Reasons to order an appraisal from Hoyt Appraisal, LLC
Thousands of people in New Jersey buy, sell or refinance their home every month. Many of these transactions consist of a simple line item for an appraisal. And while there are a growing number of automated home valuation processes that may appear less expensive than an appraisal, the majority of lenders still call for a local expert because the stakes are very high. You might believe that getting a mortgage is the only reason you should get an appraisal, but there are other instances when the services of a certified, independent real estate professional might be helpful.
Contest your tax assessment
If you live in an area where the value of property has depreciated, it's possible you're paying too much in property taxes. An appraisal from Hoyt Appraisal, LLC is your best evidence when building your case. At Hoyt Appraisal, LLC, we're capable of assisting you in disputing your tax assessment.
Remove PMI to lower your mortgage payment
When the amount being loaned to the homebuyeris more than 80% of the actual value of the property, many lenders ask home owners to purchase this added insurance plan. That policy is Private Mortgage Insurance, or PMI. Since the extra payment is usually bundled into the monthly mortgage payment, it is often forgotten. PMI isn't necessary when the remaining balance of the loan - whether through market appreciation or principal pay down - dips below the 80% mark, making this very unfavorable. In fact, the Homeowners Protection Act (HPA) of 1998 was invoked by the United States Congress that requires lenders to do away with the PMI installments when the loan-to-value ratio conditions have been met.
If you'd like to do away with PMI, Hoyt Appraisal, LLC will provide you with a statement regarding the value of your home. The price you paid for 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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Settle a divorce with less stress
A divorce is often complicated by the strenuous decision of who keeps the home, and it can be a very horrible experience for both parties. Regardless of the situation, it's a good idea to order an appraisal from Hoyt Appraisal, LLC so both parties are completely aware of the true market value of their house.
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.
Determine an accurate and fair valuation for estate liquidation
Losing a loved one is a difficult 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. The ethics provision within the Uniform Standards of Professional Appraisal Practice (USPAP) binds us with confidentiality, guaranteeing the utmost degree of discretion.
Most Americans don't have dedicated estate planners or executors to handle these matters, unlike wealthy individuals. A home or other property often makes up an uneven share of the total estate value, so knowing 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 Morris County for work
We know the stress involved with an employee relocation. That being said, we take great care in setting up an accommodating appointment time for the appraisal inspection. We encourage relocating employees to provide remarks on the positive characteristics of their property, as well as information about any new sales or listings in their area that they want considered during our detailed inspection.
Close on your home promptly — for an accurate price
A professional appraisal can help you make a more informed decision regarding your asking price, whether you decide to sell your home on your own or with the help 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 depend on our efforts to finish the appraisal report and not a percentage of the sales price.
On a daily basis, we examine the difference in value things like an additional bathroom or a kitchen remodel can make. And we're experts in knowing how long homesstay 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.