Why you should order an appraisal

Every year, thousands of people buy, sell or refinance their home. Most of these transactions have 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 an increasing number of automated home valuation methods that may seem cheaper than an appraisal. But is obtaining a mortgage the only reason you should get an appraisal? Are there additional cases when the services of a licensed, independent real estate professional might be beneficial? You bet.


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Appeal your tax assessment

It's likely you're paying too much in property taxes if you live in an area where property values have depreciated. Property taxes are based upon a past assessment of your house, so if prices have declined in your area, you can appeal your assessment and save money. When building your case, an appraisal from Schoch Appraisals LLC is your best evidence. At Schoch Appraisals LLC, we're equipped to assist you in appealing your tax assessment.

PMI removal will lower your mortgage payment

Private Mortgage Insurance, or PMI, is a supplemental insurance policy that almost all lenders ask homeowners to purchase when the amount being loaned to the home buyer is more than 80% of the actual value of the home. Oftentimes, this extra payment is lumped into the monthly mortgage payment and is quickly forgotten. PMI is no longer required when the remainder of the loan - whether through market appreciation or principal pay down - goes below the 80% level, making this very unfavorable. In fact, the Homeowners Protection Act (HPA) of 1998 was passed by the United States Congress that requires lenders to eliminate the PMI installments when the balance is paid down to 78% of the original value.

Schoch Appraisals LLC can produce a statement regarding the value of your home, and the expense of the appraisal can generally be recovered in just a few months because you'll no longer be paying the PMI.

Divorce settlement with less stress

A divorce is often complicated by the difficult decision of who gets the home, and it can be an especially heartbreaking event for both parties. So both parties are entirely aware of the true market value of their house, it's a good idea to order an appraisal from Schoch Appraisals LLC, regardless of the situation.

If the parties want to sell the home, they'll have a a good idea of what price to set. And if a "buyout" is the chosen option, both parties will feel like they've received a fair assessment.

Accurate and fair estate liquidation

The death of a loved one is a hard time in life, and settling an estate from a death, or probate, often requires an appraisal to establish Market Value for the residential property involved. We ensure the maximum degree of discretion, as we're bound with confidentiality by the ethics provision within the Uniform Standards of Professional Appraisal Practice (USPAP).

Most Americans do not have dedicated estate planners or executors to handle these matters, unlike wealthier individuals. And seeing that a home or other property often makes up an uneven share of the total estate value, understanding the absolute value of the real estate at hand is of essential importance to ensuring disputing parties leave knowing they've received a fair deal.

Schoch Appraisals LLC can help you with relocating to or from our area

Employee relocation can be a stressful event. We know where you're coming from. That being said, we take great care in setting up an accommodating appointment time for the appraisal inspection. We encourage relocating employees to provide remarks on the positive attributes of their property, along with information about any current sales or listings in their area that they want considered during our detailed process.

Selling your home quickly at the right price

Whether you want to sell your home on your own or use the assistance of a real estate agent, a professional appraisal can help you make a more informed decision regarding your asking price. An appraiser has no vested interest in what price the house sells for, unlike real estate agents. Our fees aren't contingent upon the value we report, but rather they depend on our efforts to finish the appraisal.

We examine the difference in value things like an extra bathroom or a kitchen remodel can make on a daily basis. And we're experts in knowing how long properties are on the market. So, seeking a professional appraisal is a reliable 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 too long, costing you time and money.