Reasons to order an appraisal from Kordik & Associates, Inc.
Thousands of people in Illinois buy, sell or refinance their home every month. Most of these transactions consist of a simple line item for an appraisal. And while there are a multiplying number of automated home valuation methods that might appear to be less expensive than an appraisal, almost all lenders still call in a local expert because the stakes are very high. Is obtaining a mortgage the only reason you should get an appraisal? Are there other times when the services of a certified, independent real estate professional might be beneficial? You bet.
Challenge your tax assessment
It's probable you're paying too much in property taxes if you live in an area where property values have depreciated. Property taxes are determined by a past assessment of your house, so if prices have gone down 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.
PMI removal to reduce a mortgage payment
When the amount being loaned to the home buyeris more than 80% of the actual value of the real estate, almost all lenders ask buyers to purchase this supplemental insurance policy. That policy is Private Mortgage Insurance, or PMI. This extra payment is often bundled into the monthly mortgage payment and is soon forgotten. PMI isn't required when the remaining balance of the loan - whether through market appreciation or principal pay down - falls below the 80% level, making this very unfavorable. In fact, the Homeowners Protection Act (HPA) of 1998 was invoked by the United States Congress requiring lenders to remove the PMI payments when the loan-to-value ratio conditions have been met.
Kordik & Associates, Inc. will give you a statement regarding the value of your home, and the expense of the home valuation can often be offset in a short amount of time because you'll no longer be paying the PMI.
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Divorce settlement with less stress
A divorce is often complicated by the difficult decision of who keeps the house, and it can be a very traumatic event for both parties. Regardless of the situation, it's a good idea to get an appraisal from Kordik & Associates, Inc. so both parties are fully aware of the true market value of their home.
The parties will have a good idea of what price to set, if they need to sell the home. And if a "buyout" is the chosen option, both parties will feel like they've received a fair assessment.
Fair and accurate estate liquidation
Losing a loved one is a difficult 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. We guarantee the maximum degree of discretion, as we're bound with confidentiality by the ethics provision within the Uniform Standards of Professional Appraisal Practice (USPAP).
Most Americans do not have dedicated estate planners or executors to take care of these matters, unlike wealthier individuals. 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 vital importance to ensuring disputing parties walk away knowing they've received a fair deal.
Move to or from Dupage County through an employee relocation program
We understand 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 remarks on the positive features of their property, along with information regarding any current sales or listings in their neighborhood that they want considered during our intensive inspection.
Close on your home promptly — for the right price
Whether you want to sell your home on your own or with the help of a real estate agent, a professional appraisal can help you make a more informed decision regarding your selling price. An appraiser has no vested interest in what amount the house sells for, unlike real estate agents. Our fees aren't related to the sales price, but rather they are calculated on our efforts to complete the appraisal report.
We analyze the difference in value items like an extra bathroom or a kitchen remodel can make on a daily basis. Obtaining a professional appraisal is a reliable way to determine what improvements will add value and what an appropriate 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.