Why you should get an appraisal
Thousands of people in Pennsylvania buy, sell or refinance their home each month. A lot of these transactions have a simple line item for an appraisal. And even though there are a developing number of automated home valuation methods that might appear to be more cost-effective than an appraisal, practically all lenders still call in a local expert because the stakes are very high. You might think that obtaining a mortgage is the only basis for getting an appraisal, but there are more times when the services of a licensed, independent real estate professional might come in handy.
Contest your tax assessment
It's possible you're paying too much in property taxes if you live in an area where property values have declined. Property taxes are based upon a past assessment of your real estate, so if prices are less than what they used to be in your neighborhood, you can challenge your assessment and save money. When building your case, an appraisal from us is your best evidence. At Nordquist Appraisal LLC, we're capable of assisting you in disputing your tax assessment.
PMI removal to lower your mortgage payment
When the amount being loaned to the home buyeris more than 80% of the actual value of the property, nearly all lenders ask home buyers to purchase this supplemental insurance policy. That policy is Private Mortgage Insurance, or PMI. This additional payment is often bundled into the monthly mortgage payment and is promptly forgotten. This is unfavorable because PMI becomes unnecessary when the remaining balance of the loan - whether through market appreciation or principal pay down - decreases below the 80% level. In fact, the United States Congress invoked a law in 1998 (the Homeowners Protection Act of 1998) requiring lenders to remove the PMI installments when the loan-to-value ratio conditions have been met.
Nordquist Appraisal LLC can provide you with a statement regarding the value of your home, and the price you paid for the home valuation can usually be offset in just a few months because you'll no longer be paying the PMI.
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Get a fair valuation on a home take make a divorce settlement less stressful
A divorce can be a particularly traumatic ordeal for both parties, and it is often more complicated by the burdensome decision of who gets the property. It's a good idea to get an appraisal from Nordquist Appraisal LLC so both parties are completely aware of the true market value of their home, regardless of the circumstances.
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 evaluation.
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 residential property involved. The ethics provision within the Uniform Standards of Professional Appraisal Practice (USPAP) binds us with confidentiality, ensuring the fullest degree of discretion.
Unlike wealthy individuals, most Americans don't have dedicated estate planners or executors to handle these matters. A home or other property often makes up an uneven share of the total estate value, so understanding the true value of the real estate at hand is of significant importance to ensuring disputing parties walk away knowing they've received an honest deal.
Move to or from Allegheny County for work
Employee relocation is a stressful event, and we understand. We take great care in setting up an accommodating appointment time for the appraisal inspection. We encourage relocating employees to provide remarks on the positive characteristics of their property, as well as information about any new sales or listings in their neighborhood that they want considered during our detailed inspection.
Close on your home promptly — at an accurate price
Whether you decide 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 price the house sells for. Our fees aren't a percentage of the sales price, but rather they rest on our efforts to finish the appraisal report.
We analyze the difference in value items like an additional bathroom or a kitchen remodel can make on a daily basis. Getting a professional appraisal is a reliable way to determine 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 homes stay on the market.