Thousands of people in Ohio purchase, sell or refinance their home each year. Many of these transactions contain a simple line item for an appraisal. Nearly all lenders still want a local expert because the stakes are so high, even though there are a developing number of automated home valuation methods that might appear to be cheaper than an appraisal. But is getting a mortgage the only reason to acquire an appraisal? Are there other situations when the services of a certified, independent real estate professional might come in handy? You bet.
Let Appraisal Keys, Inc help you dispute your tax assessment in Cuyahoga County
It’s likely you’re paying too much in property taxes if you live in an area where property values have depreciated. Ad Valorem taxes are determined by a past assessment of your real estate, so if values are less than what they used to be in your neighborhood, you can challenge your assessment and save money. An appraisal from Appraisal Keys, Inc is your best evidence when building your case. We’re capable of assisting you in challenging your tax assessment.
Appraisal Keys, Inc can help you eliminate PMI to lower your mortgage payment
When the amount being loaned to the buyer is more than 80% of the actual value of the real estate, almost all lenders ask homeowners to take out an additional insurance plan. That policy is Private Mortgage Insurance, or PMI. Oftentimes, 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 – goes below the 80% level, making this very unfortunate. In fact, the Homeowners Protection Act (HPA) of 1998 was approved by the United States Congress requiring lenders to eliminate the PMI payments when the balance is paid down to 78% of the original value.
Appraisal Keys, Inc can provide you with a statement regarding the value of your home, and the price you paid for the home valuation can generally be regained in just a few months because you’ll no longer be paying the PMI.
Divorce settlement with less stress
A divorce is often complicated by the burdensome decision of who gets the home, and it can be a particularly heartbreaking occurrence for both parties. It’s a good idea to order an appraisal from Appraisal Keys, Inc so both parties are fully aware of the true market value of their property, regardless of the circumstances.
If the parties need to sell the home, they’ll have a clearer picture of what price to set. And if a “buyout” is the chosen option, both parties will feel like they’ve received a fair evaluation.
Settling an estate
The death of a loved one is a hard time in life, and settling an estate from a death, or probate, often requires an appraisal to establish 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 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 uneven share of the total estate value, so knowing the true value of the real estate at hand is of vital importance to ensuring disputing parties walk away knowing they’ve received a fair deal.
Relocating to or from Cuyahoga County
Moving due to a job change is a real pain, and we understand. We take great care in establishing a convenient appointment time for the appraisal inspection. We encourage relocating employees to provide feedback on the positive features of their property, as well as information regarding any current sales or listings in their neighborhood that they want considered during our intensive process.
Selling your home quickly at the right price with an appraisal from Appraisal Keys, Inc
A professional appraisal can help you make a more informed decision regarding your asking price, whether you decide to sell your home on your own or with the help of a real estate agent. With much different interests than a real estate agent, an appraiser has no vested interest in what amount the house sells for. Our fees are calculated on our efforts to finish the appraisal report and and aren’t related to the sales price.
On a daily basis, we examine the difference in value items like an additional bathroom or a kitchen remodel can make. Getting a professional appraisal is a reliable way to determine 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.
