Reasons to get an appraisal from Mid-Ohio Appraisal Services
To many, an appraisal just looks like a line item in the long list of items for a home purchase or refinance. And while there are a developing number of automated home valuation systems that may appear to be cheaper than an appraisal, almost all lenders still need a local expert because the stakes are incredibly high. You might believe that obtaining a mortgage is the only reason to acquire an appraisal, but there are other situations when the services of a licensed, independent real estate professional could be helpful.
Appeal your tax assessment
If you reside in an area where the value of property has depreciated, it's possible you're paying too much in property taxes. When building your case, an appraisal from us is your best evidence. We can assist you in appealing your tax assessment.
Removing PMI for mortgage payments
Private Mortgage Insurance, or PMI, is an additional insurance policy that many lenders ask home buyers to purchase when the amount being loaned to the homebuyer is more than 80% of the actual value of the home. This extra payment is often bundled into the monthly mortgage payment and is quickly forgotten. PMI isn't required when the remainder of the loan - whether through market appreciation or principal pay down - decreases below the 80% level, making this very unfortunate. 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 payments when the loan-to-value ratio conditions have been met.
Mid-Ohio Appraisal Services can give you a statement regarding the value of your home, and the price you paid for the appraisal can often 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 is often complicated by the strenuous decision of who gets the home, and it can be a particularly daunting experience for both parties. So both parties are fully aware of the true market value of their property, it's a good idea to order an appraisal from Mid-Ohio Appraisal Services, regardless of the situation.
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 assessment.
Fair and accurate 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 real estate involved. The ethics provision within the Uniform Standards of Professional Appraisal Practice (USPAP) binds us with confidentiality, guaranteeing the fullest degree of discretion.
Most Americans do not have dedicated estate planners or executors to manage these affairs, 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 value of the real estate at hand is of significant importance to ensuring disputing parties leave knowing they've gotten an honest deal.
Relocate to or from Franklin County through an employee relocation program
We are aware of the stress associated with an employee relocation. We take great care in setting up a convenient appointment time for the appraisal inspection. We encourage relocating employees to provide feedback on the positive characteristics of their property, as well as information regarding any recent sales or listings in their neighborhood that they want considered during our detailed inspection.
Close on your home quickly — for an accurate price
A professional appraisal can help you make a more informed decision regarding your selling price, whether you decide 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 are calculated 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 items like an additional bathroom or a kitchen remodel can make. And we're experts in knowing how long housesare on the market. So, seeking a professional appraisal is a reliable 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.