Port St Lucie Appraisal Services
Purpose of a Real Estate Appraisal
What is the purpose of hiring an appraiser?
If you need a real estate appraisal it is highly recommended that you hire a local experienced state certified real estate appraiser who can provide you with an accurate appraisal. Listed below is a description of various purposes of a real estate appraisal.
When you want to obtain a home loan to purchase a property, refinance an existing loan or get an equity line of credit the lender will require that you have adequate collateral to secure the loan. A state certified appraiser will typically be hired to evaluate the property to ensure the property is worth enough to cover the loan amount to enable the lender to sell the property in case the borrower defaults on the loan. The lender will typically hire the appraiser for financing purposes through a middleman (Appraisal Management Company).
An estate usually requires a real estate appraisal to establish the "market value" for the real estate involved as of the date of death. Due to this an estate appraisal is a retroactive appraisal with an effective date of the date of death. The attorney handling the estate typically hires the appraiser for estate purposes.
Private Mortgage Insurance (PMI) Removal
Once an owner has 20% equity in their home by any means, improvements, paying down the balance of the loan or appreciation, the borrower can have the lender cancel the private mortgage insurance policy. Typically a borrower can prove the amount of equity they have with a real estate appraisal completed by a state certified real estate appraiser. Contact your lender to see how the process works as the lender may be required to hire an appraiser through a middleman (Appraisal Management Company).
Selling Real Estate
When you decide to sell your home an experienced real estate appraiser can help you greatly. A real estate appraiser can provide you with an unbiased opinion of value to help you price your home correctly and get it sold. Real estate agents can provide a market analysis however, they are not trained to value properties and they are biased as they want to get your listing, therefore many agents will embellish the value to try to obtain your listing.
Buying Real Estate
When buying real estate it is highly recommended that you hire an experienced real estate appraiser either prior to making an offer or have the offer contingent on an appraisal. Do not rely on a real estate agent to help you determine the value of the property as most agents work for the seller and are obligated to attain the highest price. Also, real estate agents are not trained to value properties. A real estate appraiser could possibly save you thousands of dollars on the purchase of a home.
Whether you are purchasing a single family home, condo or multi family property for investment purposes a real estate appraisal can help you determine the value of the property before making an offer and also show you the typical rent in the area for the type of property you are purchasing. When you are purchasing a property for investment purposes an appraisal is a must. Remember you make your money on an investment at the time of purchase, so purchase at the right price and instantly receive a return on your investment.
Bankruptcy requires the debtor to provide an expense report indicating their net worth. To help a homeowner determine their net worth an appraisal will be needed to determine the value of their property. It is the homeowner's responsibility to hire a state certified appraiser to obtain a real estate appraisal.
The first thing a lender will want to know before modifying the terms of your loan is to know the current value of your property. Most lenders will do their own online appraisal (desktop appraisal) to estimate the value. If you (the homeowner) believe their value is inaccurate and this causes the denial of the loan modification, you are advised to hire a state certified appraiser to determine the value of your property. Before hiring an appraiser you should contact the lender to determine the process you must follow when you are disputing their value estimate. Remember many times the people doing these desktop appraisals are located hundreds, if not thousands of miles away and may not be qualified to appraise a property in your area.
To order an appraisal call (772) 678-2980.