Reasons to choose an appraisal from JML Appraisal Services
Thousands of people in Minnesota purchase, sell or refinance their home every year. A lot of these transactions include a simple line item for an appraisal. Even though there are an increasing number of automated home valuation methods that may appear to be more practical than an appraisal, nearly all lenders still call in a local expert because the stakes are so high. You might think that obtaining a mortgage is the only reason you should get an appraisal, but there are other situations when the services of a licensed, independent real estate professional could be beneficial.
Dispute 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 declined. Ad Valorem taxes are determined by a previous assessment of your real estate, so if prices are less than what they used to be in your neighborhood, you can appeal your assessment and save money. An appraisal from JML Appraisal Services is your best evidence when building your case. We're equipped to assist you in challenging your tax assessment.
Eliminate PMI to lower your mortgage payment
Private Mortgage Insurance, or PMI, is an added insurance policy that many lenders ask homebuyers to buy when the amount being loaned to the home owner is more than 80% of the actual value of the property. Very often, this additional payment is bundled into the monthly mortgage payment and is promptly forgotten. PMI isn't required when the leftover balance of the loan - whether through market appreciation or principal pay down - goes below the 80% mark, making this very unfavorable. In fact, the United States Congress implemented a law in 1998 (the Homeowners Protection Act of 1998) requiring lenders to dismiss the PMI installments when the loan-to-value ratio conditions have been met.
If you'd like to do away with PMI, JML Appraisal Services can give you a statement regarding the value of your home. The price you paid for the home valuation can often be offset in a short amount of time because you'll no longer be paying the PMI.
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Divorce settlement with fewer hang-ups
A divorce can be an especially daunting ordeal for both parties, and it is often further complicated by the strenuous decision of who maintains the home. It's a good idea to get an appraisal from JML Appraisal Services so both parties are fully aware of the true market value of their property, regardless of the circumstances.
If the parties wish to sell the home, they'll have a clearer picture of what price to set. 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 calls for an appraisal to establish Fair Market Value for the residential property involved. The ethics provision within the Uniform Standards of Professional Appraisal Practice (USPAP) binds us with confidentiality, guaranteeing the utmost degree of discretion.
Unlike wealthier 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 a disproportionate 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 gotten a fair deal.
Move to or from Scott County for work
Employee relocation is a stressful event, and we understand. That's why we take great care in organizing an accommodating appointment time for the appraisal inspection. During our detailed inspection, we recommend relocating employees to provide remarks on the positive characteristics of their property, along with information regarding any current sales or listings in their neighborhood that they want considered.
Close on your home promptly — for an accurate price
A professional appraisal can help you make a better educated decision regarding your asking price, whether you choose to sell your home on your own or with the help of a real estate agent. Unlike a real estate agent, an appraiser has no vested interest in what price the house sells for. Our fees rest on our efforts to finish the appraisal report and not a percentage of the sales price.
We determine the difference in value things like an extra bathroom or a kitchen remodel can make on a daily basis. And we're experts in knowing how long homesstay on the market. So, seeking a professional appraisal is a reliable 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.