Listed below are some of the instances when the assistance and expertise offered by an appraiser is crucial:
PURCHASE OF A HOME
One of the most important issues involved when purchasing real property is developing an accurate opinion of it's worth or value, so that you can make an informed decision. A professional appraisal report performed by a qualified, state-licensed appraiser can provide you with an objective, third party opinion of a property's current Market Value. The small price for this service, can afford peace of mind prior to making an offer, knowing that your offer is based upon the property's market value.
REFINANCE OR GET A HOME EQUITY LOAN
Refinancing for debt consolidation, college tuition, or release of equity will require a new loan and, frequently a new appraisal to provide an indication of the property's current market value. Refinancing can also take advantage of more attractive mortgage loan rates or an entirely different loan product than when you first purchased your home.
Private Mortgage Insurance or PMI is the supplemental insurance that many lenders ask home buyers to purchase when the amount being loaned is greater than 80% of the value of the home. Frequently, this additional payment is included in the monthly mortgage payment and forgotten. PMI becomes unnecessary when the remaining balance of the loan - whether through market appreciation or principal paydown - dips below this 80% level. The United States Congress passed a law in 1998 (the Homeowners Protection Act of 1998) that requires lenders to remove the PMI payments when the loan-to-value ratio conditions have been met.
Utah South Appraisal & Real Estate can provide a basic appraisal report and assesment of market value to present to a lender to assist in the removal of PMI insurance payments.
Regardless of the circumstances involved on a divorce, it is often a good idea to order an appraisal so that both interested parties are fully aware of the market value of any real property concerned.
Should the interested parties want to sell the home, they will have a better idea of an appropriate asking price. Conversely, if a "buyout" is the chosen option, the independent nature of an appraisal assures a fair assement for each party.
Settling an estate as the result of death, or probate, often requires an appraisal to establish Fair Market Value for the residential property involved. The ethics provision within the Uniform Standards of Professional Appraisal Practice (USPAP) binds each appraiser with confidentiality, ensuring the fullest degree of discretion.
Where real property is involved, an appraisal can provide an independent, un-biased indication of its market value, completely removed from personal interest or motivation.
Utah South Appraisal & Real Estate offers relocation appraisal services to the companies/organizations that typically handle the relocation of an employee to a new area. Please contact us for additional information about this service
HOME IMPROVEMENTS TO ADD VALUE
Throughout their homeownership, many homeowners decide to remodel or change some of their home's features Sometimes, the improvements or changes made have an effect on value. Unfortunately, not all of them have an equal effect. While a kitchen remodel may improve the appeal of a home, its value contribution may not justify the expense. When remodeling or changing a home's features, it is important to remember that cost does not always equate to value. An appraisal can help you determine the value contribution of remodels or changes to a property.
SELLING A HOME
Whether you choose to sell your home on your own or use the assistance of a real estate agent, a professional appraisal can assist you in making an educated decision as to your home's selling price.
Unlike a real estate agent, an appraiser has no vested interest in what amount the house sells for. Appraiser fees are based on the effort and work involved in completing a report and not a percentage of the sales price. Consequently, seeking a professional appraisal can help homeowners make the an un-biased decision when setting a fair sales price. A sales price that is linked to a home's perceived market value, may also help to reduce its overall time of the market.