Why you should hire an appraiser
Thousands of people in Minnesota buy, sell or refinance their home every year. A lot of these transactions have a simple line item for an appraisal. Almost all lenders still call in a local expert because the stakes are so high, even though there are an increasing number of automated home valuation processes that might appear to be more economical than an appraisal. Is getting a mortgage the only reason to get an appraisal? Are there additional instances when the services of a certified, independent real estate professional could be beneficial? Absolutely.
Dispute your tax assessment in Scott County
It's probable 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 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 JML Appraisal Services, we're equipped to assist you in challenging your tax assessment.
PMI removal to lower a mortgage payment
Private Mortgage Insurance, or PMI, is an extra insurance plan that many lenders ask home buyers to purchase 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 lumped into the monthly mortgage payment and is promptly forgotten. PMI is no longer required when the remainder of the loan - whether through market appreciation or principal pay down - decreases below the 80% mark, making this very unfavorable. In fact, the United States Congress passed 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.
JML Appraisal Services can produce a statement regarding the value of your home, and the expense of the appraisal can generally be recovered in a short amount of time because you'll no longer be paying the PMI.
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Divorce settlement with less stress
A divorce is an especially horrible event for the parties involved, and it is often more complicated by the strenuous decision of who keeps the house. So both parties are entirely aware of the true market value of their house, it's a good idea to get an appraisal from JML Appraisal Services, regardless of the circumstances.
The parties will have a clearer picture of what price to set, if they wish 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.
Determine an accurate and fair valuation for estate liquidation
The loss of a loved one is a hard time in life, and settling an estate from a death, or probate, often requires an appraisal to establish Fair Market Value for the real estate involved. The ethics provision within the Uniform Standards of Professional Appraisal Practice (USPAP) binds us with confidentiality, ensuring the fullest degree of discretion.
Most Americans do not have dedicated estate planners or executors to handle these matters, unlike wealthier individuals. A home or other property often makes up an unequal share of the total estate value, so knowing the true value of the real estate at hand is of vital importance to ensuring disputing parties leave knowing they've gotten an honest deal.
Move to or from Scott County for work
Employee relocation can be a stressful event, and we understand. That being said, we take great care in establishing a convenient appointment time for the appraisal inspection. During our intensive inspection, we suggest relocating employees to provide input on the positive features of their property, along with information about any new sales or listings in their neighborhood that they want considered.
Close on your home promptly — at the right price
A professional appraisal will help you make a more informed 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 price the house sells for, unlike real estate agents. Our fees rest on our efforts to finish the appraisal report and not a percentage of the sales price.
On a daily basis, we determine the difference in value items like an additional bathroom or a kitchen remodel can make. Obtaining a professional appraisal is a trusted way to decide 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 houses stay on the market.