Reasons to get an appraisal from Dudas & Associates, Inc
Thousands of people in Ohio purchase, sell or refinance their home every month. Most of these transactions consist of a simple line item for an appraisal. Almost all lenders still need a local expert because the stakes are very high, even though there are a multiplying number of automated home valuation methods that may appear more prudent than an appraisal. You might assume that securing a mortgage is the only reason you should get an appraisal, but there are more times when the services of a licensed, independent real estate professional might be beneficial.
Challenge your tax assessment
It's probable you're paying too much in property taxes if you reside in an area where property values have depreciated. Ad Valorem taxes are determined by a past assessment of your house, so if prices have gone down in your neighborhood, you can appeal your assessment and save money. When building your case, an appraisal from us is your best evidence. At Dudas & Associates, Inc, we're capable of assisting you in challenging your tax assessment.
Getting rid of your PMI for mortgage payments
When the amount being loaned to the home owneris more than 80% of the actual value of the home, many lenders ask homeowners to purchase this additional insurance plan. That policy is Private Mortgage Insurance, or PMI. More often than not, this additional payment is folded into the monthly mortgage payment and is soon forgotten. This is unfortunate because PMI isn't required when the leftover balance of the loan - whether through market appreciation or principal pay down - dips below the 80% level. In fact, the Homeowners Protection Act (HPA) of 1998 was invoked by the United States Congress that requires lenders to eliminate the PMI installments when the loan-to-value ratio conditions have been met.
If you'd like to eliminate PMI, Dudas & Associates, Inc will give you a statement regarding the value of your home. The cost of the home valuation can generally be recovered 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 difficult decision of who keeps the house, and it can be a particularly daunting event for both parties. It's a good idea to order an appraisal from Dudas & Associates, Inc so both parties are fully aware of the true market value of their home, regardless of the situation.
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 assessment.
Accurate and fair estate liquidation
The death of a loved one is a difficult time in life, and settling an estate from a death, or probate, often calls for an appraisal to establish Fair Market Value for the real estate involved. We ensure the highest degree of discretion, as we're bound with confidentiality by the ethics provision within the Uniform Standards of Professional Appraisal Practice (USPAP).
Most Americans don't have dedicated estate planners or executors to handle these matters, unlike many wealthy individuals. A home or other property often makes up an unequal share of the total estate value, so knowing the true worth of the real estate at hand is of vital importance to ensuring disputing parties walk away knowing they've received a fair deal.
Relocate to or from Summit County through an employee relocation program
Employee relocation is a stressful event, and we understand. That's why 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 attributes of their property, along with information regarding any new sales or listings in their area that they want considered during our intensive inspection.
Sell your home promptly — at 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 can help you make a more informed decision when determining your selling price. Unlike a real estate agent, an appraiser has no vested interest in what amount the house sells for. Our fees depend on our efforts to finish the appraisal report and not a percentage of the sales price.
On a daily basis, we determine the difference in value things like an additional bathroom or a kitchen remodel can make. Getting a professional appraisal is a reliable way to determine what improvements will add value and what a suitable 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 stay on the market.