6 Reasons to choose an appraisal from Homestead Appraisals, Ltd.
Year after year, thousands of people in Illinois buy, sell or refinance their home. A lot of these transactions consist of a simple line item for an appraisal. Even though there are a growing number of automated home valuation systems that may seem less expensive than an appraisal, most lenders still call for a local expert because the stakes are incredibly high. You might assume that securing a mortgage is the only reason you should get an appraisal, but there are other cases when the services of a licensed, independent real estate professional might be beneficial.
Contest your tax assessment
If you live in an area where the property value has declined, it's possible you're paying too much in property taxes. An appraisal from Homestead Appraisals, Ltd. is your best evidence when building your case. We can assist you in challenging your tax assessment.
PMI removal to reduce your mortgage payment
When the amount being loaned to the homebuyeris more than 80% of the actual value of the real estate, nearly all lenders ask homebuyers to take out this added insurance policy. That policy is Private Mortgage Insurance, or PMI. Seeing that added payment is usually lumped into the monthly mortgage payment, it is often forgotten. PMI isn't necessary when the leftover balance of the loan - whether through market appreciation or principal pay down - falls below the 80% mark, making this very unfavorable. In fact, the United States Congress invoked a law in 1998 (the Homeowners Protection Act of 1998) requiring lenders to dismiss the PMI payments when the loan-to-value ratio conditions have been met.
If you'd like to do away with PMI, Homestead Appraisals, Ltd. will provide you with 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.
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Get a fair valuation on a home take make a divorce settlement less stressful
A divorce is a very traumatic ordeal for the parties involved, and it is often further complicated by the hard decision of who keeps the property. Regardless of the situation, it's a good idea to order an appraisal from Homestead Appraisals, Ltd. so both parties are completely aware of the true market value of their house.
The parties will have a better idea of what price to set, if they wish to sell the home. And if a "buyout" is the chosen option, both parties will feel like they've received a fair evaluation.
Determine an accurate and fair valuation for estate liquidation
Losing a loved one is a difficult time in life, and settling an estate from a death, or probate, often entails an appraisal to establish Fair Market Value for the real estate involved. We guarantee the maximum degree of discretion, as we're bound with confidentiality by the ethics provision within the Uniform Standards of Professional Appraisal Practice (USPAP).
Most Americans do not have dedicated estate planners or executors to handle these issues, unlike wealthy individuals. And since a home or other property often makes up an uneven share of the total estate value, understanding the true value of the real estate at hand is of significant importance to ensuring disputing parties leave knowing they've received an honest deal.
Relocate to or from Jo Daviess County for work
We are aware of the headaches associated with an employee relocation. That's why we take great care in setting up a convenient appointment time for the appraisal inspection. During our intensive inspection, we recommend relocating employees to provide feedback on the positive aspects of their property, as well as information regarding any current sales or listings in their neighborhood that they want considered.
Sell your home promptly — for the right price
A professional appraisal can help you make a more informed decision regarding your selling price, whether you choose to sell your home on your own or with the help of a real estate agent. Apart from a real estate agent, an appraiser has no vested interest in what amount the house sells for. Our fees depend on our efforts to finish the appraisal report and not a percentage of the sales price.
On a daily basis, we examine the difference in value items like an extra bathroom or a kitchen remodel can make. Getting 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, because we're experts in knowing how long homes are one the market.