Appraisal Services
Thousands of people in Eastern Massachusetts and Rhode Island buy, sell or refinance their homes every year. Many of these transactions include a simple line item for an appraisal. While there are a budding number of automated home valuation methods that might appear more practical than an appraisal, almost all lenders and real estate professionals want a local expert because the stakes are very high. You might assume that obtaining a mortgage is the only reason to acquire an appraisal, but there are additional instances when the services of a licensed, independent real estate professional might come in handy.
Challenge Your Tax Assessment
It is quite possible you are paying too much in property taxes if you reside in an area where property values have depreciated. Ad valorem taxes are determined by a past assessment of your real estate. If values are less than what they used to be in your area, you can challenge your assessment and save money. When building your case, an appraisal from Preston Appraisal is your best evidence. We're equipped to assist you in disputing your tax assessment.
PMI Removal to Lower Your Mortgage Payment
Private Mortgage Insurance, or PMI, is an additional insurance policy that nearly all lenders require homebuyers to purchase when the amount being loaned to the buyer is more than 80% of the actual value of the home. Because PMI is usually folded into the monthly mortgage payment, it is often forgotten, which can cost homeowners hundreds of dollars a year. PMI is no longer required when the remaining balance of the loan - whether through market appreciation or principal pay down - decreases below the 80% level. In fact, the United States Congress invoked a law in 1998 (the Homeowners Protection Act of 1998) that requires lenders to dismiss the PMI installments when the loan-to-value ratio conditions have been met.
If you would like to eliminate PMI, Preston Appraisal can provide you with a statement regarding the value of your home. The cost of the appraisal can often be recovered in just a few months because you'll no longer be paying the PMI.
Relocating to Eastern Massachusetts or Rhode Island
Moving due to a job change can be a stressful event, and we understand. We take great care in establishing a convenient appointment time for the appraisal inspection. We encourage relocating employees to provide input on the positive aspects of their property, as well as information about any recent sales or listings in their neighborhood that they want considered during our thorough process.
Listing Your Property
Whether you choose to sell your home on your own or with the help of a real estate agent, a professional appraisal can help you make a more informed decision when determining your asking price. Separate from a real estate agent, an appraiser has no vested interest in what price the house sells for. Our fees are calculated on our efforts to perform the appraisal report and not a percentage of the sales price. We will, however, help you understand the value of your home from a lender's perspective.
On a daily basis, we analyze the difference in value items like an extra bathroom or a kitchen remodel can make. And we're experts in knowing how long homes stay on the market. So, seeking 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.
National Flood Insurance Program (The 50% Rule)
If your home or business is below the 100-year flood elevation, your community has flood damage prevention regulations that may affect how you remodel, renovate or add on to your structure. These laws are required by the National Flood Insurance Program (NFIP) to protect lives and investments from future flood damages. Your community must adopt and enforce these laws in order for federally-backed flood insurance and most forms of disaster assistance to be available to community residents and property owners. I have performed several appraisals for homeowners and town officials and have studied documentation for assistance with this program. Please contact me to further discuss the (NFIP) and help guide you through the process.