Reasons to order an appraisal
Thousands of people in Arizona purchase, sell or refinance their home each year. Many of these transactions involve a simple line item for an appraisal. Practically all lenders still call in a local expert because the stakes are incredibly high, even though there are a developing number of automated home valuation methods that may seem less expensive than an appraisal. You might assume that getting a mortgage is the only reason to get an appraisal, but there are additional situations when the services of a licensed, independent real estate professional could be beneficial.
Challenge your tax assessment in Maricopa County
It's likely you're paying too much in property taxes if you live in an area where property values have depreciated. Ad Valorem taxes are determined by a past assessment of your real estate, so if prices have gone down in your neighborhood, you can appeal your assessment and save money. An appraisal from Phoenix Valuations, LLC is your best evidence when building your case. We're equipped to assist you in appealing your tax assessment.
Eliminate PMI to lower your mortgage payment
When the amount being loaned to the home buyeris more than 80% of the actual value of the property, many lenders ask home buyers to buy this supplemental insurance policy. That policy is Private Mortgage Insurance, or PMI. More often than not, this extra payment is bundled into the monthly mortgage payment and is promptly forgotten. PMI isn't required when the remaining balance of the loan - whether through market appreciation or principal pay down - goes below the 80% mark, making this very unfavorable. In fact, the Homeowners Protection Act (HPA) of 1998 was implemented by the United States Congress that requires lenders to do away with the PMI installments when the loan-to-value ratio conditions have been met.
Phoenix Valuations, LLC will give you a statement regarding the value of your home, and the price you paid for the home valuation can generally be offset in little time because you'll no longer be paying the PMI.
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Get a clear valuation on a home for divorce settlements
A divorce is a very daunting event for the parties involved, and it is often even more complicated by the hard decision of who keeps the house. So both parties are entirely aware of the true market value of their house, it's a good idea to get an appraisal from Phoenix Valuations, LLC, 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 evaluation.
Ascertain a fair and accurate valuation for estate liquidation
The loss 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 real estate involved. We ensure the maximum degree of discretion, as we're bound with confidentiality by the ethics provision within the Uniform Standards of Professional Appraisal Practice (USPAP).
Most Americans do not have dedicated estate planners or executors to manage these matters, unlike wealthy individuals. A home or other property often makes up an uneven share of the total estate value, so understanding the true value of the real estate at hand is of essential importance to ensuring disputing parties walk away knowing they've received a fair deal.
Move to or from Maricopa County through an employee relocation program
We are familiar with the stress involved with an employee relocation. That being said, we take great care in organizing a convenient appointment time for the appraisal inspection. During our detailed inspection, we encourage relocating employees to provide remarks on the positive features of their property, as well as information regarding any new sales or listings in their area that they want considered.
Close on your home quickly — at the right price
A professional appraisal can help you make a more informed decision regarding your selling price, whether you choose to sell your home on your own or use the assistance of a real estate agent. An appraiser has no vested interest in what price the house sells for, unlike real estate agents. Our fees aren't related to the sales price, but rather they are based on our efforts to finish the appraisal report.
We analyze the difference in value items like an additional bathroom or a kitchen remodel can make on a daily basis. And we're experts in knowing how long propertiesare on the market. So, seeking a professional appraisal is a reliable way to determine what improvements will add value and what an applicable sales price is for your home so you don't come up short or have your house on the market an unnecessarily long time.