Why Get An Appraisal?

Whether buying, selling or refinancing a home, getting an appraisal has become a common and accepted practice on any real estate transaction. For all parties involved in the exchange, it is worthwhile to bring in an expert to ensure that everyone is getting the most out of their property. The question is no longer "should you get an appraisal?" but rather, "when should you get an appraisal?" and "what should you do to prepare for an appraisal?" Even if you don't plan on moving anytime soon, it may be worth it to bring in the services of a certified, licensed, independent real estate professional as doing so can save money, time and energy in the future.

Before you get an appraisal though, make sure you prepare your home. Follow some tips from the experts to ensure that you get the maximum value for your acheter viagra home.

Selling, Buying and Refinancing Your Home

According to the National Association of Realtors, 33% of all contracts were cancelled in January, 2012. This is up from just 9% in January 2011. NAR says one of the primary reasons for these elevated levels of cancellations is due to low appraisals. Peterson Appraisals does not want you to get a cancelled contract, which is why we suggest you get appraised often. The housing market fluctuates every year, and getting an appraisal will result in any unnecessary surprises should you decide to relocate. If you plan on moving in the next few years, getting an appraisal will allow you to know whether the property value is increasing or decreasing and whether its the right time to move. If moving into an area, having the value of the home before you move will allow you to make a more informed decision.

Private Mortgage Insurance or PMI is the supplemental insurance that many lenders ask home buyers to purchase when the amount being loaned is more than 80% of the value of the home. Very often, this additional payment is folded into the monthly mortgage payment and is quickly forgotten. This is unfortunate because PMI becomes unnecessary when the remaining balance of the loan - whether through market appreciation or principal paydown - dips below this 80% level. In fact, the United States Congress passed a law in 1998 (the Homeowners Protection Act of 1998) that requires lenders to remove the PMI payments when the loan-to-value ratio conditions have been met. Peterson Appraisals can help you determine if you've met the PMI requirements to reduce your mortgage costs.

If you want to refinance your home, the lending institution will require an appraisal be done on the property. As with initial mortgage loans, the point here is to make sure that the collateral value offered by the property justifies the refinanced loan amount you are asking. In many cases, your home may be valued too low and your request for refinancing will be denied. Many of these institutions have an appeals process, and require you to get an independent appraisal -- separate from the bank.

Tax Appeals

Appealing a property tax assessment that seems too high is the right of all property owners. According to the National Taxpayers Union 60% of U.S. properties are overvalued by the government. Appealing your property's assessment is a straightforward, non-punitive process. Many people refrain from questioning their assessment because they are afraid the process could result in their neighbors' taxes being raised (by law this is precluded) or that the community could be harmed overall by the appeal. Others believe that challenging the government's appraisal will result in a long drawn out process (in many cases, its done through a simple form and a short hearing).

Unfortunately, most folks go into these appeals without an appraisal and will come out of the process wasting time. Getting an independent appraisal could save you hours of time and research, and could save you thousands in taxes.

Divorces, Estates and Liquidating Assets

Unfortunately, things happen. A long term relationship could go sour, a love one could pass or your financial luck can change. Transitions like these can be incredibly complicated and burdensome. However, having a recent appraisal on a residential property can make it much easier. Lawyers, Banks and the Government will all want to know the approximate value of large assets, such as a home. Not having a value on your largest asset will cause delays in reaching equitable arrangements for all parties involved.

FHA Loans

Considering getting an FHA Loan? Then you will need a special FHA home appraisal. Believe it or not, the FHA requires that you get an appraisal on a home to determine whether or not the property is right for you. The FHA has a bunch of requirements that a home must meet or else the home does not qualify. Getting an appraisal from a qualified FHA appraiser will ensure that your loan application goes smoothly.