Reasons to hire an appraiser
To many, an appraisal just looks like one more thing in the long list of items for a mortgage or refinance. Almost all lenders still need a local expert because the stakes are so high, even though there are an increasing number of automated home valuation processes that may appear to be more prudent than an appraisal. You might believe that securing a mortgage is the only reason you should get an appraisal, but there are additional instances when the services of a licensed, independent real estate professional might be beneficial.
Appeal your tax assessment
It's possible you're paying too much in property taxes if you reside in an area where property values have declined. Property taxes are determined by a previous assessment of your house, 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 Russell Appraisal Services is your best evidence when building your case. We're capable of assisting you in appealing your tax assessment.
Remove PMI to lower your mortgage payment
Private Mortgage Insurance, or PMI, is a supplemental insurance plan that most lenders ask buyers to purchase when the amount being loaned to the buyer is more than 80% of the actual value of the real estate. This added payment is often lumped into the monthly mortgage payment and is soon forgotten. This is bad because PMI is no longer required when the remaining balance of the loan - whether through market appreciation or principal pay down - goes below the 80% level. In fact, the Homeowners Protection Act (HPA) of 1998 was implemented by the United States Congress that requires lenders to do away with the PMI installments when the loan-to-value ratio conditions have been met.
Russell Appraisal Services will provide you with a statement regarding the value of your home, and the cost of the home valuation can generally be offset in little time because you'll no longer be paying the PMI.
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Settle a divorce with less stress
A divorce can be a particularly horrible event for both parties, and it is often more complicated by the difficult decision of who gets the home. So both parties are entirely aware of the true market value of their house, it's a good idea to get an appraisal from Russell Appraisal Services, regardless of the situation.
If the parties need 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 received a fair evaluation.
Ascertain an accurate and fair valuation for estate liquidation
The death of a loved one is a hard time in life, and settling an estate from a death, or probate, often entails an appraisal to establish Fair Market Value for the residential property involved. We guarantee the maximum degree of discretion, as we're bound with confidentiality by the ethics provision within the Uniform Standards of Professional Appraisal Practice (USPAP).
Unlike wealthier 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 essential importance to ensuring disputing parties walk away knowing they've received an honest deal.
Move to or from Desoto County for work
Employee relocation can be a stressful event, and we understand. We take great care in establishing 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 thorough inspection.
Sell your home quickly — for an accurate 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 with the help of a real estate agent. An appraiser has no vested interest in what price the house sells for, apart from real estate agents. Our fees rest on our efforts to finish the appraisal report and not a percentage of the sales price.
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 homesstay on the market. So, getting 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.