Let The Welter Appraisal Group handle your appraisal needs
Thousands of people in New Jersey purchase, sell or refinance their home every year. A lot of these transactions include a simple line item for an appraisal. And while there are a developing number of automated home valuation methods that may seem less expensive than an appraisal, most lenders still need a local expert because the stakes are so high. Is getting a mortgage the only reason you should get an appraisal? Are there more instances when the services of a certified, independent real estate professional might be beneficial? You bet there are.
Challenge your tax assessment
It's likely you're paying too much in property taxes if you live in an area where property values have declined. Ad Valorem taxes are based upon a past assessment of your house, so if values are less than what they used to be in your area, you can challenge your assessment and save money. When building your case, an appraisal from us is your best evidence. At The Welter Appraisal Group, we're capable of assisting you in challenging 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 real estate, many lenders ask buyers to take out this extra insurance plan. That policy is Private Mortgage Insurance, or PMI. Oftentimes, this additional payment is lumped into the monthly mortgage payment and is promptly forgotten. PMI is unnecessary when the remaining balance of the loan - whether through market appreciation or principal pay down - decreases below the 80% level, making this very unfortunate. In fact, the United States Congress invoked a law in 1998 (the Homeowners Protection Act of 1998) requiring lenders to dismiss the PMI payments when the loan-to-value ratio conditions have been met.
The Welter Appraisal Group will provide you with a statement regarding the value of your home, and the price you paid for the home valuation can usually 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 burdensome decision of who maintains the house, and it can be a particularly traumatic occurrence for both parties. Regardless of the circumstances, it's a good idea to order an appraisal from The Welter Appraisal Group so both parties are entirely aware of the true market value of their home.
The parties will have a clearer picture of what price to set, if they wish 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
Losing a loved one is a painful 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, guaranteeing the maximum degree of discretion.
Most Americans don't have dedicated estate planners or executors to handle these affairs, unlike wealthy individuals. And seeing that a home or other property often makes up an unequal share of the total estate value, knowing the true value of the real estate at hand is of essential importance to ensuring disputing parties walk away knowing they've gotten a fair deal.
Move to or from Monmouth County for work
We know the headaches involved with an employee relocation. That's why we take great care in organizing a convenient appointment time for the appraisal inspection. We encourage relocating employees to provide remarks on the positive characteristics of their property, along with information regarding any recent sales or listings in their area that they want considered during our detailed inspection.
Close on your home quickly — at an accurate price
Whether you choose to sell your home on your own or with the help of a real estate agent, a professional appraisal can help you make a more informed decision regarding your selling price. Unlike a real estate agent, an appraiser has no vested interest in what price the house sells for. Our fees are based on our efforts to finish the appraisal report and not a percentage of the sales price.
We analyze the difference in value things like an extra bathroom or a kitchen remodel can make on a daily basis. And we're experts in knowing how long housesare on the market. So, getting a professional appraisal is a reliable way to decide 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.