Maui Home Appraisals

Maui Home AppraisalsMaui Home AppraisalsMaui Home Appraisals

Maui Home Appraisals

Maui Home AppraisalsMaui Home AppraisalsMaui Home Appraisals
  • Home
  • About
  • Products and Services
  • Why Get An Appraisal
  • Appraisal Process
  • Coverage Area
  • Contact
  • More
    • Home
    • About
    • Products and Services
    • Why Get An Appraisal
    • Appraisal Process
    • Coverage Area
    • Contact
  • Home
  • About
  • Products and Services
  • Why Get An Appraisal
  • Appraisal Process
  • Coverage Area
  • Contact

9 Reasons To Get An Appraisal

MORTGAGE FINANCING

The most common reason for an appraisal is to secure financing for a home mortgage loan or refinance your existing loan. Every mortgage loan requires an appraisal to assure the lender that they are not lending more than the property’s value. In the event of a default, the lender wants to protect themselves from losses; therefore, the appraisal is used to set the loan amount. Additionally, this ensures that the borrower is not overpaying. While appraisers are bound by code of ethics, appraisals for mortgage financing are typically ordered by the lender through an appraisal management company (AMC) to further ensure the appraisal is impartial and unbiased. 

LISTING YOUR HOME

If you're planning to sell your home, getting an appraisal helps you determine its fair market value. This information is crucial for setting an appropriate listing price. An appraisal provides an unbiased opinion of your home's worth, considering factors such as location, size, condition, recent comparable sales in the area, and current market conditions.

RENOVATION PLANNING

If you're planning significant renovations or additions to your home, an appraisal can help you determine the current value and potential increase in value resulting from the improvements. It allows you to make informed decisions about the feasibility and potential return on investment for your planned renovations.

PROBATE/ESTATE PLANNING

In cases where real estate is part of an estate, an appraisal is often required to determine the property's value for tax purposes, equitable distribution among heirs, or settling an estate. An appraiser can provide an unbiased assessment of the property's value that can be relied upon by all parties involved.

DIVORCE AND SEPARATION

During divorce proceedings, assets, including the marital home, may need to be divided between the spouses. To ensure a fair division, it's essential to have an accurate valuation of the home. An appraisal provides an unbiased assessment of the property's current market value. This valuation helps establish a starting point for negotiations or court decisions regarding the distribution of assets.

INVESTMENT & RENTAL PROPERTY

An appraisal for a rental or investment property provides an unbiased and professional evaluation of the property's value, which can assist in making informed decisions related to rent, investment potential, financing, insurance, taxes, and overall financial planning.

TAX PROTEST, DISPUTES & APPEALS

It's important to consult with a qualified appraiser who is knowledgeable about your local real estate market and familiar with the specific requirements for tax appeals in your jurisdiction. They can provide you with an accurate appraisal report that may strengthen your case for a tax reduction.

PMI REMOVAL

The lender typically requires a home appraisal to ensure that the borrower has sufficient equity in the property to justify the removal of PMI. If the appraisal shows that the home's value has increased significantly, and the borrower's equity now exceeds 20% of the home's current value, the lender may agree to remove the PMI requirement.

HOME MEASUREMENTS AND DIAGRAMS

Obtaining a home appraisal that includes accurate diagramming and measuring of square footage is crucial for determining the value of your property. It helps establish a fair market value, aids in comparison with similar homes, assesses livable space, identifies improvements, and meets lender requirements.

Copyright © 2023  Maui Home Appraisals - All Rights Reserved.


This website uses cookies.

We use cookies to analyze website traffic and optimize your website experience. By accepting our use of cookies, your data will be aggregated with all other user data.

Accept