Why you should order an appraisal
Every year, thousands of people in Illinois buy, sell or refinance their home. Most of these transactions contain a simple line item for an appraisal. And even though there are a multiplying number of automated home valuation methods that might appear to be more cost-effective than an appraisal, nearly all lenders still call for a local expert because the stakes are so high. You might assume that getting a mortgage is the only reason to get an appraisal, but there are other times when the services of a licensed, independent real estate professional could be beneficial.
Challenge your tax assessment in Cook County
It's quite possible you're paying too much in property taxes if you live in an area where property values have declined. Ad Valorem taxes are determined by a previous assessment of your real estate, so if values are less than what they used to be in your area, you can challenge your assessment and save money. When building your case, an appraisal from us is your best evidence. We're equipped to assist you in appealing your tax assessment.
PMI removal to lower your mortgage payment
Private Mortgage Insurance, or PMI, is an additional insurance plan that almost all lenders ask buyers to buy when the amount being loaned to the buyer is more than 80% of the actual value of the property. Oftentimes, this additional payment is bundled into the monthly mortgage payment and is quickly forgotten. This is unfortunate because PMI becomes unnecessary when the remaining balance of the loan - whether through market appreciation or principal pay down - decreases below the 80% level. In fact, the United States Congress implemented a law in 1998 (the Homeowners Protection Act of 1998) that requires lenders to do away with the PMI payments when the loan-to-value ratio conditions have been met.
Andel Appraisals can give you a statement regarding the value of your home, and the expense of the home valuation can generally be recovered in a short amount of time because you'll no longer be paying the PMI.
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Divorce settlement with less stress
A divorce can be a particularly traumatic event for both parties, and it is often further complicated by the troublesome decision of who gets the property. It's a good idea to get an appraisal from Andel Appraisals so both parties are completely aware of the true market value of their house, regardless of the situation.
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 received a fair assessment.
Accurate and fair estate liquidation
The death of a loved one is a hard time in life, and settling an estate from a death, or probate, often calls for 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, guaranteeing the maximum degree of discretion.
Unlike wealthy individuals, most Americans don't have dedicated estate planners or executors to take care of these affairs. A home or other property often makes up a disproportionate share of the total estate value, so understanding the true worth of the real estate at hand is of significant importance to ensuring disputing parties walk away knowing they've gotten an honest deal.
Move to or from Cook County through an employee relocation program
Employee relocation is a stressful event, and we understand. That being said, we take great care in establishing a convenient appointment time for the appraisal inspection. During our intensive inspection, we recommend relocating employees to provide input on the positive characteristics of their property, as well as information regarding any new sales or listings in their area that they want considered.
Sell your home quickly — at the right 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 regarding your selling price. An appraiser has no vested interest in what price the house sells for, apart from real estate agents. Our fees are calculated on our efforts to complete the appraisal report and not a percentage of the sales price.
On a daily basis, we determine the difference in value items like an extra bathroom or a kitchen remodel can make. Getting a professional appraisal is a reliable way to determine what improvements will add value and what a suitable 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 houses are one the market.