A. AMZALLAG APPRAISAL
345 East 80th Street New York, NY 10075
Phone: 917-670-0195 Fax: 646-349-1187 E-mail: firstname.lastname@example.org
When do you need 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 and make sure we’re not spending too much on this property.”
But is this the only reason to get an appraisal? Are there other times when the services of a certified, licensed, independent real estate professional might come in handy?
Property Tax Challenges
It’s a running joke that every one has a different perspective of what a house is worth. And it’s the tax assessor that seems to always come in at the high end of the scale! Challenging the tax assessment has become an annual ritual in many parts of the country. Unfortunately, most people go into these challenges unarmed. They may pull some information from the internet to support their claims, but have no real basis other than: ”It wasn’t worth that much last year.”
A real estate appraiser can help in these situations. While it may not be economical to commission a full appraisals to lop a few hundred off your tax bill, often an appraiser can do a limited appraisal or neighborhood analysis for much less. These documents can carry a lot of weight when you appear before an appeals board.
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.
Who should choose us to serve their real estate appraisal needs?
- Mortgage lenders:. Whether it’s a full Fannie Mae 1004 complete with interior photos and the 1004MC or an exterior-only inspection, we offer great service with fast turnaround times and can deliver in all popular electronic formats.
- REALTORS® and real estate agents: We offer pre-listing appraisal services for real estate in Manhattan to assist with pricing homes or developing supporting materials such as a detailed floorplan sketch.
- FSBOs, home sellers and homeowners: A listing appraisal can be a powerful tool for a for-sale-by-owner home seller. You’ll get peace of mind by truly knowing what your Manhattan real estate is worth. An appraisal can also help ease your tax burden if you live in an area that’s seen declining values or if your home has been over assessed.
- Attorneys and accountants: We’re trained and experienced in estate settlements and can provide well-documented and easy to understand reports specifically for non-lending purposes.