Let PMJ Appraisals, LLC serve your appraisal needs
Each year, thousands of people in Pennsylvania and New Jersey buy, sell or refinance their home. Many of these transactions include a simple line item for an appraisal. Nearly all lenders still need a local expert because the stakes are incredibly high, even though there are an increasing number of automated home valuation methods that may appear to be more practical than an appraisal. Is getting a mortgage the only basis for getting an appraisal? Are there other cases when the services of a certified, independent real estate professional could be beneficial? Absolutely.
Appeal your tax assessment
It's quite possible you're paying too much in property taxes if you live in an area where property values have depreciated. Ad Valorem taxes are based upon a past assessment of your house, so if values have declined in your neighborhood, you can appeal your assessment and save money. When building your case, an appraisal from us is your best evidence. We can assist you in disputing your tax assessment.
Removing PMI for mortgage payments
When the amount being loaned to the home buyeris more than 80% of the actual value of the real estate, almost all lenders ask home owners to take out this extra insurance policy. That policy is Private Mortgage Insurance, or PMI. This extra payment is often lumped into the monthly mortgage payment and is soon 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% level. In fact, the Homeowners Protection Act (HPA) of 1998 was passed by the United States Congress requiring lenders to remove the PMI payments when the loan-to-value ratio conditions have been met.
PMJ Appraisals, LLC can produce a statement regarding the value of your home, and the cost of the appraisal can generally be offset in little time because you'll no longer be paying the PMI.
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Settle a divorce with less stress
A divorce can be an especially horrible ordeal for both parties, and it is often more complicated by the challenging decision of who keeps the home. It's a good idea to order an appraisal from PMJ Appraisals, LLC so both parties are completely aware of the true market value of their property, regardless of the circumstances.
If the parties need to sell the home, they'll have a better idea of what price to set. And if a "buyout" is the chosen option, both parties will feel like they've gotten a fair assessment.
Ascertain a fair and accurate valuation for estate liquidation
The death of a loved one is a difficult time in life, and settling an estate from a death, or probate, often entails an appraisal to establish Fair Market Value for the real estate involved. We ensure the highest degree of discretion, as we're bound with confidentiality by the ethics provision within the Uniform Standards of Professional Appraisal Practice (USPAP).
Unlike wealthy individuals, most Americans don't have dedicated estate planners or executors to manage these issues.
And seeing that a home or other property often makes up an unequal share of the total estate value, knowing the true worth of the real estate at hand is of significant importance to ensuring disputing parties walk away knowing they've gotten a fair deal.
Whether you decide 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. Apart from a real estate agent, an appraiser has no vested interest in what amount the house sells for. Our fees rest on our efforts to finish the appraisal report and not a percentage of the sales price.
On a daily basis, we examine the difference in value things like an additional bathroom or a kitchen remodel can make. And we're experts in knowing how long propertiesstay on the market. So, obtaining 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.