6 Reasons to order an appraisal from Mid-Ohio Appraisal Services
Year after year, thousands of people in Ohio buy, sell or refinance their home. Many of these transactions have a simple line item for an appraisal. While there are a budding number of automated home valuation systems that may appear to be more practical than an appraisal, most lenders still want a local expert because the stakes are very high. You might believe that securing a mortgage is the only reason to acquire an appraisal, but there are additional times when the services of a licensed, independent real estate professional might be helpful.
Challenge your tax assessment in Franklin County
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 Mid-Ohio Appraisal Services is your best evidence when building your case. At Mid-Ohio Appraisal Services, we're qualified to assist you in challenging your tax assessment.
Eliminate PMI to lower your mortgage payment
When the amount being loaned to the home buyeris more than 80% of the actual value of the home, most lenders ask homebuyers to buy this extra insurance policy. That policy is Private Mortgage Insurance, or PMI. Most often, this added payment is lumped into the monthly mortgage payment and is quickly forgotten. This is damaging because PMI isn't required when the leftover balance of the loan - whether through market appreciation or principal pay down - falls below the 80% mark. In fact, the Homeowners Protection Act (HPA) of 1998 was invoked by the United States Congress requiring lenders to dismiss the PMI installments when the loan-to-value ratio conditions have been met.
Mid-Ohio Appraisal Services will produce a statement regarding the value of your home, and the expense of the appraisal can usually be offset in a short amount of time because you'll no longer be paying the PMI.
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Divorce settlement with fewer hang-ups
A divorce is a particularly traumatic experience for the parties involved, and it is often further complicated by the burdensome decision of who keeps the home. It's a good idea to order an appraisal from Mid-Ohio Appraisal Services so both parties are fully aware of the true market value of their house, regardless of the situation.
If the parties want to sell the home, they'll have a clearer picture of what price to set. And if a "buyout" is the chosen option, both parties will feel like they've received a fair assessment.
Ascertain an accurate and fair valuation for estate liquidation
The death of a loved one is a painful time in life, and settling an estate from a death, or probate, often calls for 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.
Unlike wealthy individuals, most Americans don't have dedicated estate planners or executors to manage these affairs. And seeing that 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 essential importance to ensuring disputing parties walk away knowing they've received an honest deal.
Relocate to or from Franklin County for work
Employee relocation can be a stressful event, and we understand. That being said, we take great care in establishing an accommodating appointment time for the appraisal inspection. During our intensive inspection, we recommend relocating employees to provide input on the positive aspects of their property, along with information regarding any current sales or listings in their area that they want considered.
Close on your home quickly — at an accurate price
Whether you choose to sell your home on your own or with the help of a real estate agent, a professional appraisal will help you make a better educated decision regarding your selling price. 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 finish the appraisal report and and aren't related to the sales price.
On a daily basis, we examine the difference in value things like an additional bathroom or a kitchen remodel can make. Seeking 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, because we're experts in knowing how long properties stay on the market.