Reasons to get an appraisal
Thousands of people in Arizona purchase, sell or refinance their home every year. Many of these transactions include a simple line item for an appraisal. Even though there are a developing number of automated home valuation systems that might seem more cost-effective than an appraisal, practically all lenders still want a local expert because the stakes are incredibly high. Is securing a mortgage the only reason to get an appraisal? Are there other situations when the services of a licensed, independent real estate professional might come in handy? Of course.
Challenge your tax assessment in Maricopa County
It's probable 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 home, so if values have gone down in your neighborhood, you can appeal your assessment and save money. An appraisal from West Valley Appraisal Services is your best evidence when building your case. At West Valley Appraisal Services, we're capable of assisting you in appealing your tax assessment.
PMI removal to reduce your mortgage payment
Private Mortgage Insurance, or PMI, is an added insurance plan that almost all lenders ask buyers to buy when the amount being loaned to the home owner is more than 80% of the actual value of the home. Seeing that added payment is usually folded into the monthly mortgage payment, it is often forgotten. This is unfavorable because PMI isn't necessary when the remainder of the loan - whether through market appreciation or principal pay down - decreases below the 80% mark. In fact, the United States Congress implemented a law in 1998 (the Homeowners Protection Act of 1998) requiring lenders to remove the PMI payments when the loan-to-value ratio conditions have been met.
If you'd like to do away with PMI, West Valley Appraisal Services will produce a statement regarding the value of your home. The cost of the home valuation can usually 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 can be a very daunting ordeal for both parties, and it is often further complicated by the troublesome decision of who maintains the property. Regardless of the circumstances, it's a good idea to order an appraisal from West Valley Appraisal Services so both parties are entirely aware of the true market value of their house.
If the parties want to sell the home, they'll have a a good idea of what price to set. And on the flip side, if a "buyout" is the chosen option, both parties will feel like they've gotten a fair evaluation.
Fair and accurate estate liquidation
Losing 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 real estate involved. The ethics provision within the Uniform Standards of Professional Appraisal Practice (USPAP) binds us with confidentiality, guaranteeing the fullest degree of discretion.
Most Americans do not have dedicated estate planners or executors to manage these affairs, unlike many wealthy individuals. A home or other property often makes up an unequal share of the total estate value, so knowing the true worth of the real estate at hand is of significant importance to ensuring disputing parties walk away knowing they've gotten a fair deal.
Relocate to or from Maricopa County for work
We understand the headaches associated with an employee relocation. That being said, we take great care in establishing an accommodating appointment time for the appraisal inspection. We encourage relocating employees to provide feedback on the positive aspects of their property, as well as information regarding any recent sales or listings in their neighborhood that they want considered during our intensive inspection.
Close on your home promptly — for an accurate price
Whether you choose to sell your home on your own or with the help of a real estate agent, a professional appraisal can help you make a better educated decision when determining your asking price. Unlike a real estate agent, an appraiser has no vested interest in what amount the house sells for. Our fees aren't related to the sales price, but rather they depend on our efforts to finish the appraisal report.
We analyze the difference in value items like an additional bathroom or a kitchen remodel can make on a daily basis. And we're experts in knowing how long housesare on the market. So, obtaining a professional appraisal is a trusted way to determine 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.