Let Scott Appraisal Co. take care of your appraisalTo a lot of us, an appraisal just looks like a line item in the long list of items for a mortgage or refinance. And while there are a developing number of automated home valuation processes that may seem more prudent, or less expensive than an appraisal, most lenders still need a local expert because, the stakes are so high. You might think that securing a mortgage is the only reason you should get an appraisal, but there are additional situations when the services of a licensed, independent real estate professional could be beneficial.
The appraiser who does a thorough, detailed, inspection can be your first line of defense in detecting situations that might indicate a potential problem. A Realtor with many years of experience told me that one aspect of human nature that they'd observed, was that most buyers look at the houses they are considering very carefully, but once they find their ideal home, they get so excited that they often fail to look it over as carefully as they did all the others. Reason can go out the window. Things can be overlooked.
For example, are the roof shingles showing signs of age and wear, are there soft or springy spots in the floor that might indicate possible termite or moisture damage, are there cracks in the interior or exterior walls that might indicate settling or foundation problems or possibly the need for piering, does the layout of the land focus water toward the foundation that might present a drainage problem, or a depression in the roof that could eventually lead to water infiltration (leak) damaging not only the roof structure, but also the interior sheetrock in walls and ceiling? Often an appraiser can pin point a small problem that can be easily corrected now for minimal cost but that could potentially be very expensive if repair is ignored or delayed. While no one wants their closing delayed for Lender Required repairs, small repairs now can often save thousands of dollars later.
And while we're on the subject, Appraisers seldom require repairs, however Lenders and their Underwriters frequently do. Appraisers, if they are doing an honest, thorough, complete inspection, will report the conditions that exist in the property and typically will report if this is normal wear and tear, or if the problem appears to be of a more serious nature and should be repaired. An experienced, well trained underwriter understands the difference between cosmetic items and those that require repairs. Problems arise when those less experienced underwriters make a repair requirement of literally every item, cosmetic or not, that the appraiser mentions. Although this is a requirement of the Lender (their underwriter), word typically comes down that "The Appraiser" made the requirement. As a result, many appraisers have opted not to mention much of any description in their reports. Their report may read that the house was in average or typical condition and little else, you don't know what color the carpet or walls were, was the paint peeling, etc.? An old time appraiser used to say "you can tell a good appraisal because when you've finished reading it, you feel like you just left the house after seeing it yourself."
We've had many people tell us the last appraiser wasn't here 15 minutes, a literal 15 minutes, or less. Don't worry, we take our time to do it right. We try to complete our inspection as quickly as possible, but we do try to be thorough. I can assure you we will be there more than 15 minutes, sometimes a lot more if necessary.
Dispute your tax assessment in Washington CountyIf you reside in an area where the value of property has declined, it's possible you're paying too much in property taxes. An appraisal from Scott Appraisal Co. is your best evidence when building your case. At Scott Appraisal,we can assist you in disputing your tax assessment.
PMI removal to lower your mortgage paymentPrivate Mortgage Insurance, or PMI, is an additional insurance policy that almost all lenders ask home buyers to buy when the amount being loaned to the home owner is more than 80% of the actual value of the property. This added payment is often folded into the monthly mortgage payment and is soon forgotten. This is damaging because PMI isn't necessary when the leftover balance of the loan - whether through market appreciation or principal pay down - falls below the 80% level. In fact, the Homeowners Protection Act (HPA) of 1998 was implemented by the United States Congress that requires lenders to remove the PMI installments when the balance is paid down to 78% of the original value.
Scott Appraisal Co. will produce a statement regarding the value of your home, and the expense of the appraisal can generally be offset in just a few months because you'll no longer be paying the PMI.
Divorce settlement with less stressA divorce is often complicated by the difficult decision of who maintains the home, and it can be a particularly heartbreaking occurrence for both parties. Regardless of the circumstances, it's a good idea to order an appraisal from Scott Appraisal Co. so both parties are fully aware of the true market value of their property.
The parties will have a better idea of what price to set, if they need to sell the home. And if a "buyout" is the chosen option, both parties will feel like they've received a fair evaluation.
Trustworthy estate liquidationThe loss of a loved one is a difficult time in life, and settling an estate from a death, or probate, often requires an appraisal to establish Market Value for the real estate involved. We take confidentiality seriously, providing the highest degree of privacy for all parties involved.
Most Americans don't have dedicated estate planners or executors to manage these issues, unlike many wealthy individuals. 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 vital importance to ensuring disputing parties walk away knowing they've received a fair deal.
Let Scott Appraisal help you with relocating to or from Washington CountyMoving due to a job change is a real pain. We know where you're coming from. That's why we take great care in establishing an accommodating appointment time for the appraisal inspection. During our detailed process, we recommend employees that are moving to provide remarks on the positive features of their property, along with information regarding any recent sales or listings in their neighborhood that they want considered.
Sell your home quickly at the right price with an appraisal from Scott AppraisalWhether 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 better educated decision regarding your selling price. Unlike a real estate agent, an appraiser has no vested interest in what price the house sells for. Our fees aren't contingent upon the value opinion we render, but rather they depend on our efforts to finish the appraisal.
On a daily basis, we analyze the difference in value items like an extra bathroom or a kitchen remodel can make. Obtaining a professional appraisal is a reliable way to decide what improvements will add value and what a suitable 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 properties are one the market.