Reasons to order an appraisalTo a lot of people, an appraisal is simply a line item in the long list of items for a home purchase or refinance. Almost all lenders still need a local expert because the stakes are incredibly high, even though there are a growing number of automated home valuation methods that might seem cheaper than an appraisal. You might assume that getting a mortgage is the only reason to acquire an appraisal, but there are additional situations when the services of a licensed, independent real estate professional might be beneficial.
Dispute your tax assessment in Lancaster CountyIt's quite possible you're paying too much in property taxes if you live in an area where property values have declined. 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 Faden Appraisal is your best evidence when building your case. We're capable of assisting you in appealing your tax assessment.
How can you do away with PMI to lower your mortgage payment?When the amount being loaned to the home buyer is more than 80% of the actual value of the property, most lenders ask home owners to take out an extra insurance policy. That policy is Private Mortgage Insurance, or PMI. This extra payment is often folded into the monthly mortgage payment and is quickly forgotten. PMI is no longer required when the leftover balance of the loan - whether through market appreciation or principal pay down - dips below the 80% mark, making this very unfavorable. In fact, the Homeowners Protection Act (HPA) of 1998 was passed by the United States Congress requiring lenders to eliminate the PMI payments on most mortgages when the balance is paid down to 78% of the original value.
If you'd like to get rid of PMI, Faden Appraisal can give you a statement regarding the value of your home. The cost of the home valuation can often be recovered in just a few months because you'll no longer be paying the PMI.
Divorce settlement with less stressA divorce can be an especially traumatic event for both parties, and it is often even more complicated by the difficult decision of who maintains the house. So both parties are fully aware of the true market value of their property, it's a good idea to order an appraisal from Faden Appraisal, regardless of the circumstances.
If the parties need to sell the home, they'll have a a good idea of what price to set. And if a "buyout" is the chosen option, both parties will feel like they've gotten a fair evaluation.
Settling an estate with peace of mindLosing 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 residential property involved. We guarantee the highest 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 manage these issues, unlike wealthy individuals. And seeing that a home or other property often makes up an unequal share of the total estate value, knowing the true worth of the real estate at hand is of significant importance to ensuring disputing parties leave knowing they've received an honest deal.
Let Faden Appraisal assist you in relocating to or from Lancaster CountyWe are familiar with the stress involved with an employee relocation. We take great care in organizing an accommodating appointment time for the appraisal inspection. We encourage relocating employees to provide input on the positive attributes of their property, as well as information regarding any recent sales or listings in their area that they want considered during our intensive process.
Don't sell out for too little or keep your home on the market too long.A professional appraisal will help you make a better educated decision when determining your asking price, whether you want to sell your home on your own or use the assistance of a real estate agent. An appraiser has no vested interest in what amount the house sells for, which is different than the interest of real estate agents. Our fees aren't a percentage of the sales price, but rather they are calculated on our efforts to complete the appraisal.
We analyze the difference in value things like an extra bathroom or a kitchen remodel can make on a daily basis. Getting 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 - because we're experts in knowing how long houses stay on the market.