Kennedy Appraisals in New Buffalo are called upon for a variety of purposesEvery year, thousands of people in Michigan buy, sell or refinance their home. A lot of these transactions include a simple line item for an appraisal. Most lenders still call in a local expert because the stakes are incredibly high, even though there are a growing number of automated home valuation methods that may appear cheaper than an appraisal. But is obtaining a mortgage the only reason to get an appraisal? Are there other situations when the services of a certified, independent real estate professional could be helpful? You bet there are.
Dispute your tax assessment in Berrien CountyIt's probable 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 real estate, so if values have declined in your area, you can challenge your assessment and save money. When building your case, an appraisal from Kennedy Appraisals is your best evidence. At Kennedy Appraisals, we're equipped to assist you in challenging your tax assessment.
How can you eliminate PMI to lower your mortgage payment?When the amount being loaned to the home owner is more than 80% of the actual value of the home, nearly all lenders ask home owners to purchase an additional insurance policy. That policy is Private Mortgage Insurance, or PMI. Seeing that extra payment is usually folded into the monthly mortgage payment, it is often forgotten. This is unfortunate because PMI becomes unnecessary when the remaining balance of the loan - whether through market appreciation or principal pay down - dips below the 80% mark. In fact, the Homeowners Protection Act (HPA) of 1998 was implemented by the United States Congress that requires lenders to remove the PMI payments on most mortgages when the balance is paid down to 78% of the original value.
Kennedy Appraisals will produce a statement regarding the value of your home, and the cost of the appraisal can often be recovered in little time because you'll no longer be paying the PMI.
Divorce settlement with less stressA divorce is often complicated by the troublesome decision of who maintains the house, and it can be an especially heartbreaking occurrence for both parties. It's a good idea to get an appraisal from Kennedy Appraisals so both parties are completely aware of the true market value of their house, regardless of the situation.
The parties will have a good idea of what price to set, if they need to sell the home. And if a "buyout" is the chosen option, both parties will feel like they've received a fair evaluation.
Fair and accurate estate liquidationThe death of 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 Market Value for the residential property 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 do not have dedicated estate planners or executors to take care of these affairs, unlike wealthier individuals. And seeing that a home or other property often makes up an unequal share of the total estate value, knowing the correct value of the real estate at hand is of vital importance to ensuring disputing parties walk away knowing they've gotten a fair deal.
Let Kennedy Appraisals help you with relocating to or from Berrien CountyEmployee relocation is a more than just an inconvenience, and we understand. We take great care in setting up a convenient appointment time for the appraisal inspection. During our intensive process, we encourage employees that are moving to provide remarks on the positive attributes of their property, along with information regarding any current sales or listings in their neighborhood that they want considered.
Don't sell out for too little or let your home stay on the market too long.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 selling price. An appraiser has no vested interest in what amount the house sells for, which is different than the interest of real estate agents. Our fees depend on our efforts to finish the appraisal report and and aren't related to the sales price.
On a daily basis, we analyze the difference in value things like an extra bathroom or a kitchen remodel can make. Seeking a professional appraisal is a trusted way to determine 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 properties stay on the market.