Why you should get an appraisal
Year after year, thousands of people in Illinois purchase, sell or refinance their home. A lot of these transactions contain a simple line item for an appraisal. Nearly all lenders still want a local expert because the stakes are incredibly high, even though there are a developing number of automated home valuation processes that may appear to be more cost-effective than an appraisal. You might believe that obtaining a mortgage is the only reason to get an appraisal, but there are more cases when the services of a licensed, independent real estate professional could be beneficial.
Dispute your tax assessment
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 past assessment of your real estate, so if values are less than what they used to be in your area, you can appeal your assessment and save money. An appraisal from Andel Appraisals is your best evidence when building your case. We're qualified to assist you in challenging your tax assessment.
Remove PMI to lower your mortgage payment
Private Mortgage Insurance, or PMI, is an additional insurance plan that nearly all lenders ask home owners to buy when the amount being loaned to the homeowner is more than 80% of the actual value of the home. This extra payment is often lumped into the monthly mortgage payment and is quickly forgotten. PMI is unnecessary when the remainder of the loan - whether through market appreciation or principal pay down - falls below the 80% mark, making this very unfavorable. In fact, the United States Congress implemented a law in 1998 (the Homeowners Protection Act of 1998) that requires lenders to eliminate the PMI installments when the loan-to-value ratio conditions have been met.
If you'd like to do away with PMI, Andel Appraisals can produce a statement regarding the value of your home. The cost of the home valuation can generally be regained 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 particularly daunting event for both parties, and it is often more complicated by the hard decision of who gets the house. So both parties are fully aware of the true market value of their house, it's a good idea to get an appraisal from Andel Appraisals, regardless of the situation.
If the parties want to sell the home, they'll have a clearer picture of what price to set. And if a "buyout" is the chosen option, both parties will feel like they've received a fair assessment.
Determine a fair and accurate valuation for estate liquidation
The death of a loved one is a hard time in life, and settling an estate from a death, or probate, often entails 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 don't have dedicated estate planners or executors to take care of these affairs, 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 vital importance to ensuring disputing parties leave knowing they've gotten an honest deal.
Move to or from Cook County for work
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 thorough inspection, we suggest relocating employees to provide input on the positive characteristics of their property, as well as information about any recent sales or listings in their area that they want considered.
Close on your home promptly — at the right price
Whether you decide to sell your home on your own or use the assistance of a real estate agent, a professional appraisal will help you make a more informed decision regarding your asking price. Unlike a real estate agent, an appraiser has no vested interest in what amount the house sells for. Our fees rest on our efforts to complete the appraisal report and not a percentage of the sales price.
On a daily basis, we analyze the difference in value items like an extra bathroom or a kitchen remodel can make. Getting a professional appraisal is a reliable way to decide 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 homes stay on the market.