6 Reasons to consider an appraisal from Frederick & Company
To many, an appraisal is simply one more thing in the long list of items for a mortgage or refinance. Even though there are an increasing number of automated home valuation systems that may seem less expensive than an appraisal, almost all lenders still call in a local expert because the stakes are incredibly high. Is getting a mortgage the only reason you should get an appraisal? Are there other times when the services of a licensed, independent real estate professional could come in handy? Of course there are.
Dispute your tax assessment
If you reside in an area where the property value has depreciated, it's possible you're paying too much in property taxes. An appraisal from Frederick & Company is your best evidence when building your case. We can assist you in challenging your tax assessment.
Eliminate PMI to lower your mortgage payment
When the amount being loaned to the homebuyeris more than 80% of the actual value of the real estate, most lenders ask home buyers to buy this additional insurance plan. That policy is Private Mortgage Insurance, or PMI. This additional payment is often folded into the monthly mortgage payment and is quickly forgotten. PMI is no longer required when the remaining balance of the loan - whether through market appreciation or principal pay down - decreases below the 80% level, making this very unfortunate. In fact, the United States Congress invoked a law in 1998 (the Homeowners Protection Act of 1998) that requires lenders to eliminate the PMI payments when the loan-to-value ratio conditions have been met.
Frederick & Company can produce a statement regarding the value of your home, and the cost of the appraisal can generally be offset 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 is a particularly traumatic experience for the parties involved, and it is often more complicated by the hard decision of who maintains the house. So both parties are entirely aware of the true market value of their property, it's a good idea to order an appraisal from Frederick & Company, regardless of the circumstances.
If the parties wish to sell the home, they'll have a a good idea of what price to set. And on the flip side, if a "buyout" is the chosen option, both parties will feel like they've received a fair evaluation.
Ascertain an accurate and fair valuation for 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 residential property involved. The ethics provision within the Uniform Standards of Professional Appraisal Practice (USPAP) binds us with confidentiality, guaranteeing the highest degree of discretion.
Most Americans don't have dedicated estate planners or executors to take care of these issues, unlike wealthy individuals. A home or other property often makes up a disproportionate share of the total estate value, so understanding the true worth of the real estate at hand is of essential importance to ensuring disputing parties leave knowing they've gotten a fair deal.
Move to or from Allegheny County for work
Employee relocation is a stressful event, and we understand. That being said, we take great care in organizing an accommodating appointment time for the appraisal inspection. During our thorough inspection, we encourage relocating employees to provide input on the positive attributes of their property, as well as information about any new sales or listings in their area that they want considered.
Sell your home promptly — for the right price
Whether you choose 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 when determining your selling price. An appraiser has no vested interest in what price 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.
On a daily basis, we examine the difference in value things like an additional bathroom or a kitchen remodel can make. And we're experts in knowing how long propertiesstay on the market. So, getting a professional appraisal is a reliable way to decide 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.