of lenders still want a local expert because the stakes are incredibly high. You might think that obtaining a mortgage is the only reason you should get an appraisal, but there are additional cases when the services of a certified, independent real estate professional could be beneficial.
Challenge 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 home, so if prices are less than what they used to be in your area, you can challenge your assessment and save money. An appraisal from Klein Appraisals, LLC is your best evidence when building your case. At Klein Appraisals, LLC, we're qualified to assist you in challenging 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 home, many lenders ask homebuyers to purchase this supplemental insurance plan. That policy is Private Mortgage Insurance, or PMI. Since the additional payment is usually bundled into the monthly mortgage payment, it is often forgotten. This is unfavorable because PMI isn't necessary when the leftover balance of the loan - whether through market appreciation or principal pay down - goes below the 80% mark. 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.
Klein Appraisals, LLC will give you a statement regarding the value of your home, and the price you paid for the appraisal can generally be recovered in little time because you'll no longer be paying the PMI.
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Settle a divorce with fewer hang-ups
A divorce is a very daunting event for the parties involved, and it is often further complicated by the strenuous decision of who maintains the house. So both parties are completely aware of the true market value of their home, it's a good idea to get an appraisal from Klein Appraisals, LLC, regardless of the situation.
If the parties need 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.
Fair and accurate estate liquidation
The death of 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. The ethics provision within the Uniform Standards of Professional Appraisal Practice (USPAP) binds us with confidentiality, ensuring the maximum degree of discretion.
Unlike wealthier individuals, most Americans don't have dedicated estate planners or executors to handle these matters. And seeing that a home or other property often makes up an unequal share of the total estate value, knowing the true worth of the real estate at hand is of significant importance to ensuring disputing parties leave knowing they've gotten a fair deal.
Move to or from Baltimore County through an employee relocation program
Employee relocation is a stressful event, and we understand. That's why we take great care in organizing an accommodating appointment time for the appraisal inspection. During our detailed inspection, we suggest relocating employees to provide input on the positive characteristics of their property, as well as information regarding any recent sales or listings in their neighborhood that they want considered.
Close on your home quickly — for the right price
A professional appraisal can help you make a more informed decision when determining your selling 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 amount the house sells for, unlike real estate agents. Our fees rest on our efforts to complete 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 homesare on the market. So, obtaining a professional appraisal is a reliable 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.