Why you should get an Appraisal
Thousands of people in Virginia and West Virginia purchase, sell, or refinance their home every year. Most of these transactions contain a simple line item for an appraisal. While there are a developing number of automated home valuation processes that might appear to be less expensive than an appraisal, almost all lenders still need a local expert because the stakes are very high. You might think that getting a mortgage is the only reason to acquire an appraisal, but there are more times when the services of a certified, independent real estate professional could be helpful.
Contest your tax assessment
If you are in an area where property values have declined, it's possible you're paying too much in property taxes. When building your case, an appraisal from us is your best evidence. We're equipped to assist you in disputing your tax assessment.
Removing PMI for mortgage payments
When the amount being loaned to the home buyer is more than 80% of the actual value of the real estate, almost all lenders ask home buyers to purchase PMI, or private mortgage insurance, a supplemental insurance plan. Oftentimes, this extra payment is lumped into the monthly mortgage payment and is soon forgotten. PMI is no longer required when the leftover balance of the loan - whether through market appreciation or principal pay down - falls below the 80% level. In fact, the Homeowners Protection Act (HPA) of 1998 was passed by the United States Congress that requires lenders to remove the PMI installments when the loan-to-value ratio conditions have been met.
If you'd like to do away with PMI, Loving Appraisals will appraise your home for submission to your lender. The expense of the appraisal can be regained in little time because you'll no longer be paying the PMI.
Get your appraisal from Loving AppraisalsOrder today
Divorce settlement with fewer hang-ups
A divorce is often complicated by the strenuous decision regarding the ownership of your real estate, it can be a very daunting experience for both parties. Regardless of the situation, it's a good idea to get an appraisal from Loving Appraisals so all parties can be aware of the true market value of your real estate.
If the parties want to sell the home, they'll have a clearer picture of what price to anticipate. 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
The death of a loved one is a difficult 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 highest degree of discretion. Most Americans don't have dedicated estate planners or executors to handle these affairs, unlike wealthier individuals. And since a home or other property often makes up an major share of the total estate value, understanding the true value of the real estate at hand is of essential importance to ensuring disputing parties walk away knowing they've received an honest deal.
Satisfaction that you've priced your home accurately
Close on your home quickly — 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 better educated decision regarding your asking price. Apart from a real estate agent, an appraiser has no vested interest in what amount the house sells for. Our fees aren't a percentage of the sales price, but rather they rest on our efforts to finish the appraisal report.
We analyze the difference in value items such as an additional bathroom or a kitchen remodel, a pool, or finished basement. Getting a professional appraisal is a trusted way to decide what improvements will add value. We give you the best tool available to arrive at an appropriate listing 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 are on the market.