A residential real estate appraisal report is an independent, unbiased, third party opinion of the market value for a residential property from an accredited professional.
Eagle Appraisals offer qualified appraisers who will determine the fair market value of your property and offer sellers an accurate figure of what a home could sell for on the open market. We also protect buyers with details for regarding its actual market value. Our licensed appraisers offer estimates for a property’s tax-assessed value.
Accurate Home Appraisals
Expertise and the qualifications required for appraisals for:
Estate settlement is often stressful, but a very important job. It's up to you as a trustee to carry out the wishes of the departed as swiftly and respectfully as possible. You can count on Eagle Appraisals to respond quickly and with as much sensitivity to the feelings of everyone involved.
Lawyers and accountants count on our conduct when calculating real property values for estates, divorces, or other disputes requiring a value being placed on real property. We understand their needs and are used to working with all parties involved. Because of our familiarity in working with attorneys and accountants and other agencies, we provide reports that definitely transcend all expectations.
When getting a mortgage, a 20% down payment is usually the standard. The lender's liability is oftentimes only the remainder between the home value and the balance remaining on the loan, so the 20% supplies a nice buffer against the costs of foreclosure, reselling the home, and natural value fluctuations on the chance that a borrower doesn't pay.
Lenders were accepting down payments dropping to 10, 5 and even 0 percent in the peak of last decade's mortgage boom. How does a lender handle the increased risk of the low down payment? The answer is Private Mortgage Insurance or PMI. This supplementary policy takes care of the lender in case a borrower doesn't pay on the loan and the market price of the home is less than the loan balance.
Since the $40-$50 a month per $100,000 borrowed is rolled into the mortgage monthly payment and on many occasions isn't even tax deductible, PMI is costly to a borrower. It's favorable for the lender because they collect the money, and they receive payment if the borrower defaults, different from a piggyback loan where the lender consumes all the costs.
Date of Death Valuation
Estate tax liability. Disposition of assets under a will or in probate. There are many situations -- none of them lacking stress and complexity -- where you might need an appraisal of property that states an opinion of what the property was worth on a date some time ago, rather than when the appraisal is ordered. For estate tax purposes or disposition of the assets of a decedent, a "date of death" valuation is often required. (Sometimes, the executor of the estate may choose to have the date be six months after the date of death -- but the same principles apply.)
A formal appraisal is essential for calculating a realistic listing price. Many sellers who have consulted with Eagle Appraisals before putting their homes on the market have benefitted when selling real estate.
Appraisal for Home Buyers
Many lenders require a residential property to be appraised before buyers make a formal offer in order to ensure that the amount of the requested mortgage loan is accurate to the home’s actual value. Independent appraisals also give buyers a chance to verify whether the list price is reasonable and may be included as a contingency clause in purchase agreements where the bank’s approval of the loan is conditional to a professional appraisal.
Appraisals for Home Refinancing
As is the case with an original mortgage loan, lenders may request an appraisal of your property when requesting a refinancing loan if the property has decreased in value over time to ensure that your home’s value is equivalent to the requested loan. In addition, the equity in your home may have also decreased depending on any changes in its market value which our licensed appraisers are qualified to assess.
Residential Appraisers for Tax Reassessment
Eagle Appraisals provides residential home appraisals for the purpose of determining accurate property taxes. Since many states base property taxes on the market value of your home; if your home has decreased in value, you may be eligible for a decrease in property tax based on the findings of an accredited appraiser.
Types of Residential Appraisals:
Eagle Appraisals understands how important an objective and detailed appraisal can be to facilitate your personal or business real estate transactions and completes reports in a timely and efficient manner. Call us for a confidential and free consultation.
Is an Appraisal the Same as a Home Inspection?
It is important to differentiate between a licensed appraisal and a home inspection. While a home inspection provides information on the structure and surrounding area of a residential property; an appraisal factors in additional pertinent information to arrive at a precise monetary value that is based on specific and qualified calculations made by a qualified and unbiased professional.