Reasons to get an appraisal
Thousands of people in New Jersey buy, sell or refinance their home each month. A lot of these transactions contain a simple line item for an appraisal. The majority of lenders still call in a local expert because the stakes are so high, even though there are a budding number of automated home valuation processes that may appear more cost-effective than an appraisal. You might think that securing a mortgage is the only reason to acquire an appraisal, but there are other instances when the services of a licensed, independent real estate professional could be helpful.
Challenge your tax assessment in Bergen County
It's possible you're paying too much in property taxes if you reside in an area where property values have depreciated. Ad Valorem taxes are determined by a previous assessment of your real estate, so if values are less than what they used to be in your neighborhood, you can challenge your assessment and save money. When building your case, an appraisal from us is your best evidence. At Gold Coast Appraisal Group LLC, we're capable of assisting you in challenging your tax assessment.
PMI removal to reduce a mortgage payment
Private Mortgage Insurance, or PMI, is an additional insurance plan that most lenders ask buyers to buy when the amount being loaned to the home buyer is more than 80% of the actual value of the real estate. Since the added payment is usually lumped into the monthly mortgage payment, it is often forgotten. This is bad because PMI is no longer required when the remaining balance of the loan - whether through market appreciation or principal pay down - decreases below the 80% mark. In fact, the United States Congress passed a law in 1998 (the Homeowners Protection Act of 1998) that requires lenders to remove the PMI installments when the loan-to-value ratio conditions have been met.
If you'd like to eliminate PMI, Gold Coast Appraisal Group LLC will give you a statement regarding the value of your home. The cost of the appraisal can usually be recovered in a short amount of time because you'll no longer be paying the PMI.
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Settle a divorce with less stress
A divorce is often complicated by the troublesome decision of who maintains the house, and it can be an especially traumatic ordeal for both parties. It's a good idea to get an appraisal from Gold Coast Appraisal Group LLC so both parties are fully aware of the true market value of their property, regardless of the situation.
The parties will have a clearer picture of what price to set, if they wish to sell the home. And if a "buyout" is the chosen option, both parties will feel like they've received a fair assessment.
Determine an accurate and fair valuation for estate liquidation
Losing a loved one is a difficult 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. We guarantee 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 many wealthy individuals, most Americans don't have dedicated estate planners or executors to handle these issues. And since a home or other property often makes up a disproportionate 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.
Relocate to or from Bergen County for work
Employee relocation can be a stressful event, and we understand. We take great care in organizing a convenient appointment time for the appraisal inspection. During our intensive inspection, we recommend relocating employees to provide feedback on the positive features of their property, as well as information about any recent sales or listings in their neighborhood that they want considered.
Close on your home promptly — at the right price
A professional appraisal can help you make a more informed decision regarding your asking price, whether you want to sell your home on your own or use the assistance of a real estate agent. Unlike a real estate agent, an appraiser has no vested interest in what amount the house sells for. Our fees aren't related to the sales price, but rather they depend on our efforts to complete the appraisal report.
On a daily basis, we determine the difference in value items like an extra bathroom or a kitchen remodel can make. Obtaining a professional appraisal is a trusted way to decide 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, because we're experts in knowing how long properties are one the market.