6 Reasons to order an appraisal from Greater Orlando Appraisal Assoc., Inc.
Thousands of people in Florida purchase, sell or refinance their home every year. Most of these transactions include a simple line item for an appraisal. Practically all lenders still need a local expert because the stakes are incredibly high, even though there are a developing number of automated home valuation methods that may appear to be more practical than an appraisal. You might believe that securing a mortgage is the only reason to get an appraisal, but there are additional instances when the services of a certified, independent real estate professional might come in handy.
Challenge your tax assessment in Orange 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 based upon a previous assessment of your home, so if values are less than what they used to be in your neighborhood, you can appeal your assessment and save money. An appraisal from Greater Orlando Appraisal Assoc., Inc. is your best evidence when building your case. We can assist you in appealing 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 buyers to buy this added insurance plan. That policy is Private Mortgage Insurance, or PMI. This added payment is often bundled into the monthly mortgage payment and is quickly forgotten. PMI becomes unnecessary when the remaining balance of the loan - whether through market appreciation or principal pay down - falls below the 80% mark, making this very unfortunate. In fact, the Homeowners Protection Act (HPA) of 1998 was invoked 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, Greater Orlando Appraisal Assoc., Inc. will provide you with a statement regarding the value of your home. The cost of the home valuation can usually be recovered in a short amount of time because you'll no longer be paying the PMI.
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Get a fair valuation on a home for divorce settlements
A divorce is often complicated by the challenging decision of who gets the home, and it can be an especially traumatic experience for both parties. It's a good idea to order an appraisal from Greater Orlando Appraisal Assoc., Inc. so both parties are fully aware of the true market value of their home, regardless of the circumstances.
If the parties need to sell the home, they'll have a a good 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.
Determine 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 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 maximum degree of discretion.
Unlike wealthy individuals, most Americans don't have dedicated estate planners or executors to handle these affairs. And since a home or other property often makes up a disproportionate share of the total estate value, understanding the true value of the real estate at hand is of vital importance to ensuring disputing parties walk away knowing they've received an honest deal.
Relocate to or from Orange County for work
We are aware of the headaches involved with an employee relocation. That's why we take great care in establishing an accommodating appointment time for the appraisal inspection. We encourage relocating employees to provide remarks on the positive aspects of their property, along with information about any recent sales or listings in their neighborhood that they want considered during our detailed inspection.
Close on your home promptly — for an accurate price
Whether you want to sell your home on your own or use the assistance of a real estate agent, a professional appraisal will help you make a more informed decision when determining your asking price. Apart from a real estate agent, an appraiser has no vested interest in what amount the house sells for. Our fees depend on our efforts to complete the appraisal report and not a percentage of the sales price.
We examine the difference in value items like an extra bathroom or a kitchen remodel can make on a daily basis. Obtaining a professional appraisal is a trusted way to determine 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 homes are one the market.