6 Reasons to consider an appraisal from Northern Arizona Appraisal, Inc.
To many, an appraisal is simply another cost on the settlement sheet for a home purchase or refinance. Most lenders still call in a local expert because the stakes are so high, even though there are a budding number of automated home valuation processes that might appear more cost-effective than an appraisal. You might think that obtaining a mortgage is the only reason to get an appraisal, but there are additional cases when the services of a licensed, independent real estate professional could be helpful.
Challenge your tax assessment
If you reside in an area where property values have depreciated, it's possible you're paying too much in property taxes. When building your case, an appraisal from us is your best evidence. We can assist you in appealing your tax assessment.
Eliminating PMI for mortgage payments
When the amount being loaned to the home owneris more than 80% of the actual value of the property, almost all lenders ask buyers to take out this supplemental insurance policy. That policy is Private Mortgage Insurance, or PMI. This extra payment is often bundled into the monthly mortgage payment and is promptly forgotten. This is bad because PMI becomes unnecessary when the leftover balance of the loan - whether through market appreciation or principal pay down - dips below the 80% mark. In fact, the Homeowners Protection Act (HPA) of 1998 was invoked by the United States Congress that requires lenders to dismiss the PMI payments when the loan-to-value ratio conditions have been met.
If you'd like to get rid of PMI, Northern Arizona Appraisal, Inc. can give you a statement regarding the value of your home. The cost of the appraisal can often be recovered 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 for divorce settlements
A divorce can be a particularly horrible event for both parties, and it is often even more complicated by the burdensome decision of who maintains the home. It's a good idea to get an appraisal from Northern Arizona Appraisal, Inc. so both parties are completely aware of the true market value of their home, regardless of the circumstances.
The parties will have a better idea of what price to set, if they wish to sell the home. And on the flip side, if a "buyout" is the chosen option, both parties will feel like they've received a fair evaluation.
Fair and accurate estate liquidation
The death of a loved one is a painful time in life, and settling an estate from a death, or probate, often entails 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 highest degree of discretion.
Unlike many wealthy individuals, most Americans don't have dedicated estate planners or executors to manage these matters. A home or other property often makes up a disproportionate 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.
Relocate to or from Maricopa County for work
We know the stress associated with an employee relocation. That's why we take great care in organizing an accommodating appointment time for the appraisal inspection. We encourage relocating employees to provide feedback on the positive characteristics of their property, along with information regarding any recent sales or listings in their neighborhood that they want considered during our intensive inspection.
Close on your home promptly — at an accurate price
A professional appraisal will help you make a more informed decision when determining your selling price, whether you want to sell your home on your own or with the help of a real estate agent. An appraiser has no vested interest in what amount the house sells for, unlike real estate agents. Our fees are calculated on our efforts to complete the appraisal report and not a percentage of the sales price.
On a daily basis, we determine the difference in value things like an extra bathroom or a kitchen remodel can make. And we're experts in knowing how long homesstay on the market. So, seeking a professional appraisal is a reliable way to decide 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.