Reasons to get an appraisal from Mannion Appraisals
To a lot of people, an appraisal just looks like a line item in the long list of items for a home sale or refinance. Most lenders still need a local expert because the stakes are very high, even though there are a developing number of automated home valuation systems that may appear more practical than an appraisal. You might think that getting a mortgage is the only reason to get an appraisal, but there are other cases when the services of a licensed, independent real estate professional could be helpful.
Challenge 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 past assessment of your home, so if prices are less than what they used to be in your area, you can challenge your assessment and save money. An appraisal from Mannion Appraisals is your best evidence when building your case. We're qualified to assist you in disputing your tax assessment.
PMI removal to lower your mortgage payment
When the amount being loaned to the home buyeris more than 80% of the actual value of the real estate, almost all lenders ask home buyers to take out this additional insurance policy. That policy is Private Mortgage Insurance, or PMI. Most often, this extra payment is folded into the monthly mortgage payment and is soon forgotten. PMI is unnecessary when the leftover balance of the loan - whether through market appreciation or principal pay down - dips below the 80% mark, making this very unfortunate. In fact, the United States Congress implemented a law in 1998 (the Homeowners Protection Act of 1998) that requires lenders to dismiss the PMI installments when the loan-to-value ratio conditions have been met.
If you'd like to eliminate PMI, Mannion Appraisals can produce a statement regarding the value of your home. The cost of the home valuation can generally be offset in just a few months because you'll no longer be paying the PMI.
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Divorce settlement with fewer hang-ups
A divorce is a particularly traumatic event for the parties involved, and it is often even more complicated by the hard decision of who gets the property. Regardless of the circumstances, it's a good idea to get an appraisal from Mannion Appraisals so both parties are fully aware of the true market value of their home.
The parties will have a clearer picture of what price to set, if they wish to sell the home. And 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 residential property 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 do not have dedicated estate planners or executors to handle these affairs. A home or other property often makes up an uneven share of the total estate value, so understanding the true worth 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 Cook County for work
We understand the headaches associated with an employee relocation. We take great care in organizing an accommodating appointment time for the appraisal inspection. During our detailed inspection, we suggest relocating employees to provide feedback on the positive characteristics of their property, as well as information about any recent sales or listings in their neighborhood that they want considered.
Close on your home promptly — at the right price
Whether you want to sell your home on your own or with the help of a real estate agent, a professional appraisal will help you make a better educated decision when determining your asking price. An appraiser has no vested interest in what price the house sells for, apart from real estate agents. Our fees rest on our efforts to finish the appraisal report and and aren't related to the sales price.
On a daily basis, we analyze the difference in value items like an additional bathroom or a kitchen remodel can make. And we're experts in knowing how long propertiesstay on the market. So, seeking a professional appraisal is a trusted 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.