Why do you need an appraisal from Bobkat Appraisal Services?
Thousands of people buy, sell or refinance their home each month, and most of these transactions consist of a simple line item for an appraisal. Almost all lenders require an appraisal before making a loan, and they also require a local expert because the stakes are very high. But is securing a mortgage the only reason to get an appraisal? Are there other times when the services of a certified, independent real estate professional might come in handy? Of
Need to challenge your tax assessment?If you live in an area where the value of
Ready to do away with PMI to lower your mortgage payment?Private Mortgage Insurance, or PMI, is a supplemental insurance plan that most lenders ask home buyers to purchase when the amount being loaned to the homebuyer is more than 80% of the actual value of the real estate. This additional payment is often bundled into the monthly mortgage payment and is quickly forgotten. PMI isn't required when the leftover balance of the loan (whether through market appreciation or principal pay
down) falls below the 80% level. In fact, the Homeowners Protection Act (HPA) of 1998 was implemented by the United States Congress requiring lenders to remove the PMI installments on most mortgages (excluding FHA) when the balance is paid down to 78% of the original value.
An appraisal will give you the value of your home, and the cost of the appraisal can often be offset in little time because you'll no longer be paying the PMI.
Need an appraisal to help you settle a divorce?A divorce is a very traumatic experience for the parties involved, and it is often more complicated by the troublesome decision of who gets the home. Regardless of the situation, it's wise to get an appraisal so both parties are fully aware of the true market value of their home.
If the parties need to sell the home, they'll have a clearer picture of what price to set. On the flip side, if a "buyout" is the chosen option, an appraisal will give both parties a fair and honest assessment.
Settling an estate?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 the market value for the real estate involved at the time of their death. The ethics provision within the Uniform Standards of Professional Appraisal Practice (USPAP) binds us with confidentiality, ensuring the highest degree of discretion.
Most Americans do not have dedicated estate planners or executors to manage these affairs, unlike wealthier individuals. And seeing that a home or other property often makes up an uneven share of the total estate value, understanding the certain value of the real estate at hand is of vital importance to ensuring disputing parties walk away knowing they've received an honest deal.
Relocating to or from the St. Louis or St. Charles area?We know the headaches associated with employee relocation. That's why we take great care in setting up a convenient appointment time for the appraisal inspection. We encourage relocating employees to provide feedback on the positive characteristics of their property, along with information about any current sales or listings in their area that they want to be considered during our detailed process. We are experts in the relocation process. We utilize the ERC appraisal form, and our services are used by many of the top relocation companies across the country.
Getting ready to sell your home?
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 selling price. With many different interests than a real estate agent, an appraiser has no vested interest in what amount the house sells for. The price we charge isn't contingent upon the value we report, but rather they are calculated on our efforts to finish the appraisal.