Reasons to get an appraisal
To many, an appraisal is simply a line item in the long list of items for a home purchase or refinance. Most lenders still need a local expert because the stakes are very high, even though there are a developing number of automated home valuation processes that may seem more prudent than an appraisal. Is securing a mortgage the only basis for getting an appraisal? Are there also cases when the services of a licensed, independent real estate professional could come in handy? Of course there are.
Challenge your tax assessment in Los Angeles County
It's probable you're paying too much in property taxes if you live in an area where property values have depreciated. Property taxes are determined by a past assessment of your real estate, so if values are less than what they used to be in your neighborhood, you can appeal your assessment and save money. When building your case, an appraisal from us is your best evidence. We can assist you in challenging your tax assessment.
PMI removal to reduce a mortgage payment
When the amount being loaned to the home owneris more than 80% of the actual value of the home, nearly all lenders ask home buyers to purchase this supplemental insurance plan. That policy is Private Mortgage Insurance, or PMI. Seeing that additional payment is usually bundled into the monthly mortgage payment, it is often forgotten. PMI isn't necessary when the leftover balance of the loan - whether through market appreciation or principal pay down - goes below the 80% level, making this very unfortunate. In fact, the United States Congress passed a law in 1998 (the Homeowners Protection Act of 1998) that requires lenders to eliminate the PMI payments when the loan-to-value ratio conditions have been met.
If you'd like to do away with PMI, Collard Appraisal Group can give you a statement regarding the value of your home. The cost of the appraisal can generally be recovered in just a few months because you'll no longer be paying the PMI.
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Divorce settlement with less stress
A divorce is often complicated by the troublesome decision of who maintains the home, and it can be an especially horrible ordeal for both parties. So both parties are completely aware of the true market value of their property, it's a good idea to order an appraisal from Collard Appraisal Group, regardless of the situation.
The parties will have a clearer picture of what price to set, if they wish to sell the home. And on the flip side, if a "buyout" is the chosen option, both parties will feel like they've received 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 entails 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, ensuring the fullest degree of discretion.
Unlike wealthier individuals, most Americans don't have dedicated estate planners or executors to manage these matters. And seeing that a home or other property often makes up a disproportionate share of the total estate value, knowing the true value of the real estate at hand is of vital importance to ensuring disputing parties walk away knowing they've received a fair deal.
Relocate to or from Los Angeles County through an employee relocation program
Employee relocation can be a stressful event, and we understand. That being said, we take great care in organizing 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 about any recent sales or listings in their area that they want considered during our thorough inspection.
Close on your home promptly — at the right price
Whether you want to sell your home on your own or use the assistance of a real estate agent, a professional appraisal can help you make a more informed decision when determining your asking price. An appraiser has no vested interest in what amount the house sells for, apart from real estate agents. Our fees aren't a percentage of the sales price, but rather they rest on our efforts to finish the appraisal report.
On a daily basis, we determine the difference in value things like an additional bathroom or a kitchen remodel can make. Getting 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, because we're experts in knowing how long properties are one the market.