Reasons to get an appraisal from Greater Orlando Appraisal Assoc., Inc.
Thousands of people in Florida buy, sell or refinance their home each year. Many of these transactions have a simple line item for an appraisal. The majority of lenders still call in a local expert because the stakes are so high, even though there are an increasing number of automated home valuation systems that may appear more prudent than an appraisal. Is getting a mortgage the only reason you should get an appraisal? Are there other instances when the services of a licensed, independent real estate professional could come in handy? Absolutely.
Challenge your tax assessment
If you are in an area where property values have depreciated, it's possible you're paying too much in property taxes. 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.
Getting rid of your PMI for mortgage payments
When the amount being loaned to the buyeris more than 80% of the actual value of the home, most lenders ask buyers to purchase this extra insurance plan. That policy is Private Mortgage Insurance, or PMI. This additional payment is often folded into the monthly mortgage payment and is promptly forgotten. PMI isn't necessary when the leftover balance of the loan - whether through market appreciation or principal pay down - goes below the 80% mark, making this very unfortunate. In fact, the United States Congress implemented a law in 1998 (the Homeowners Protection Act of 1998) that requires lenders to dismiss the PMI payments when the loan-to-value ratio conditions have been met.
Greater Orlando Appraisal Assoc., Inc. will produce a statement regarding the value of your home, and the expense of the home valuation can often be regained 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 particularly traumatic experience for the parties involved, and it is often even more complicated by the troublesome decision of who gets the house. Regardless of the situation, it's a good idea to order an appraisal from Greater Orlando Appraisal Assoc., Inc. so both parties are completely aware of the true market value of their house.
The parties will have a good idea of what price to set, if they want to sell the home. And if a "buyout" is the chosen option, both parties will feel like they've gotten a fair assessment.
Accurate and fair 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. We ensure the maximum degree of discretion, as we're bound with confidentiality by the ethics provision within the Uniform Standards of Professional Appraisal Practice (USPAP).
Most Americans do not have dedicated estate planners or executors to take care of these affairs, unlike many wealthy individuals. A home or other property often makes up an unequal share of the total estate value, so understanding the true value of the real estate at hand is of essential importance to ensuring disputing parties walk away knowing they've received a fair deal.
Move to or from Orange County through an employee relocation program
Employee relocation can be a stressful event, and we understand. That being said, we take great care in establishing a convenient appointment time for the appraisal inspection. We encourage relocating employees to provide remarks on the positive characteristics of their property, as well as information regarding any current sales or listings in their area that they want considered during our detailed inspection.
Close on your home quickly — at an accurate price
Whether you decide to sell your home on your own or with the help of a real estate agent, a professional appraisal can help you make a more informed decision when determining your selling price. 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 examine the difference in value things like an extra bathroom or a kitchen remodel can make. And we're experts in knowing how long housesstay on the market. So, seeking a professional appraisal is a reliable 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.