Reasons to order an appraisal
To many, an appraisal is simply another cost on the settlement sheet for a mortgage or refinance. Almost all lenders still want a local expert because the stakes are very high, even though there are a budding number of automated home valuation systems that may appear to be more economical than an appraisal. You might think that obtaining a mortgage is the only reason to get an appraisal, but there are additional situations when the services of a licensed, independent real estate professional might be helpful.
Challenge your tax assessment
If you live in an area where property values have depreciated, it's possible you're paying too much in property taxes. When building your case, an appraisal from us is your best evidence. At W. Eric Howard & Associates, we're qualified to assist you in disputing your tax assessment.
Removing PMI for mortgage payments
When the amount being loaned to the homebuyeris more than 80% of the actual value of the property, most lenders ask homeowners to purchase this additional insurance policy. That policy is Private Mortgage Insurance, or PMI. Since the extra payment is usually bundled into the monthly mortgage payment, it is often forgotten. This is bad because PMI isn't necessary when the remainder of the loan - whether through market appreciation or principal pay down - decreases below the 80% mark. In fact, the Homeowners Protection Act (HPA) of 1998 was invoked by the United States Congress requiring lenders to remove the PMI payments when the loan-to-value ratio conditions have been met.
If you'd like to do away with PMI, W. Eric Howard & Associates will produce a statement regarding the value of your home. The price you paid for the home valuation can usually be recovered in just a few months because you'll no longer be paying the PMI.
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Get a clear valuation on a home take make a divorce settlement less stressful
A divorce is often complicated by the challenging decision of who maintains the home, and it can be an especially traumatic event for both parties. Regardless of the circumstances, it's a good idea to order an appraisal from W. Eric Howard & Associates so both parties are completely aware of the true market value of their home.
The parties will have a better idea of what price to set, if they wish to sell the home. And on the flip side, if a "buyout" is the chosen option, both parties will feel like they've gotten a fair assessment.
Determine a fair and accurate valuation for estate liquidation
The loss of a loved one is a painful time in life, and settling an estate from a death, or probate, often entails an appraisal to establish Fair Market Value for the real estate involved. We ensure the fullest degree of discretion, as we're bound with confidentiality by the ethics provision within the Uniform Standards of Professional Appraisal Practice (USPAP).
Most Americans do not have dedicated estate planners or executors to handle these matters, unlike wealthy individuals. 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 essential importance to ensuring disputing parties walk away knowing they've received a fair deal.
Relocate to or from Anne Arundel County for work
We are familiar with the headaches associated with an employee relocation. That's why we take great care in setting up a convenient appointment time for the appraisal inspection. We encourage relocating employees to provide feedback on the positive features of their property, along with information about any current sales or listings in their neighborhood that they want considered during our intensive inspection.
Sell your home promptly — for an accurate price
A professional appraisal will help you make a better educated decision regarding your selling price, whether you choose 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, apart from real estate agents. Our fees are based on our efforts to complete the appraisal report and not a percentage of the sales price.
We determine the difference in value things like an additional bathroom or a kitchen remodel can make on a daily basis. Getting 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 houses are one the market.