Let Mannion Appraisals attend to your appraisal needs
Year after year, thousands of people in Illinois buy, sell or refinance their home. Many of these transactions include a simple line item for an appraisal. The majority of lenders still call in a local expert because the stakes are so high, even though there are a developing number of automated home valuation processes that might seem more economical than an appraisal. You might assume that obtaining a mortgage is the only reason to get an appraisal, but there are additional instances when the services of a licensed, independent real estate professional could be beneficial.
Challenge your tax assessment
It's probable you're paying too much in property taxes if you live in an area where property values have declined. Property taxes are determined by a past assessment of your real estate, so if values 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 capable of assisting you in appealing your tax assessment.
Eliminating PMI for mortgage payments
When the amount being loaned to the home buyeris more than 80% of the actual value of the real estate, many lenders ask buyers to take out this additional insurance policy. That policy is Private Mortgage Insurance, or PMI. Seeing that extra payment is usually folded into the monthly mortgage payment, it is often forgotten. This is damaging because PMI isn't required when the leftover 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 remove the PMI payments when the loan-to-value ratio conditions have been met.
If you'd like to eliminate PMI, Mannion Appraisals will provide you with a statement regarding the value of your home. The cost of the appraisal can usually be recovered 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 particularly horrible event for both parties, and it is often even more complicated by the difficult decision of who maintains the home. It's a good idea to get an appraisal from Mannion Appraisals so both parties are entirely 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 better 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 assessment.
Ascertain a fair and accurate valuation for estate liquidation
The death of a loved one is a hard time in life, and settling an estate from a death, or probate, often requires an appraisal to establish Fair Market Value for the real estate involved. We guarantee the maximum degree of discretion, as we're bound with confidentiality by the ethics provision within the Uniform Standards of Professional Appraisal Practice (USPAP).
Unlike wealthy individuals, most Americans do not have dedicated estate planners or executors to handle these issues. And seeing that a home or other property often makes up a disproportionate share of the total estate value, understanding the true worth of the real estate at hand is of essential importance to ensuring disputing parties leave knowing they've received an honest deal.
Move to or from Cook County through an employee relocation program
Employee relocation can be a stressful event, and we understand. That being said, we take great care in establishing a convenient appointment time for the appraisal inspection. We encourage relocating employees to provide input on the positive aspects of their property, along with information regarding any recent sales or listings in their area that they want considered during our thorough inspection.
Sell your home quickly — for the right price
Whether you choose 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. An appraiser has no vested interest in what price the house sells for, unlike real estate agents. Our fees are based 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 things like an extra bathroom or a kitchen remodel can make. 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, because we're experts in knowing how long properties are one the market.