Reasons to get an appraisal
Every year, thousands of people in Kentucky purchase, sell or refinance their home. Most of these transactions consist of a simple line item for an appraisal. Even though there are a growing number of automated home valuation processes that may appear more cost-effective than an appraisal, nearly all lenders still want a local expert because the stakes are so high. Is securing a mortgage the only reason to acquire an appraisal? Are there also times when the services of a licensed, independent real estate professional might be helpful? You bet there are.
Appeal your tax assessment
It's probable you're paying too much in property taxes if you reside in an area where property values have depreciated. Ad Valorem taxes are determined by a previous assessment of your real estate, so if values have gone down in your area, you can challenge your assessment and save money. When building your case, an appraisal from us is your best evidence. We can assist you in challenging your tax assessment.
Get rid of PMI to lower your mortgage payment
When the amount being loaned to the homebuyeris more than 80% of the actual value of the home, most lenders ask buyers to take out this supplemental insurance plan. That policy is Private Mortgage Insurance, or PMI. This added payment is often folded into the monthly mortgage payment and is quickly forgotten. This is bad because PMI is unnecessary when the remainder of the loan - whether through market appreciation or principal pay down - decreases below the 80% mark. In fact, the Homeowners Protection Act (HPA) of 1998 was invoked by the United States Congress that requires lenders to dismiss the PMI payments when the loan-to-value ratio conditions have been met.
If you'd like to do away with PMI, Graham Appraisal will give you a statement regarding the value of your home. The expense of the appraisal can usually be regained in little time 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 is a very daunting experience for the parties involved, and it is often more complicated by the challenging decision of who maintains the property. Regardless of the situation, it's a good idea to get an appraisal from Graham Appraisal so both parties are completely aware of the true market value of their home.
The parties will have a better 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 difficult time in life, and settling an estate from a death, or probate, often entails 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).
Unlike many wealthy individuals, most Americans don't have dedicated estate planners or executors to take care of these matters. And seeing that a home or other property often makes up an unequal share of the total estate value, knowing the true worth of the real estate at hand is of vital importance to ensuring disputing parties leave knowing they've received an honest deal.
Move to or from Barren County for work
Employee relocation can be a stressful event, and we understand. That's why we take great care in organizing a convenient appointment time for the appraisal inspection. During our intensive inspection, we suggest relocating employees to provide remarks on the positive aspects of their property, as well as information regarding any current sales or listings in their neighborhood that they want considered.
Sell your home quickly — for the right price
A professional appraisal will help you make a better educated decision regarding your selling price, whether you want to sell your home on your own or with the help of a real estate agent. An appraiser has no vested interest in what amount the house sells for, apart from real estate agents. Our fees aren't related to the sales price, but rather they depend 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. And we're experts in knowing how long homesare on the market. So, seeking a professional appraisal is a reliable way to determine 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.