6 Reasons you should order an appraisal from Duncan Appraisals
To a lot of people, an appraisal just looks like a line item on the settlement sheet for a home purchase or refinance. Even though there are a developing number of automated home valuation processes that may seem more economical than an appraisal, the majority of lenders still call for a local expert because the stakes are incredibly high. Is getting a mortgage the only reason to acquire an appraisal? Are there additional instances when the services of a certified, independent real estate professional might be helpful? Of course there are.
Challenge your tax assessment in Bergen County
If you reside 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. At Duncan Appraisals, we're equipped to assist you in disputing your tax assessment.
Eliminate PMI to lower your mortgage payment
When the amount being loaned to the homebuyeris more than 80% of the actual value of the home, nearly all lenders ask homeowners to purchase this additional insurance plan. That policy is Private Mortgage Insurance, or PMI. Seeing that added payment is usually lumped into the monthly mortgage payment, it is often forgotten. PMI is no longer required when the remainder 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 installments when the loan-to-value ratio conditions have been met.
Duncan Appraisals will produce a statement regarding the value of your home, and the expense of the home valuation can generally be regained in little time because you'll no longer be paying the PMI.
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Settle a divorce with less stress
A divorce can be a very daunting ordeal for both parties, and it is often even more complicated by the hard decision of who keeps the house. It's a good idea to order an appraisal from Duncan Appraisals so both parties are entirely 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 evaluation.
Determine a fair and accurate valuation for estate liquidation
Losing 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. The ethics provision within the Uniform Standards of Professional Appraisal Practice (USPAP) binds us with confidentiality, guaranteeing the highest degree of discretion.
Most Americans don't have dedicated estate planners or executors to manage these issues, unlike wealthy individuals. And since a home or other property often makes up a disproportionate share of the total estate value, knowing the true value of the real estate at hand is of vital importance to ensuring disputing parties leave knowing they've gotten a fair deal.
Move to or from Bergen County through an employee relocation program
We are familiar with the stress involved with an employee relocation. That's why we take great care in organizing a convenient appointment time for the appraisal inspection. During our detailed inspection, we recommend relocating employees to provide remarks on the positive characteristics of their property, along with information about any recent sales or listings in their neighborhood that they want considered.
Sell your home promptly — for 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 when determining your asking price. Apart from a real estate agent, an appraiser has no vested interest in what price the house sells for. Our fees aren't a percentage of the sales price, but rather they are calculated on our efforts to finish the appraisal report.
We analyze the difference in value items like an extra bathroom or a kitchen remodel can make on a daily basis. Getting a professional appraisal is a trusted 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 stay on the market.
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