Reasons to get an appraisal
To many, an appraisal is simply a line item on the settlement sheet for a mortgage or refinance. And while there are a developing number of automated home valuation methods that may appear more cost-effective than an appraisal, practically all lenders still need a local expert because the stakes are incredibly high. You might think that obtaining a mortgage is the only reason to get an appraisal, but there are more instances when the services of a certified, independent real estate professional could come in handy.
Contest your tax assessment in Lafayette County
It's quite possible 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 real estate, so if prices have gone down in your neighborhood, you can appeal your assessment and save money. When building your case, an appraisal from us is your best evidence. At Appraisals by Kana, LLC, we're equipped to assist you in appealing your tax assessment.
PMI removal to lower a mortgage payment
Private Mortgage Insurance, or PMI, is an extra insurance plan that most lenders ask homebuyers to purchase when the amount being loaned to the buyer is more than 80% of the actual value of the real estate. Oftentimes, this extra payment is lumped into the monthly mortgage payment and is soon forgotten. This is unfavorable because PMI is unnecessary 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 invoked by the United States Congress requiring lenders to dismiss the PMI installments when the loan-to-value ratio conditions have been met.
Appraisals by Kana, LLC can give you a statement regarding the value of your home, and the cost of the home valuation can usually be recovered in little time because you'll no longer be paying the PMI.
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Divorce settlement with less stress
A divorce can be an especially horrible ordeal for both parties, and it is often further complicated by the troublesome decision of who maintains the home. It's a good idea to order an appraisal from Appraisals by Kana, LLC so both parties are entirely aware of the true market value of their house, regardless of the situation.
The parties will have a better idea of what price to set, if they want to sell the home. And if a "buyout" is the chosen option, both parties will feel like they've received a fair evaluation.
Fair and accurate estate liquidation
The death of 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, ensuring the maximum degree of discretion.
Unlike wealthy individuals, most Americans don't have dedicated estate planners or executors to manage these matters. 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 vital importance to ensuring disputing parties leave knowing they've received a fair deal.
Relocate to or from Lafayette County through an employee relocation program
Employee relocation is a stressful event, and we understand. We take great care in establishing a convenient appointment time for the appraisal inspection. During our intensive inspection, we recommend relocating employees to provide remarks on the positive aspects of their property, as well as information regarding any new sales or listings in their neighborhood that they want considered.
Close on your home promptly — for an accurate price
Whether you choose to sell your home on your own or use the assistance of a real estate agent, a professional appraisal can help you make a better educated decision when determining your asking price. An appraiser has no vested interest in what amount the house sells for, unlike real estate agents. Our fees aren't a percentage of the sales price, but rather they are based on our efforts to finish the appraisal report.
On a daily basis, we examine the difference in value things like an extra bathroom or a kitchen remodel can make. Seeking a professional appraisal is a reliable 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 properties stay on the market.