Why you should order an appraisal
To a lot of people, an appraisal is simply another fee on the settlement sheet for a home purchase or refinance. And while there are a multiplying number of automated home valuation systems that might appear less expensive than an appraisal, the majority of lenders still need a local expert because the stakes are incredibly high. Is securing a mortgage the only reason to acquire an appraisal? Are there more situations when the services of a certified, independent real estate professional might be helpful? Of course.
Contest your tax assessment in Cook 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 based upon a previous assessment of your house, so if prices are less than what they used to be in your area, you can appeal your assessment and save money. An appraisal from Mannion Appraisals is your best evidence when building your case. At Mannion Appraisals, 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 many lenders ask home owners to buy when the amount being loaned to the homeowner is more than 80% of the actual value of the property. Most often, this added payment is bundled into the monthly mortgage payment and is soon forgotten. This is damaging because PMI isn't necessary when the remaining balance of the loan - whether through market appreciation or principal pay down - decreases below the 80% level. In fact, the United States Congress passed a law in 1998 (the Homeowners Protection Act of 1998) that requires lenders to do away with the PMI payments when the loan-to-value ratio conditions have been met.
Mannion Appraisals will give you a statement regarding the value of your home, and the cost of the appraisal can generally be offset in little time because you'll no longer be paying the PMI.
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Divorce settlement with less stress
A divorce can be a very daunting ordeal for both parties, and it is often more complicated by the burdensome decision of who gets the house. It's a good idea to get an appraisal from Mannion Appraisals so both parties are completely aware of the true market value of their property, regardless of the situation.
The parties will have a good idea of what price to set, if they need to sell the home. And if a "buyout" is the chosen option, both parties will feel like they've received a fair evaluation.
Fair and accurate estate liquidation
The loss of a loved one is a painful 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, ensuring the maximum degree of discretion.
Unlike many wealthy individuals, most Americans don't have dedicated estate planners or executors to handle these matters. A home or other property often makes up an unequal share of the total estate value, so understanding the true worth of the real estate at hand is of significant importance to ensuring disputing parties leave knowing they've gotten a fair deal.
Move to or from Cook County through an employee relocation program
We are familiar with the headaches involved with an employee relocation. That being said, we take great care in setting up a convenient appointment time for the appraisal inspection. We encourage relocating employees to provide remarks on the positive features of their property, as well as information about any new sales or listings in their area that they want considered during our thorough inspection.
Sell your home promptly — at an accurate price
Whether you decide to sell your home on your own or use the assistance of a real estate agent, a professional appraisal can help you make a better educated decision when determining your asking price. An appraiser has no vested interest in what amount the house sells for, apart from real estate agents. Our fees depend on our efforts to complete the appraisal report and not a percentage of the sales price.
On a daily basis, we examine the difference in value items like an additional bathroom or a kitchen remodel can make. And we're experts in knowing how long housesare on the market. So, obtaining 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.