Reasons to get an appraisal
Year after year, thousands of people in Indiana purchase, sell or refinance their home. Many of these transactions have a simple line item for an appraisal. The majority of lenders still call for a local expert because the stakes are so high, even though there are a growing number of automated home valuation methods that may seem more practical than an appraisal. You might think that securing a mortgage is the only reason to get an appraisal, but there are additional instances when the services of a licensed, independent real estate professional could be beneficial.
Appeal your tax assessment
It's probable you're paying too much in property taxes if you live in an area where property values have declined. Property taxes are determined by a past assessment of your real estate, so if values have gone down in your neighborhood, you can challenge your assessment and save money. An appraisal from Thomas W. Steinhart is your best evidence when building your case. We can assist you in appealing your tax assessment.
PMI removal to lower your mortgage payment
When the amount being loaned to the buyeris more than 80% of the actual value of the real estate, almost all lenders ask buyers to take out this additional insurance policy. That policy is Private Mortgage Insurance, or PMI. Most often, this added payment is bundled into the monthly mortgage payment and is quickly forgotten. PMI isn't necessary when the leftover balance of the loan - whether through market appreciation or principal pay down - decreases below the 80% level, making this very unfavorable. In fact, the Homeowners Protection Act (HPA) of 1998 was invoked by the United States Congress requiring lenders to eliminate the PMI installments when the loan-to-value ratio conditions have been met.
If you'd like to do away with PMI, Thomas W. Steinhart can provide you with a statement regarding the value of your home. The price you paid for the appraisal can usually be regained in a short amount of time because you'll no longer be paying the PMI.
Get your appraisal from Thomas W. SteinhartOrder today
Settle a divorce with less stress
A divorce can be a particularly horrible ordeal for both parties, and it is often more complicated by the challenging decision of who gets the property. So both parties are entirely aware of the true market value of their property, it's a good idea to get an appraisal from Thomas W. Steinhart, regardless of the situation.
If the parties want to sell the home, they'll have a clearer picture of what price to set. And on the flip side, if a "buyout" is the chosen option, both parties will feel like they've gotten 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.
Unlike wealthy individuals, most Americans don't have dedicated estate planners or executors to take care of these matters. And since a home or other property often makes up a disproportionate share of the total estate value, understanding the true worth of the real estate at hand is of significant importance to ensuring disputing parties walk away knowing they've received a fair deal.
Relocate to or from Hamilton County for work
Employee relocation can be a stressful event, and we understand. That being said, we take great care in organizing an accommodating appointment time for the appraisal inspection. We encourage relocating employees to provide feedback on the positive attributes of their property, along with information about any current sales or listings in their neighborhood that they want considered during our intensive inspection.
Close on your home promptly — at an accurate price
A professional appraisal can help you make a better educated decision when determining your asking price, whether you want to sell your home on your own or with the help of a real estate agent. 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 complete the appraisal report and and aren't related to the sales price.
On a daily basis, we analyze the difference in value items 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 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.