Thousands of people in Illinois buy, sell or refinance their home every year. Most of these transactions involve a simple line item for an appraisal. And even though there are a growing number of automated home valuation methods that might appear more prudent than an appraisal, the majority of lenders still call in a local expert because the stakes are so high. You might believe that getting a mortgage is the only reason to acquire an appraisal, but there are other times when the services of a certified, independent real estate professional could come in handy.
Settling a divorce with less stress
A divorce is an especially heartbreaking ordeal for the parties involved, and it is often even more complicated by the difficult decision of who maintains the property. So both parties are completely aware of the true market value of their home, it's a good idea to order an appraisal from Todd Hafner, regardless of the circumstances. The parties will have a clearer picture 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 gotten a fair evaluation.
Fair and accurate estate liquidation with help from Todd Hafner
Settling an estate Losing a loved one is a hard time in life, and settling an estate from a death, or probate, often requires an appraisal to establish Market Value for the residential property involved. We ensure the highest 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 wealthy individuals. A home or other property often makes up a disproportionate share of the total estate value, so knowing the true value of the real estate at hand is of essential importance to ensuring disputing parties leave knowing they've received a fair deal.
PMI removal to lower your mortgage payment
Private Mortgage Insurance, or PMI, is an additional insurance policy that nearly all lenders ask home buyers to purchase when the amount being loaned to the home owner is more than 80% of the actual value of the real estate. Oftentimes, this added payment is bundled into the monthly mortgage payment and is promptly forgotten. This is bad because PMI isn't necessary when the remainder of the loan - whether through market appreciation or principal pay down - goes below the 80% level. In fact, the Homeowners Protection Act (HPA) of 1998 was passed by the United States Congress requiring lenders to do away with the PMI payments when the balance is paid down to 78% of the original value. Todd Hafner will produce a statement regarding the value of your home, and the cost of the home valuation can generally be regained in just a few months because you'll no longer be paying the PMI.
Let Todd Hafner assist you in selling your home quickly at 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. With much different interests than a real estate agent, an appraiser has no vested interest in what amount the house sells for. Our fees are derived from our efforts to complete the appraisal report and and aren't related to the sales price. On a daily basis, we examine the difference in value items like an extra bathroom or a kitchen remodel can make. Seeking a professional appraisal is a reliable way to decide 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 properties are one the market.