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Reasons to order an appraisal

Each year, thousands of people in Texas buy, sell or refinance their home. A lot of these transactions have a simple line item for an appraisal. While there are a multiplying number of automated home valuation systems that may seem more practical than an appraisal, nearly all lenders still call for a local expert because the stakes are so high. But is obtaining a mortgage the only reason to get an appraisal? Are there other situations when the services of a licensed, independent real estate professional might be beneficial? Of course.

For real estate appraisals in Lubbock and Lubbock County, it's easiest when your order online from AF Real Estate Appraisal, just click here.

Challenge your tax assessment in Lubbock County

It's quite possible you're paying too much in property taxes if you live in an area where property values have declined. Property taxes are determined by a previous assessment of your house, so if values have gone down in your area, you can appeal your assessment and save money. An appraisal from AF Real Estate Appraisal is your best evidence when building your case. We're qualified to assist you in challenging your tax assessment.

AF Real Estate Appraisal can help you get rid of PMI to lower your mortgage payment

Private Mortgage Insurance, or PMI, is an added insurance plan that nearly all lenders ask home owners to purchase when the amount being loaned to the buyer is more than 80% of the actual value of the real estate. Most often, this additional payment is bundled into the monthly mortgage payment and is promptly forgotten. This is unfortunate because PMI becomes unnecessary when the remainder of the loan - whether through market appreciation or principal pay down - goes below the 80% mark. In fact, the Homeowners Protection Act (HPA) of 1998 was implemented by the United States Congress requiring lenders to dismiss the PMI installments on most mortgages when the balance is paid down to 78% of the original value.

If you'd like to eliminate PMI, AF Real Estate Appraisal can provide you with a statement regarding the value of your home. The expense of the appraisal can usually be offset in a short amount of time because you'll no longer be paying the PMI.

An appraisal from AF Real Estate Appraisal will help you settle a divorce with less stress

A divorce is an especially daunting ordeal for the parties involved, and it is often further complicated by the strenuous decision of who keeps the house. It's a good idea to get an appraisal from AF Real Estate Appraisal so both parties are entirely aware of the true market value of their house, regardless of the circumstances.

If the parties need to sell the home, they'll have a clearer picture of what price to set. And if a "buyout" is the chosen option, both parties will feel like they've received a fair assessment.

Fair and accurate estate liquidation

The loss of 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 fullest degree of discretion.

Most Americans do not have dedicated estate planners or executors to handle these issues, unlike many wealthy individuals. And since a home or other property often makes up a disproportionate share of the total estate value, understanding the true worth of the real estate at hand is of vital importance to ensuring disputing parties leave knowing they've received a fair deal.

Relocating to or from Lubbock County?

Employee relocation can be a real pain, and we understand. We take great care in organizing an accommodating appointment time for the appraisal inspection. We encourage relocating employees to provide feedback on the positive aspects of their property, as well as information about any recent sales or listings in their neighborhood that they want considered during our detailed process.

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

A professional appraisal will help you make a better educated decision regarding your selling price, whether you want to sell your home on your own or with the help 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 derived from our efforts to finish the appraisal report and and aren't related to the sales price.

We analyze the difference in value items like an additional bathroom or a kitchen remodel can make on a daily basis. Seeking a professional appraisal is a trusted 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 houses are one the market.