6 Reasons to order an appraisal from JML Appraisal Services
Year after year, thousands of people in Minnesota purchase, sell or refinance their home. A lot of these transactions consist of a simple line item for an appraisal. Almost all lenders still want a local expert because the stakes are very high, even though there are a growing number of automated home valuation processes that might seem more cost-effective than an appraisal. Is getting a mortgage the only reason you should get an appraisal? Are there also times when the services of a licensed, independent real estate professional might be beneficial? Of course.
Contest your tax assessment in Scott County
It's possible 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 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. When building your case, an appraisal from us is your best evidence. At JML Appraisal Services, we're qualified to assist you in challenging your tax assessment.
Eliminating PMI for mortgage payments
When the amount being loaned to the buyeris more than 80% of the actual value of the home, almost all lenders ask homeowners to buy this supplemental insurance plan. That policy is Private Mortgage Insurance, or PMI. Since the added payment is usually lumped into the monthly mortgage payment, it is often forgotten. This is damaging because PMI is unnecessary when the remainder of the loan - whether through market appreciation or principal pay down - goes below the 80% mark. In fact, the Homeowners Protection Act (HPA) of 1998 was invoked by the United States Congress requiring lenders to do away with the PMI payments when the loan-to-value ratio conditions have been met.
JML Appraisal Services will provide you with a statement regarding the value of your home, and the expense of the home valuation can generally be recovered in little time because you'll no longer be paying the PMI.
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Settle a divorce with fewer hang-ups
A divorce can be an especially daunting event for both parties, and it is often further complicated by the difficult decision of who maintains the house. It's a good idea to get an appraisal from JML Appraisal Services so both parties are fully aware of the true market value of their property, regardless of the situation.
The parties will have a good idea of what price to set, if they need to sell the home. And 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 painful 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. 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 issues, unlike many wealthy individuals. And since a home or other property often makes up an unequal share of the total estate value, knowing the true worth of the real estate at hand is of essential importance to ensuring disputing parties leave knowing they've gotten an honest deal.
Relocate to or from Scott County for work
We are familiar with the stress associated with an employee relocation. That's why we take great care in organizing an accommodating appointment time for the appraisal inspection. During our thorough inspection, we recommend relocating employees to provide feedback on the positive attributes of their property, as well as information about any recent sales or listings in their neighborhood that they want considered.
Close on your home quickly — at an accurate price
Whether you choose to sell your home on your own or use the assistance of a real estate agent, a professional appraisal can help you make a better educated decision when determining your asking price. Unlike a real estate agent, an appraiser has no vested interest in what price the house sells for. Our fees depend on our efforts to complete the appraisal report and and aren't related to the sales price.
On a daily basis, we determine the difference in value items like an extra bathroom or a kitchen remodel can make. And we're experts in knowing how long propertiesare on the market. So, obtaining a professional appraisal is a trusted 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.