Why you should order an appraisal
Year after year, thousands of people in Pennsylvania purchase, sell or refinance their home. A lot of these transactions have a simple line item for an appraisal. While there are a growing number of automated home valuation processes that might appear to be more cost-effective than an appraisal, nearly all lenders still want a local expert because the stakes are so high. Is securing a mortgage the only reason to acquire an appraisal? Are there other instances when the services of a certified, independent real estate professional could be helpful? Absolutely.
Appeal your tax assessment in Allegheny County
If you reside in an area where the property value has declined, it's possible you're paying too much in property taxes. When building your case, an appraisal from us is your best evidence. At Nordquist Appraisal LLC, 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 homeowneris more than 80% of the actual value of the property, many lenders ask home buyers to take out this supplemental insurance plan. That policy is Private Mortgage Insurance, or PMI. This added payment is often bundled into the monthly mortgage payment and is quickly forgotten. PMI isn't necessary when the remaining balance of the loan - whether through market appreciation or principal pay down - decreases below the 80% mark, making this very unfavorable. In fact, the Homeowners Protection Act (HPA) of 1998 was passed by the United States Congress requiring lenders to remove the PMI installments when the loan-to-value ratio conditions have been met.
Nordquist Appraisal LLC can provide you with a statement regarding the value of your home, and the price you paid for the appraisal can usually 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 horrible ordeal for both parties, and it is often further complicated by the hard decision of who keeps the house. So both parties are entirely aware of the true market value of their house, it's a good idea to order an appraisal from Nordquist Appraisal LLC, regardless of the situation.
The parties will have a better idea of what price to set, if they want to sell the home. And on the flip side, if a "buyout" is the chosen option, both parties will feel like they've received a fair assessment.
Determine 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 entails 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, guaranteeing the maximum degree of discretion.
Most Americans don't have dedicated estate planners or executors to handle these affairs, unlike many wealthy individuals. And since a home or other property often makes up an uneven share of the total estate value, understanding the true worth of the real estate at hand is of significant importance to ensuring disputing parties walk away knowing they've received an honest deal.
Move to or from Allegheny County for work
We understand the stress involved with an employee relocation. That being said, we take great care in setting up a convenient appointment time for the appraisal inspection. During our thorough inspection, we encourage relocating employees to provide remarks on the positive aspects of their property, along with information about any current sales or listings in their neighborhood that they want considered.
Close on your home promptly — at the right price
Whether you choose 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 amount the house sells for, unlike real estate agents. Our fees rest on our efforts to finish the appraisal report and not a percentage of the sales price.
We analyze the difference in value things 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 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.