Reasons to get an appraisal
Thousands of people in Alabama purchase, sell or refinance their home every year. A lot of these transactions include a simple line item for an appraisal. Even though there are a growing number of automated home valuation processes that might appear to be more cost-effective than an appraisal, the majority of lenders still need a local expert because the stakes are so high. You might think that getting a mortgage is the only reason you should get an appraisal, but there are more situations when the services of a certified, independent real estate professional could be helpful.
Contest your tax assessment
It's possible you're paying too much in property taxes if you reside in an area where property values have declined. Ad Valorem taxes are based upon a previous assessment of your home, so if prices have declined in your area, you can appeal your assessment and save money. An appraisal from Shamrock Appraisals, Inc. is your best evidence when building your case. At Shamrock Appraisals, Inc., we're qualified to assist you in challenging your tax assessment.
Remove PMI to lower your mortgage payment
When the amount being loaned to the home owneris more than 80% of the actual value of the property, many lenders ask homebuyers to take out this supplemental insurance policy. That policy is Private Mortgage Insurance, or PMI. More often than not, this additional payment is bundled into the monthly mortgage payment and is quickly forgotten. This is damaging because PMI isn't required when the remainder of the loan - whether through market appreciation or principal pay down - decreases below the 80% mark. In fact, the United States Congress invoked a law in 1998 (the Homeowners Protection Act of 1998) requiring 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, Shamrock Appraisals, Inc. will give you a statement regarding the value of your home. The price you paid for the home valuation can usually be regained in a short amount of time because you'll no longer be paying the PMI.
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Settle a divorce with less stress
A divorce is an especially horrible experience for the parties involved, and it is often even more complicated by the burdensome decision of who gets the house. It's a good idea to order an appraisal from Shamrock Appraisals, Inc. so both parties are completely aware of the true market value of their property, regardless of the situation.
If the parties need to sell the home, they'll have a clearer picture of what price to set. And on the flip side, if a "buyout" is the chosen option, both parties will feel like they've gotten 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 calls for an appraisal to establish Fair Market Value for the real estate involved. We guarantee the highest degree of discretion, as we're bound with confidentiality by the ethics provision within the Uniform Standards of Professional Appraisal Practice (USPAP).
Most Americans don't have dedicated estate planners or executors to take care of these matters, unlike many wealthy individuals. A home or other property often makes up an unequal 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 gotten an honest deal.
Move to or from Tuscaloosa County through an employee relocation program
Employee relocation is a stressful event, and we understand. That being said, we take great care in setting up an accommodating appointment time for the appraisal inspection. We encourage relocating employees to provide remarks on the positive attributes of their property, along with information about any recent sales or listings in their neighborhood that they want considered during our detailed inspection.
Close on your home quickly — for an accurate price
A professional appraisal will help you make a better educated decision when determining your selling price, whether you decide 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 depend on our efforts to finish the appraisal report.
We examine 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 propertiesstay on the market. So, getting a professional appraisal is a trusted way to decide 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.