Why you should order an appraisal from Andel Appraisals
Each year, thousands of people in Illinois purchase, sell or refinance their home. A lot of these transactions include a simple line item for an appraisal. Even though there are a budding number of automated home valuation systems that might appear to be cheaper than an appraisal, almost all lenders still call in a local expert because the stakes are very high. Is securing a mortgage the only reason to get an appraisal? Are there additional instances when the services of a certified, independent real estate professional might be helpful? Absolutely.
Contest your tax assessment
If you are in an area where the value of property has depreciated, it's possible you're paying too much in property taxes. When building your case, an appraisal from us is your best evidence. We can assist you in appealing your tax assessment.
Eliminating PMI for mortgage payments
When the amount being loaned to the buyeris more than 80% of the actual value of the property, most lenders ask buyers to buy this additional insurance policy. That policy is Private Mortgage Insurance, or PMI. Most often, this added payment is folded into the monthly mortgage payment and is soon forgotten. PMI becomes unnecessary when the leftover balance of the loan - whether through market appreciation or principal pay down - decreases below the 80% mark, making this very unfavorable. In fact, the United States Congress invoked a law in 1998 (the Homeowners Protection Act of 1998) requiring lenders to eliminate the PMI payments when the loan-to-value ratio conditions have been met.
If you'd like to eliminate PMI, Andel Appraisals can provide you with a statement regarding the value of your home. The expense of the appraisal can usually be regained in a short amount of time because you'll no longer be paying the PMI.
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Divorce settlement with fewer hang-ups
A divorce is often complicated by the troublesome decision of who keeps the property, and it can be an especially horrible occurrence for both parties. So both parties are completely aware of the true market value of their home, it's a good idea to order an appraisal from Andel Appraisals, regardless of the circumstances.
The parties will have a a good idea of what price to set, if they want to sell the home. And on the flip side, if a "buyout" is the chosen option, both parties will feel like they've received a fair assessment.
Fair and accurate estate liquidation
Losing a loved one is a difficult time in life, and settling an estate from a death, or probate, often requires an appraisal to establish Fair Market Value for the residential property involved. The ethics provision within the Uniform Standards of Professional Appraisal Practice (USPAP) binds us with confidentiality, ensuring the maximum degree of discretion.
Most Americans do not have dedicated estate planners or executors to handle these matters, unlike many wealthy individuals. And seeing that a home or other property often makes up an unequal share of the total estate value, understanding the true value of the real estate at hand is of significant importance to ensuring disputing parties walk away knowing they've received an honest deal.
Move to or from Cook County through an employee relocation program
We understand the headaches involved with an employee relocation. That being said, we take great care in setting up a convenient appointment time for the appraisal inspection. We encourage relocating employees to provide input on the positive features of their property, along with information about any recent sales or listings in their area that they want considered during our thorough inspection.
Sell your home quickly — at the right price
A professional appraisal will help you make a better educated decision when determining your selling price, whether you choose to sell your home on your own or use the assistance of a real estate agent. 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 are based on our efforts to complete the appraisal report.
On a daily basis, we determine the difference in value items like an extra bathroom or a kitchen remodel can make. And we're experts in knowing how long housesare on the market. So, obtaining a professional appraisal is a trusted 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.