Why you should get an appraisal

To many, an appraisal is simply a line item in the long list of items for a home purchase or refinance. And even though there are an increasing number of automated home valuation processes that may appear to be more cost-effective than an appraisal, the majority of lenders still call for a local expert because the stakes are so high. But is securing a mortgage the only reason you should get an appraisal? Are there more times when the services of a licensed, independent real estate professional could come in handy? Of course.


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Appeal your tax assessment in Madison County

It's likely you're paying too much in property taxes if you reside in an area where property values have depreciated. Property taxes are determined by a past assessment of your house, so if values are less than what they used to be in your neighborhood, you can challenge your assessment and save money. When building your case, an appraisal from Gibson Appraisals is your best evidence. At Gibson Appraisals,we can assist you in disputing your tax assessment.

Let Gibson Appraisals help you do away with PMI to lower your mortgage payment

When the amount being loaned to the homeowner is more than 80% of the actual value of the property, most lenders ask home owners to take out an added insurance plan. That policy is Private Mortgage Insurance, or PMI. Since the extra payment is usually bundled into the monthly mortgage payment, it is often forgotten. PMI isn't necessary when the leftover balance of the loan - whether through market appreciation or principal pay down - dips below the 80% mark, making this very unfavorable. In fact, the Homeowners Protection Act (HPA) of 1998 was implemented by the United States Congress that requires lenders to remove the PMI payments on most mortgages when the balance is paid down to 78% of the original value.

If you'd like to do away with PMI, Gibson Appraisals can give you a statement regarding the value of your home. The cost of the appraisal can generally be offset in little time because you'll no longer be paying the PMI.

Settling a divorce with less stress

A divorce is often complicated by the difficult decision of who gets the house, and it can be an especially heartbreaking occurrence for both parties. So both parties are entirely aware of the true market value of their house, it's a good idea to get an appraisal from Gibson Appraisals, regardless of the circumstances.

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 gotten a fair assessment.

Settling an estate with peace of mind

Losing a loved one is a painful time in life, and settling an estate from a death, or probate, often requires an appraisal to establish Market Value for the real estate involved. The ethics provision within the Uniform Standards of Professional Appraisal Practice (USPAP) binds us with confidentiality, guaranteeing the utmost degree of discretion.

Most Americans do not have dedicated estate planners or executors to handle these affairs, unlike wealthy individuals. A home or other property often makes up an uneven share of the total estate value, so knowing the true value of the real estate at hand is of vital importance to ensuring disputing parties walk away knowing they've received an honest deal.

Let Gibson Appraisals assist you in relocating to or from Madison County

We know the headaches associated with an employee relocation. That being said, we take great care in establishing an accommodating appointment time for the appraisal inspection. During our thorough process, we encourage employees that are moving to provide remarks on the positive aspects of their property, as well as information regarding any recent sales or listings in their area that they want considered.

Don't sell out short or let your home stay on the market too long.

A professional appraisal will help you make a more informed decision regarding your selling price, whether you choose to sell your home on your own or use the assistance of a real estate agent. An appraiser has no vested interest in what price the house sells for, which is different than the interest of real estate agents. Our fees are based on our efforts to finish the appraisal report and not a percentage of the sales price.

We analyze the difference in value things like an extra bathroom or a kitchen remodel can make on a daily basis. Obtaining a professional appraisal is a reliable way to decide what improvements will add value and what a suitable 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 homes are one the market.