Let Race Appraisal Services, LLC serve your appraisal needs
Each year, thousands of people in Massachusetts buy, sell or refinance their home. A lot of these transactions involve a simple line item for an appraisal. Practically all lenders still call for a local expert because the stakes are so high, even though there are an increasing number of automated home valuation processes that might appear more prudent than an appraisal. You might think that securing a mortgage is the only reason to get an appraisal, but there are other instances when the services of a licensed, independent real estate professional might be helpful.
Challenge your tax assessment
It's possible you're paying too much in property taxes if you reside in an area where property values have declined. Property taxes are determined by a previous assessment of your home, so if values have declined in your area, you can challenge your assessment and save money. When building your case, an appraisal from us is your best evidence. At Race Appraisal Services, LLC, we're qualified to assist you in disputing your tax assessment.
Get rid of PMI to lower your mortgage payment
When the amount being loaned to the buyeris more than 80% of the actual value of the home, most lenders ask home owners to purchase this supplemental insurance plan. That policy is Private Mortgage Insurance, or PMI. Since the extra payment is usually lumped into the monthly mortgage payment, it is often forgotten. PMI isn't necessary when the leftover balance of the loan - whether through market appreciation or principal pay down - falls below the 80% mark, making this very unfavorable. In fact, the Homeowners Protection Act (HPA) of 1998 was passed by the United States Congress requiring lenders to remove the PMI installments when the loan-to-value ratio conditions have been met.
Race Appraisal Services, LLC will give you a statement regarding the value of your home, and the cost of the home valuation can usually be regained in a short amount of time because you'll no longer be paying the PMI.
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Settle a divorce with fewer hang-ups
A divorce is often complicated by the difficult decision of who keeps the house, and it can be an especially horrible event for both parties. Regardless of the situation, it's a good idea to order an appraisal from Race Appraisal Services, LLC so both parties are fully aware of the true market value of their home.
The parties will have a clearer picture of what price to set, if they wish to sell the home. And on the flip side, if a "buyout" is the chosen option, both parties will feel like they've received a fair evaluation.
Fair and accurate estate liquidation
The loss of a loved one is a hard time in life, and settling an estate from a death, or probate, often calls for 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.
Most Americans do not have dedicated estate planners or executors to manage these affairs, unlike many wealthy individuals. And seeing that a home or other property often makes up a disproportionate share of the total estate value, understanding the true worth of the real estate at hand is of essential importance to ensuring disputing parties leave knowing they've received an honest deal.
Relocate to or from Hampden County through an employee relocation program
We are familiar with the headaches involved with an employee relocation. That being said, we take great care in establishing an accommodating appointment time for the appraisal inspection. We encourage relocating employees to provide input on the positive attributes of their property, along with information about any recent sales or listings in their neighborhood that they want considered during our intensive inspection.
Close on your home quickly — for the right price
Whether you choose to sell your home on your own or with the help of a real estate agent, a professional appraisal will help you make a more informed decision when determining your asking price. Apart from a real estate agent, an appraiser has no vested interest in what price the house sells for. Our fees aren't a percentage of the sales price, but rather they are based on our efforts to finish the appraisal report.
On a daily basis, we examine the difference in value things like an extra bathroom or a kitchen remodel can make. Getting a professional appraisal is a reliable way to determine 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, because we're experts in knowing how long homes are one the market.
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