Reasons to get an appraisal
To a lot of people, an appraisal just looks like a line item on the settlement sheet for a home purchase or refinance. Practically all lenders still call in a local expert because the stakes are incredibly high, even though there are a budding number of automated home valuation processes that may seem more economical than an appraisal. Is getting a mortgage the only reason you should get an appraisal? Are there also instances when the services of a licensed, independent real estate professional might be beneficial? You bet there are.
Challenge your tax assessment in Bergen County
It's likely you're paying too much in property taxes if you reside in an area where property values have declined. Property taxes are determined by a previous assessment of your real estate, so if values are less than what they used to be in your area, you can challenge your assessment and save money. An appraisal from Gold Coast Appraisal Group LLC is your best evidence when building your case. 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 added insurance policy that nearly all lenders ask home owners to buy when the amount being loaned to the home buyer is more than 80% of the actual value of the home. Since the extra payment is usually folded into the monthly mortgage payment, it is often forgotten. PMI isn't required when the leftover balance of the loan - whether through market appreciation or principal pay down - falls below the 80% mark, making this very unfavorable. In fact, the United States Congress implemented a law in 1998 (the Homeowners Protection Act of 1998) requiring lenders to dismiss the PMI installments when the loan-to-value ratio conditions have been met.
Gold Coast Appraisal Group LLC can provide you with a statement regarding the value of your home, and the price you paid for the home valuation can generally be offset in little time because you'll no longer be paying the PMI.
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Settle a divorce with fewer hang-ups
A divorce is often complicated by the hard decision of who keeps the property, and it can be an especially daunting experience for both parties. It's a good idea to order an appraisal from Gold Coast Appraisal Group LLC so both parties are entirely aware of the true market value of their property, regardless of the circumstances.
The parties will have a better idea of what price to set, if they want to sell the home. And if a "buyout" is the chosen option, both parties will feel like they've received a fair evaluation.
Ascertain a fair and accurate valuation for estate liquidation
The death of 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 utmost degree of discretion.
Most Americans don't have dedicated estate planners or executors to handle these issues, unlike many wealthy individuals. And seeing that 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 leave knowing they've received an honest deal.
Relocate to or from Bergen County through an employee relocation program
We understand the headaches involved with an employee relocation. That's why we take great care in setting up an accommodating appointment time for the appraisal inspection. We encourage relocating employees to provide feedback on the positive features 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 use the assistance of a real estate agent, a professional appraisal can help you make a better educated decision regarding your asking price. Apart from a real estate agent, an appraiser has no vested interest in what price the house sells for. Our fees aren't related to the sales price, but rather they are calculated on our efforts to finish the appraisal report.
We examine the difference in value items like an extra bathroom or a kitchen remodel can make on a daily basis. And we're experts in knowing how long housesstay on the market. So, seeking 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.