Reasons to get an appraisal from Russell Appraisal Service
To many, an appraisal just looks like a line item in the long list of items for a mortgage or refinance. Nearly all lenders still call in a local expert because the stakes are incredibly high, even though there are a growing number of automated home valuation systems that may appear more cost-effective than an appraisal. You might believe that securing a mortgage is the only basis for getting an appraisal, but there are more situations when the services of a licensed, independent real estate professional might be helpful.
Dispute your tax assessment
It's quite possible you're paying too much in property taxes if you reside in an area where property values have declined. Ad Valorem taxes are determined by a past assessment of your real estate, so if values have declined in your neighborhood, you can challenge your assessment and save money. An appraisal from Russell Appraisal Service is your best evidence when building your case. We can assist you in appealing your tax assessment.
Remove PMI to lower your mortgage payment
When the amount being loaned to the home buyeris more than 80% of the actual value of the real estate, most lenders ask homebuyers to buy this supplemental 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 is no longer required when the remainder of the loan - whether through market appreciation or principal pay down - dips below the 80% level, making this very unfavorable. In fact, the United States Congress invoked a law in 1998 (the Homeowners Protection Act of 1998) requiring lenders to remove the PMI installments when the loan-to-value ratio conditions have been met.
Russell Appraisal Service will provide you with a statement regarding the value of your home, and the cost of the home valuation can usually be offset in a short amount of time because you'll no longer be paying the PMI.
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Get a clear valuation on a home for divorce settlements
A divorce can be a very daunting experience for both parties, and it is often more complicated by the challenging decision of who gets the property. It's a good idea to get an appraisal from Russell Appraisal Service so both parties are entirely aware of the true market value of their house, regardless of the situation.
The parties will have a good idea of what price to set, if they need to sell the home. And if a "buyout" is the chosen option, both parties will feel like they've gotten a fair evaluation.
Fair and accurate estate liquidation
The loss of a loved one is a painful 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. We ensure the utmost 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 handle these matters, unlike many wealthy individuals. A home or other property often makes up a disproportionate share of the total estate value, so understanding the true value of the real estate at hand is of vital importance to ensuring disputing parties walk away knowing they've received a fair deal.
Move to or from Travis County for work
Employee relocation can be a stressful event, and we understand. We take great care in setting up a convenient appointment time for the appraisal inspection. We encourage relocating employees to provide remarks on the positive features of their property, as well as information about any new sales or listings in their area that they want considered during our intensive inspection.
Close on your home quickly — at an accurate price
Whether you want to sell your home on your own or with the help of a real estate agent, a professional appraisal can help you make a more informed decision regarding your selling price. An appraiser has no vested interest in what amount the house sells for, apart from 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 report.
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 homesare on the market. So, getting a professional appraisal is a reliable way to decide 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.