Let Bruce W. Reyle Commercial and Residential Real Estate Appraisers & Consultants serve your appraisal needs
Each year, thousands of people in Virginia buy, sell or refinance their home. Most of these transactions include a simple line item for an appraisal. While there are a budding number of automated home valuation processes that might appear to be cheaper than an appraisal, most lenders still call in a local expert because the stakes are incredibly high. You might assume that getting a mortgage is the only reason you should get an appraisal, but there are additional situations when the services of a licensed, independent real estate professional could come in handy.
Appeal your tax assessment
It's quite possible you're paying too much in property taxes if you live in an area where property values have depreciated. Property taxes are determined by a previous assessment of your house, so if prices are less than what they used to be in your neighborhood, you can challenge your assessment and save money. An appraisal from Bruce W. Reyle Commercial and Residential Real Estate Appraisers & Consultants is your best evidence when building your case. We're equipped to assist you in challenging your tax assessment.
PMI removal to reduce your mortgage payment
Private Mortgage Insurance, or PMI, is a supplemental insurance policy that most lenders ask homebuyers to purchase when the amount being loaned to the home buyer is more than 80% of the actual value of the real estate. Since the extra payment is usually lumped into the monthly mortgage payment, it is often forgotten. This is bad because PMI isn't required when the remainder of the loan - whether through market appreciation or principal pay down - decreases below the 80% level. In fact, the Homeowners Protection Act (HPA) of 1998 was passed by the United States Congress that requires lenders to dismiss the PMI payments when the loan-to-value ratio conditions have been met.
Bruce W. Reyle Commercial and Residential Real Estate Appraisers & Consultants can give you a statement regarding the value of your home, and the expense of the appraisal can usually be recovered in little time because you'll no longer be paying the PMI.
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Divorce settlement with less stress
A divorce is often complicated by the hard decision of who gets the property, and it can be an especially traumatic experience for both parties. Regardless of the circumstances, it's a good idea to order an appraisal from Bruce W. Reyle Commercial and Residential Real Estate Appraisers & Consultants so both parties are fully aware of the true market value of their home.
If the parties wish to sell the home, they'll have a clearer picture of what price to set. 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 hard 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. The ethics provision within the Uniform Standards of Professional Appraisal Practice (USPAP) binds us with confidentiality, guaranteeing the highest degree of discretion.
Most Americans don't have dedicated estate planners or executors to take care of these issues, unlike many wealthy individuals. And since 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 vital importance to ensuring disputing parties walk away knowing they've gotten an honest deal.
Move to or from Fairfax City County through an employee relocation program
Employee relocation can be a stressful event, and we understand. We take great care in organizing an accommodating appointment time for the appraisal inspection. During our thorough inspection, we suggest relocating employees to provide input on the positive attributes of their property, along with information regarding any current sales or listings in their neighborhood that they want considered.
Sell your home quickly — for an accurate price
A professional appraisal can help you make a better educated decision regarding your selling price, whether you want to sell your home on your own or use the assistance of a real estate agent. An appraiser has no vested interest in what amount the house sells for, unlike real estate agents. Our fees aren't a percentage of the sales price, but rather they rest on our efforts to complete the appraisal report.
On a daily basis, we examine the difference in value things like an extra bathroom or a kitchen remodel can make. Seeking a professional appraisal is a trusted 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, because we're experts in knowing how long houses stay on the market.