Reasons to hire an appraiser
Every year, thousands of people in Ohio purchase, sell or refinance their home. Most of these transactions have a simple line item for an appraisal. The majority of lenders still call for a local expert because the stakes are incredibly high, even though there are a budding number of automated home valuation methods that may appear more cost-effective than an appraisal. Is getting a mortgage the only reason to acquire an appraisal? Are there also instances when the services of a licensed, independent real estate professional might be beneficial? Of course there are.
Challenge your tax assessment
If you reside in an area where property values have declined, it's possible you're paying too much in property taxes. An appraisal from Dudas & Associates, Inc is your best evidence when building your case. We're equipped to assist you in appealing your tax assessment.
Eliminating PMI for mortgage payments
When the amount being loaned to the home owneris more than 80% of the actual value of the property, almost all lenders ask homebuyers to purchase this added insurance policy. That policy is Private Mortgage Insurance, or PMI. This extra payment is often bundled into the monthly mortgage payment and is quickly forgotten. PMI becomes unnecessary when the leftover balance of the loan - whether through market appreciation or principal pay down - dips below the 80% mark, making this very unfavorable. In fact, the United States Congress passed a law in 1998 (the Homeowners Protection Act of 1998) that requires lenders to dismiss the PMI installments when the loan-to-value ratio conditions have been met.
Dudas & Associates, Inc will give you a statement regarding the value of your home, and the cost of the appraisal can often be regained in just a few months because you'll no longer be paying the PMI.
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Divorce settlement with less stress
A divorce is a very daunting event for the parties involved, and it is often more complicated by the burdensome decision of who gets the home. It's a good idea to get an appraisal from Dudas & Associates, Inc so both parties are completely aware of the true market value of their home, regardless of the circumstances.
If the parties need to sell the home, they'll have a better idea of what price to set. And if a "buyout" is the chosen option, both parties will feel like they've gotten a fair assessment.
Determine an accurate and fair valuation for estate liquidation
The loss of a loved one is a difficult 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. The ethics provision within the Uniform Standards of Professional Appraisal Practice (USPAP) binds us with confidentiality, ensuring the fullest degree of discretion.
Most Americans don't have dedicated estate planners or executors to manage these affairs, unlike many wealthy individuals. And since a home or other property often makes up an unequal 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.
Relocate to or from Summit County for work
We are familiar with the stress associated with an employee relocation. We take great care in establishing an accommodating appointment time for the appraisal inspection. We encourage relocating employees to provide input on the positive aspects of their property, along with information about any recent sales or listings in their area that they want considered during our detailed inspection.
Sell your home promptly — for an accurate price
Whether you decide 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 selling price. An appraiser has no vested interest in what amount the house sells for, apart from real estate agents. Our fees aren't related to the sales price, but rather they depend on our efforts to complete the appraisal report.
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 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 homes are one the market.