Reasons to get an appraisal from Frederick & Company
Thousands of people in Pennsylvania purchase, sell or refinance their home every year. A lot of these transactions consist of a simple line item for an appraisal. Even though there are a developing number of automated home valuation processes that may appear more economical than an appraisal, the majority of lenders still need a local expert because the stakes are so high. Is securing a mortgage the only reason to acquire an appraisal? Are there also cases when the services of a certified, independent real estate professional might be helpful? Of course.
Dispute 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 declined. Ad Valorem taxes are based upon a previous assessment of your home, so if values are less than what they used to be in your area, you can appeal your assessment and save money. An appraisal from Frederick & Company is your best evidence when building your case. At Frederick & Company, we're equipped to assist you in disputing your tax assessment.
Eliminate PMI to lower your mortgage payment
When the amount being loaned to the buyeris more than 80% of the actual value of the property, most lenders ask homeowners to buy this supplemental insurance policy. That policy is Private Mortgage Insurance, or PMI. Seeing that added payment is usually bundled into the monthly mortgage payment, it is often forgotten. PMI isn't required when the leftover balance of the loan - whether through market appreciation or principal pay down - falls below the 80% mark, making this very unfortunate. In fact, the Homeowners Protection Act (HPA) of 1998 was implemented by the United States Congress that requires lenders to eliminate the PMI payments when the loan-to-value ratio conditions have been met.
If you'd like to eliminate PMI, Frederick & Company can give you a statement regarding the value of your home. The expense of the appraisal can generally be offset in little time because you'll no longer be paying the PMI.
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Get a clear valuation on a home take make a divorce settlement less stressful
A divorce is often complicated by the challenging decision of who maintains the property, and it can be a very horrible event for both parties. It's a good idea to order an appraisal from Frederick & Company so both parties are entirely aware of the true market value of their property, regardless of the situation.
If the parties want to sell the home, they'll have a clearer picture 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 assessment.
Determine a fair and accurate valuation for 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. We ensure the highest degree of discretion, as we're bound with confidentiality by the ethics provision within the Uniform Standards of Professional Appraisal Practice (USPAP).
Most Americans do not have dedicated estate planners or executors to take care of these issues, unlike many wealthy individuals. And seeing that a home or other property often makes up an unequal share of the total estate value, understanding the true worth of the real estate at hand is of essential importance to ensuring disputing parties leave knowing they've received an honest deal.
Move to or from Allegheny County for work
We are familiar with the headaches associated with an employee relocation. That being said, we take great care in organizing a convenient appointment time for the appraisal inspection. We encourage relocating employees to provide feedback on the positive attributes of their property, as well as information regarding any current sales or listings in their neighborhood that they want considered during our thorough inspection.
Close on your home promptly — for the right price
A professional appraisal will help you make a more informed decision when determining your asking price, whether you choose to sell your home on your own or use the assistance of a real estate agent. An appraiser has no vested interest in what price the house sells for, unlike real estate agents. Our fees are based on our efforts to complete the appraisal report and not a percentage of the sales price.
On a daily basis, we analyze the difference in value things like an extra bathroom or a kitchen remodel can make. 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.