6 Reasons to order an appraisal from Galloway Appraisal

Thousands of people in Kentucky buy, sell or refinance their home every year. Most of these transactions involve a simple line item for an appraisal. The majority of lenders still want a local expert because the stakes are very high, even though there are a multiplying number of automated home valuation systems that may appear cheaper than an appraisal. You might assume that getting a mortgage is the only basis for getting an appraisal, but there are other situations when the services of a certified, independent real estate professional could be beneficial.

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Contest your tax assessment in Jefferson County

If you are in an area where the value of property has declined, it's possible you're paying too much in property taxes. When building your case, an appraisal from us is your best evidence. At Galloway Appraisal, we're capable of assisting you in challenging your tax assessment.

Eliminating PMI for mortgage payments

When the amount being loaned to the buyeris more than 80% of the actual value of the real estate, almost all lenders ask buyers to take out this supplemental insurance policy. That policy is Private Mortgage Insurance, or PMI. More often than not, this additional payment is lumped into the monthly mortgage payment and is quickly forgotten. This is unfortunate because PMI isn't required when the remainder of the loan - whether through market appreciation or principal pay down - dips below the 80% level. In fact, the Homeowners Protection Act (HPA) of 1998 was implemented by the United States Congress that requires lenders to do away with the PMI payments when the loan-to-value ratio conditions have been met.

If you'd like to do away with PMI, Galloway Appraisal can produce a statement regarding the value of your home. The price you paid for the home valuation can often be recovered in little time because you'll no longer be paying the PMI.

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Get a fair valuation on a home for divorce settlements

A divorce is a very traumatic ordeal for the parties involved, and it is often even more complicated by the strenuous decision of who maintains the house. So both parties are entirely aware of the true market value of their house, it's a good idea to order an appraisal from Galloway Appraisal, regardless of the situation.

The parties will have a clearer picture of what price to set, if they want 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 assessment.

Fair and accurate estate liquidation

Losing a loved one is a painful 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 utmost degree of discretion.

Unlike wealthier individuals, most Americans don't have dedicated estate planners or executors to take care of these matters. A home or other property often makes up an unequal share of the total estate value, so understanding the true value of the real estate at hand is of vital importance to ensuring disputing parties leave knowing they've gotten a fair deal.

Relocate to or from Jefferson County through an employee relocation program

Employee relocation is a stressful event, and we understand. That being said, we take great care in setting up a convenient appointment time for the appraisal inspection. During our intensive inspection, we suggest relocating employees to provide remarks on the positive characteristics of their property, as well as information regarding any recent sales or listings in their area that they want considered.

Close on your home promptly — for the right price

Whether you choose to sell your home on your own or use the assistance of a real estate agent, a professional appraisal can 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 related to the sales price, but rather they are calculated on our efforts to complete the appraisal report.

On a daily basis, we determine the difference in value items like an additional bathroom or a kitchen remodel can make. Obtaining a professional appraisal is a trusted 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 houses are one the market.

Let Galloway Appraisal assist you in selling your home quickly at the right price