Thousands of people in Georgia buy, sell or refinance their home each year. A lot of these transactions have a simple line item for an appraisal. The majority of lenders still need a local expert because the stakes are so high, even though there are a multiplying number of automated home valuation methods that might seem cheaper than an appraisal. You might believe that getting a mortgage is the only reason you should get an appraisal, but there are other instances when the services of a licensed, independent real estate professional could come in handy.
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When the amount being loaned to the home owner is more than 80% of the actual value of the real estate, most lenders ask homebuyers to buy an extra insurance plan. That policy is Private Mortgage Insurance, or PMI. This added payment is often lumped into the monthly mortgage payment and is soon forgotten. This is bad because PMI is no longer required when the remaining balance of the loan – whether through market appreciation or principal pay down – goes below the 80% mark. In fact, the Homeowners Protection Act (HPA) of 1998 was approved by the United States Congress that requires lenders to dismiss the PMI payments on most mortgages when the balance is paid down to 78% of the original value.
Baldwin & Hufstetler Real Estate Appraiser will provide you with a statement regarding the value of your home, and the expense of the home valuation can usually be regained in a short amount of time because you’ll no longer be paying the PMI.
A divorce is a very traumatic ordeal for the parties involved, and it is often further complicated by the strenuous decision of who keeps the property. It’s a good idea to get an appraisal from Baldwin & Hufstetler Real Estate Appraiser so both parties are fully aware of the true market value of their home, regardless of the circumstances.
If the parties wish 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 assessment.
We are familiar with the stress involved with an employee relocation. That being said, we take great care in setting up an accommodating appointment time for the appraisal inspection. We encourage relocating employees to provide input on the positive attributes of their property, along with information about any new sales or listings in their neighborhood that they want considered during our detailed process.
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 more informed decision regarding your asking price. Separate from a real estate agent, an appraiser has no vested interest in what price the house sells for. Our fees depend on our efforts to perform the appraisal report and and aren’t related to the sales price.
We examine the difference in value things like an additional bathroom or a kitchen remodel can make on a daily basis. And we’re experts in knowing how long houses are on the market. So, obtaining 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 too long, costing you hassle and money.