Real Estate Appraisal Services
Cape Realty Appraisals
Massachusetts Certified Residential Appraiser # 70777
Office: 508-432-8600 x 13
Barstable, Brewster, Chatham, Dennis, Eastham, Falmouth, Harwich, Mashpee, Orleans,
Provincetown, Sandwich, Truro, Wareham, Wellfleet and Yarmouth
When is an Appraisal Necessary?
Buying or Selling
Putting your home on the market for sale is an important decision, setting an appropriate listing (marketing) price can be an effective tool to assist in the sale. An appraiser, using market data, arrives at an opinion of market value that can help you decide on a fair listing price. Conversely, when you’re looking to purchase a home, a professional appraisal will indicate to you the market value.
Typically the transfer of ownership typically involves a mortgage. The mortgage company or bank requires an appraisal before a home loan is approved. They may also require an appraisal of property that will be used as security for a mortgage. The mortgage industry relies upon the independent research of a real estate appraisal in order to make sound financial decisions. This opinion of value plays a key role in mortgage application approval and the amount of down payment required and the eventual purchase of your new home.
Relocating for a Job
Relocation firms will often times use the services of a real estate appraiser in order to assist employers in the transfer of their employees. If the relocation firm or department offers to purchase the home of an employee the appraisal will be used to estimate the homes value.
Canceling Private Mortgage Insurance
Private Mortgage Insurance or PMI is a supplemental insurance many lenders incorporate if the loan is more than 80% of the value of the property. New homeowners are frequently required to obtain private mortgage insurance in order to protect the lenders position. Legislation passed by Congress in 1998, allows homeowners to cancel this coverage when their loan-to-value ratio reaches 80 percent. A homeowner generally must have a good payment history and satisfy the holder of the mortgage that the current value of the property has not declined below its original value. An appraiser can determine the current value of the home, which will assist the homeowner in deciding whether or not to ask the lender to drop mortgage insurance and may satisfy the lender that the loan to value ratio has reached the required 80%.
Any real estate in the estate require an appraisal in order to establish fair market value for tax filings and presentation to heirs. During these times of loss it can be difficult to think of all the steps necessary to take care of any outstanding monies of the estate.
Appealing Your Tax Assessment
In most communities real estate taxes are based on an ad valorem (“according to value”) assessment of your property’s value. If you believe the assessed value is unfair, you may have the right to appeal the assessor’s valuation. Many assessment appeals can be resolved with a telephone call or letter to your local assessor. If a dispute is carried beyond this point, however, you may want a professional appraiser to give you an independent opinion of value to bolster your appeal to the assessor.
During the difficult and unfortunate circumstances of a divorce, an appraisal is required in order to facilitate a fair and impartial value of the real estate. Often times state law requires an appraisal by a qualified third party independent professional in order to settle the divorce.
Decisions Requiring Appraisals
Appraisers can give an Opinion of Value of real estate for gift or inheritance taxes, lease rental schedules and other investment purposes. Eminent Domain issues are another valuable and important situations that necessitate an appraisal. Courts often ask appraisers to determine a value of real estate in an effort to pay owners “Just Compensation”. The eminent domain laws require that property owners are paid a fair “market” price from the government taking their property.
Rehabbing and Remodeling
When considering the impact of any improvements to your home an appraiser can help you determine which improvements will increase the value of your home and which may be a waste of money and which may actually decrease the value of ones home. A feasibility study can be very helpful when working with a historic home. The data gathered and analyzed by the real estate appraiser can assist you in determining if your home qualifies for any historic preservation benefits. This information can be used to determine if rehabilitation makes sense.