Reasons to hire an appraiser
Each year, thousands of people in North Carolina buy, sell or refinance their home. Many of these transactions include a simple line item for an appraisal. And even though there are a developing number of automated home valuation processes that may seem more practical than an appraisal, nearly all lenders still need a local expert because the stakes are very high. You might believe that obtaining a mortgage is the only reason you should get an appraisal, but there are other instances when the services of a certified, independent real estate professional might be beneficial.
Dispute your tax assessment
It's quite possible you're paying too much in property taxes if you reside in an area where property values have depreciated. Property taxes are determined by a past assessment of your house, so if prices are less than what they used to be in your area, you can challenge your assessment and save money. An appraisal from Herrin Appraisal 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 property, nearly all lenders ask home owners to take out this supplemental insurance policy. That policy is Private Mortgage Insurance, or PMI. Since the added payment is usually bundled into the monthly mortgage payment, it is often forgotten. This is damaging because PMI isn't necessary when the remainder 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 implemented by the United States Congress that requires lenders to remove the PMI payments when the loan-to-value ratio conditions have been met.
If you'd like to do away with PMI, Herrin Appraisal Company can provide you with a statement regarding the value of your home. The cost of the appraisal can often be offset in just a few months because you'll no longer be paying the PMI.
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Settle a divorce with less stress
A divorce is a very daunting ordeal for the parties involved, and it is often more complicated by the difficult decision of who keeps the home. So both parties are fully aware of the true market value of their home, it's a good idea to get an appraisal from Herrin Appraisal Company, regardless of the situation.
If the parties need to sell the home, they'll have a better idea of what price to set. And if a "buyout" is the chosen option, both parties will feel like they've gotten a fair assessment.
Accurate and fair estate liquidation
The loss of a loved one is a hard time in life, and settling an estate from a death, or probate, often calls for 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, ensuring the highest degree of discretion.
Unlike wealthy individuals, most Americans do not have dedicated estate planners or executors to manage these affairs. A home or other property often makes up an uneven share of the total estate value, so knowing the true worth of the real estate at hand is of essential importance to ensuring disputing parties walk away knowing they've gotten an honest deal.
Relocate to or from Forsyth County through an employee relocation program
We know the headaches involved with an employee relocation. That being said, we take great care in organizing a convenient appointment time for the appraisal inspection. During our intensive inspection, we suggest relocating employees to provide input on the positive attributes of their property, as well as information about any current sales or listings in their neighborhood that they want considered.
Close on your home promptly — for the right price
A professional appraisal can help you make a more informed decision regarding your selling price, whether you choose to sell your home on your own or use the assistance of a real estate agent. Unlike a real estate agent, an appraiser has no vested interest in what amount the house sells for. Our fees rest 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 additional bathroom or a kitchen remodel can make. And we're experts in knowing how long homesare on the market. So, seeking a professional appraisal is a trusted 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.
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