Reasons to get an appraisal from JML Appraisal Services
Every year, thousands of people in Minnesota purchase, sell or refinance their home. Most of these transactions have a simple line item for an appraisal. Almost all lenders still call for a local expert because the stakes are incredibly high, even though there are a growing number of automated home valuation processes that might seem less expensive than an appraisal. Is obtaining a mortgage the only reason to acquire an appraisal? Are there additional times when the services of a licensed, independent real estate professional could be beneficial? You bet there are.
Contest 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 based upon a previous assessment of your real estate, so if prices are less than what they used to be in your area, you can appeal your assessment and save money. An appraisal from JML Appraisal Services is your best evidence when building your case. At JML Appraisal Services, we're equipped to assist you in appealing your tax assessment.
Getting rid of your PMI for mortgage payments
When the amount being loaned to the home owneris more than 80% of the actual value of the real estate, nearly all lenders ask homeowners to buy this additional insurance policy. That policy is Private Mortgage Insurance, or PMI. Since the additional payment is usually lumped into the monthly mortgage payment, it is often forgotten. This is unfortunate because PMI becomes unnecessary when the remainder of the loan - whether through market appreciation or principal pay down - dips below the 80% mark. In fact, the United States Congress implemented a law in 1998 (the Homeowners Protection Act of 1998) that requires lenders to eliminate the PMI installments when the loan-to-value ratio conditions have been met.
If you'd like to get rid of PMI, JML Appraisal Services will give you a statement regarding the value of your home. The cost of the appraisal can often be offset in a short amount of time because you'll no longer be paying the PMI.
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Settle a divorce with fewer hang-ups
A divorce is a particularly daunting event for the parties involved, and it is often more complicated by the strenuous decision of who keeps the property. So both parties are entirely aware of the true market value of their home, it's a good idea to get an appraisal from JML Appraisal Services, regardless of the situation.
The parties will have a better idea of what price to set, if they need to sell the home. And on the flip side, if a "buyout" is the chosen option, both parties will feel like they've received a fair evaluation.
Accurate and fair estate liquidation
The loss of a loved one is a difficult 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, guaranteeing the utmost degree of discretion.
Unlike wealthier individuals, most Americans do not have dedicated estate planners or executors to take care of these issues. And since a home or other property often makes up an uneven 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 received a fair deal.
Relocate to or from Scott County through an employee relocation program
We are aware of the stress involved with an employee relocation. We take great care in organizing a convenient appointment time for the appraisal inspection. During our detailed inspection, we encourage relocating employees to provide input on the positive features of their property, as well as information regarding any new sales or listings in their area that they want considered.
Close on your home quickly — at the right price
Whether you want to sell your home on your own or use the assistance of a real estate agent, a professional appraisal will help you make a better educated decision regarding your selling price. Unlike a real estate agent, an appraiser has no vested interest in what amount the house sells for. Our fees are calculated on our efforts to finish the appraisal report and and aren't related to the sales price.
We examine 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 homesare on the market. So, obtaining a professional appraisal is a trusted way to determine 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.