Why you should order an appraisal
Thousands of people in California buy, sell or refinance their home each month. Many of these transactions have a simple line item for an appraisal. And while there are a developing number of automated home valuation systems that may appear to be more cost-effective than an appraisal, almost all lenders still call in a local expert because the stakes are incredibly high. You might assume that securing a mortgage is the only basis for getting an appraisal, but there are more times when the services of a certified, independent real estate professional could be beneficial.
Challenge your tax assessment
It's quite possible you're paying too much in property taxes if you live in an area where property values have depreciated. Property taxes are determined by a past assessment of your home, so if values have declined in your neighborhood, you can appeal your assessment and save money. When building your case, an appraisal from us is your best evidence. At Young Real Estate Appraisals, we're capable of assisting you in appealing your tax assessment.
Removing PMI for mortgage payments
When the amount being loaned to the homebuyeris more than 80% of the actual value of the property, many lenders ask buyers to buy this additional insurance policy. That policy is Private Mortgage Insurance, or PMI. Very often, this added payment is lumped into the monthly mortgage payment and is soon forgotten. PMI is unnecessary when the leftover balance of the loan - whether through market appreciation or principal pay down - dips below the 80% mark, making this very unfortunate. In fact, the Homeowners Protection Act (HPA) of 1998 was passed by the United States Congress that requires lenders to remove the PMI installments when the loan-to-value ratio conditions have been met.
If you'd like to get rid of PMI, Young Real Estate Appraisals will provide you with a statement regarding the value of your home. The price you paid for the appraisal can generally be recovered in just a few months because you'll no longer be paying the PMI.
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Get a clear valuation on a home for divorce settlements
A divorce is often complicated by the strenuous decision of who keeps the home, and it can be a particularly traumatic ordeal for both parties. So both parties are fully aware of the true market value of their house, it's a good idea to get an appraisal from Young Real Estate Appraisals, regardless of the situation.
The parties will have a better idea of what price to set, if they want to sell the home. And on the flip side, if a "buyout" is the chosen option, both parties will feel like they've gotten a fair assessment.
Ascertain an accurate and fair valuation for estate liquidation
Losing a loved one is a painful 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 utmost degree of discretion, as we're bound with confidentiality by the ethics provision within the Uniform Standards of Professional Appraisal Practice (USPAP).
Most Americans don't have dedicated estate planners or executors to take care of these matters, unlike wealthier individuals. And seeing that 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 essential importance to ensuring disputing parties walk away knowing they've gotten a fair deal.
Move to or from Riverside County through an employee relocation program
Employee relocation is a stressful event, and we understand. That being said, we take great care in organizing an accommodating appointment time for the appraisal inspection. During our thorough inspection, we suggest relocating employees to provide input on the positive aspects of their property, along with information regarding any new sales or listings in their area that they want considered.
Sell your home promptly — for the right price
A professional appraisal will help you make a more informed decision regarding your asking 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 price 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 complete the appraisal report.
On a daily basis, we analyze the difference in value things 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 trusted way to decide 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.