Why get an appraisal from Larry Scott Appraisal Service?To many, an appraisal is simply another fee in the long list of items for a home sale or refinance. And while there are a developing number of automated home valuation systems that may seem more practical than an appraisal, most lenders still want a local expert because the stakes are incredibly high. But is getting a mortgage the only reason to get an appraisal? Are there also instances when the services of a licensed, independent real estate professional might come in handy? You bet.
Let Larry Scott Appraisal Service help you dispute your commercial property tax assessment.It's possible you're paying too much in property taxes if you reside in an area where property values have depreciated. Property taxes are based upon a previous assessment of your real estate, so if values are less than what they used to be in your neighborhood, you can challenge your assessment and save money. An appraisal from Larry Scott Appraisal Service is your best evidence when building your case. At Larry Scott Appraisal Service, we're equipped to assist you in challenging your tax assessment.
PMI removal to lower your mortgage paymentPrivate Mortgage Insurance, or PMI, is an extra insurance plan that nearly all lenders ask home buyers to purchase when the amount being loaned to the home buyer is more than 80% of the actual value of the property. This added payment is often lumped into the monthly mortgage payment and is soon forgotten. PMI becomes unnecessary when the leftover balance of the loan - whether through market appreciation or principal pay down - falls below the 80% level, making this very unfavorable. In fact, the United States Congress implemented a law in 1998 (the Homeowners Protection Act of 1998) that requires lenders to do away with the PMI payments when the loan-to-value ratio conditions have been met.
If you'd like to eliminate PMI, Larry Scott Appraisal Service will produce a statement regarding the value of your home. The expense of the home valuation can usually be recovered in a short amount of time because you'll no longer be paying the PMI.
Divorce settlement with less stressA divorce can be an especially traumatic ordeal for both parties, and it is often further complicated by the strenuous decision of who keeps the home. Regardless of the circumstances, it's prudent to order an appraisal from Larry Scott Appraisal Service so both parties are fully 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 evaluation.
Fair and accurate estate liquidationThe death of a loved one is a painful time in life, and settling an estate from a death, or probate, often calls for an appraisal to establish 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 utmost degree of discretion.
Unlike wealthier individuals, most Americans don't have dedicated estate planners or executors to take care of these affairs. And seeing that a home or other property often makes up a disproportionate share of the total estate value, knowing the true value of the real estate at hand is of essential importance to ensuring disputing parties leave knowing they've gotten a fair deal.
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 properties are on the market. So, 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.