6 Reasons to choose an appraisal from Summit Appraisal, Inc.
Every year, thousands of people in California buy, sell or refinance their home. A lot of these transactions involve a simple line item for an appraisal. And even though there are a growing number of automated home valuation methods that might seem more economical than an appraisal, almost all lenders still need a local expert because the stakes are incredibly high. You might think that securing a mortgage is the only reason you should get an appraisal, but there are additional instances when the services of a certified, independent real estate professional might come in handy.
Challenge your tax assessment in Contra Costa County
If you reside 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 Summit Appraisal, Inc., we're equipped to assist you in challenging your tax assessment.
Get rid of PMI to lower your mortgage payment
When the amount being loaned to the home buyeris more than 80% of the actual value of the property, many lenders ask home buyers to buy this extra insurance policy. That policy is Private Mortgage Insurance, or PMI. Oftentimes, this additional payment is bundled into the monthly mortgage payment and is soon forgotten. PMI isn't required when the leftover balance of the loan - whether through market appreciation or principal pay down - falls below the 80% level, making this very unfavorable. In fact, the Homeowners Protection Act (HPA) of 1998 was implemented by the United States Congress requiring lenders to eliminate the PMI installments when the loan-to-value ratio conditions have been met.
Summit Appraisal, Inc. can produce a statement regarding the value of your home, and the expense of the home valuation can often be recovered in just a few months because you'll no longer be paying the PMI.
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Divorce settlement with fewer hang-ups
A divorce is often complicated by the strenuous decision of who gets the property, and it can be a particularly horrible occurrence for both parties. It's a good idea to order an appraisal from Summit Appraisal, Inc. so both parties are completely aware of the true market value of their house, regardless of the circumstances.
The parties will have a better idea of what price to set, if they need 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 evaluation.
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 requires 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).
Unlike wealthy individuals, most Americans don't have dedicated estate planners or executors to handle these affairs. A home or other property often makes up a disproportionate 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 gotten a fair deal.
Relocate to or from Contra Costa County through an employee relocation program
Employee relocation can be a stressful event, and we understand. We take great care in setting up an accommodating appointment time for the appraisal inspection. During our intensive inspection, we suggest relocating employees to provide remarks on the positive attributes of their property, as well as information about any current sales or listings in their area that they want considered.
Close on your home promptly — at the right price
Whether you want to sell your home on your own or use the assistance of a real estate agent, a professional appraisal will help you make a better educated 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 are based on our efforts to complete the appraisal report and not a percentage of the sales price.
On a daily basis, we examine the difference in value items like an extra bathroom or a kitchen remodel can make. And we're experts in knowing how long propertiesare 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.