When do you need an Appraisal
The most common reason people want to know is because they are thinking of selling, but there are other reasons. Perhaps you are being relocated and your company intends to assist you. Maybe you’re thinking of a refinance.You may be intending to deed a portion of the property to a family member and need to place a value on it.There may (heaven forbid) be a divorce pending.

Property Tax Challenges
Property tax, also referred to as realty tax, is an annual tax that owners of private property are required to pay to the local government in the city or county in which the property is located. The two main determinants of the property tax amount are the market value of the property and the local tax rates. 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.A real estate appraiser can help in these situations.These documents can carry a lot of weight when you appear before an appeals board.

PMI Removal
In many cases the lender will allow cancellation of PMI when the loan-to-value ratio is less than 80% of the original appraised value. Typical requirements for release of PMI are as follows. The loan must be at least one year old, A good payment history in the past 12 months,loan balance has been paid below 80% and most lenders will also require a current appraisal performed by State-Certified or State licensed appraiser showing the current market value. Remember you must have 20% equity in your property. These are just typical and common requirements contact your lender/mortgage company for further information on PMI removal.PIn 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.

Pre-Sale Decisions
Appraisers can step in and help make these decisions. Unlike a Realtor, an appraiser has no vested interest in what amount the house sells for. His fee is based on his efforts, not a percentage of the sales price. So seeking a professional appraisal can often help homeowners make the best decisions on investing in their homes and setting a fair sales price.

Estate Planning, Liquidation or Divorce
The loss of a loved one is a difficult time in life. Likewise, a divorce can be a particularly traumatic experience. Sadly, these events are often complicated by difficult decisions regarding the disposition of an estate. Unlike many wealthy individuals, the majority of Americans do not have dedicated estate planners or executors to handle these issues. Also, in most cases, a home or other real property makes up a disproportionate share of the total estate value.

Here too, an appraiser can help. Often the first step in fairly disposing of an estate is to understand its true value. Where property is involved, the appraiser can help determine the true value. At this point, equitable arrangements can more easily be arrived at among disputing parties. Everyone walks away knowing they’ve received a fair deal.

There are other uses for real estate appraisals. The highly-trained individuals behind these services are always looking for ways to put their expertise to work for home owners and the people who support them.