REASONS TO GET AN APPRAISAL
Every year, countless people in the United States buy, sell or refinance their own slice of the American Dream.  Most, if not all, of these transactions include a simple line item for an appraisal.  It has become an understood and accepted part of a real estate transaction.  "Let's bring in the expert Certified Appraiser and make sure we're not spending too much on this property."

But this is not the only reason to get an appraisal.  There are many other times when the services of a certified, licensed, independent real estate bis needed.  Below are just a few. 

PURCHASE OF A HOME
One of the most important issues involved in purchasing a property is developing an opinion of what it's worth so that you can make an informed offer to purchase.  A professional appraisal report performed by a qualified, state-licensed Certified Appraiser can provide you with an objective, third party opinion of a property's current Market Value.  And for the small price of this service, you can give yourself "peace of mind" prior to making an offer to purchase that you're offering a fair price for the property. 

REFINANCE OR GET A HOME EQUITY LOAN
If you need to consolidate bills, have a college tuition to pay, or just want to tap into the equity of your home, you'll need a new loan, which oftentimes requires a new appraisal of the property.
 
PMI REMOVAL
Private Mortgage Insurance or PMI is the supplemental insurance that many lenders ask home buyers to purchase when the amount being loaned is more than 80% of the value of the home. Very often, this additional payment is folded into the monthly mortgage payment and is quickly forgotten. This is unfortunate because PMI becomes unnecessary when the remaining balance of the loan - whether through market appreciation or principal paydown - dips below this 80% level. In fact, the United States Congress passed a law in 1998 (the Homeowners Protection Act of 1998) that requires lenders to remove the PMI payments when the loan-to-value ratio conditions have been met.

Many appraisers offer a specific service for home owners that believe they have met the 80% loan-to-value metric. For a nominal fee, the appraiser can provide you with a statement regarding the home value. Some will even take the next step and help you file a challenge with your mortgage company. The costs of these services are very often recovered in just a few months of not paying the PMI.

DIVORCE SETTLEMENT
A divorce can be a particularly traumatic experience for both parties and is often further complicated by the difficult decision of "Who gets the house?".  In most divorce cases, the Court won't usually force the parties involved to "buyout" the other party's interest but it may however order the sale of the home so each party gets an equal share of the equity.  Regardless of the situation, it's a good idea to order an appraisal so both parties are fully aware of what the true market value is.

If the parties want to sell the home, they'll have a better idea of what price to set.  And on the flipside, if a "buyout" is the chosen option, both parties will feel like they've gotten a fair assessment.
 
ESTATE LIQUIDATION
The loss of a loved one is a difficult time in life and settling an estate from a death, or probate, often requires an appraisal to establish Fair Market Value for the residential property involved.  The ethics provision within the Uniform Standards of Professional Appraisal Practice (USPAP) binds us with confidentiality, ensuring the fullest degree of discretion. Where property is involved, the Certified Appraiser can help determine the true value.  At this point, equitable arrangements can more easily be arrived at among disputing parties.

ESTATE SETTLEMENT                                                                                                                                                   Settling an estate is an important and sometimes stressful job. As an executor you have been entrusted to carry out the wishes of the deceased as swiftly and exactly as possible.

Settling an estate usually requires an appraisal to establish Fair Market Value for the residential property involved. Often, the date of death differs from the date the appraisal is requested and therefore a retrospective real estate appraisal is needed. We are familiar with the procedures and requirements necessary to perform a retrospective appraisal with an effective date and Fair Market Value estimate matching the date of death.

Opinions of value used in documents filed with the revenue authorities should be supported by a detailed report as to how the appraiser arrived at his conclusions. Such a report will demonstrate to the authorities that the numbers used are well founded and substantiated.

Having a professional appraisal completed by a Certified Appraiser gives the executor solid facts and figures to work with in meeting IRS and state agency requirements. It assures peace of mind to everyone concerned because we are there to stand behind the appraisal if it is challenged.

SELLING A HOME
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 when determining your selling price.

Unlike a real estate agent, an appraiser has no vested interest in what amount the house sells for.  It's easy for them to step in and give you the information to help you make your decision.  Appraiser fees are based on efforts to complete the report and not a percentage of the sales price. So seeking a professional appraisal can often help homeowners make the best decisions on investing in their homes and setting a fair sales price.

Whatever your reason for getting an appraisal you can trust and depend on the Certified Appraisal Group, LLC to provide superior quality appraisal reports to meet your needs.   We know Northern Virginia and  appraise residential real esate properties in the following areas 7 days a week! 

Fairfax County, Loudoun County, Prince William County, Arlington County, Alexandria City, Fairfax City, Falls Church City, City of Manassas and Manassas Park.