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 of these transactions require an appraisal as the lender needs to know that the value of the property is sufficient to support the loan.  But this is not the only reason to get an appraisal.  There are many other instances when the services of a certified, licensed, independent real estate appraiser is 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 developed by a qualified, state-licensed Certified Real Estate Appraiser can provide you with an objective, third party opinion of a property's current Market Value.  The appraisal can give you "peace of mind" prior to making an offer to purchase the property, provide a powerful tool for negotiations,  and potentially save you a significant amount of money. 

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 trying experience for both parties and is often further complicated by the difficult decision of "Who gets the house?".  In many cases one of the parties involved will "buyout" the other party's interest but in other cases the property needs to be sold.   Regardless of the situation, an appraisal performed by a certified real estate appraiser in necessary to determine the property's fair market value as part of the overall property settlement agreement.

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 or date-of-death real estate appraisal is needed. We are familiar with the procedures and requirements necessary to perform retrospective appraisals 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 or her 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 Real Estate Appraiser gives the executor solid facts and figures to work with in meeting all IRS and state agency requirements.

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 developed by a certified real estate appraiser can assist you in making a better educated decision when determining your selling price.

Unlike a real estate agent, an appraiser has no vested interest in the amount the house sells for.  The appraiser's fee is based on efforts to complete the appraisals process and not on a percentage of the sales price.  So the professional appraiser can provide you with the most objective and unbiased opinion of value available for your property assuring you the most realistic selling price.

 Whatever your reason for getting an appraisal you can trust and depend on the Certified Appraisal Group, LLC to provide superior quality real estate appraisal reports to meet your needs. 

 Contact us today:  703-451-2241
 
 We know Northern Virginia real estate values and are currently providing residential real estate appraisal services in the following areas: 

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