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Tax Appeals.
County property appraisals are not typically done on individual properties. Instead the County appraises by neighborhoods. As a result, the County’s appraisal is not necessarily an accurate determination of the value of a home.
An appraisal report completed by a licensed appraiser documenting the current value of a home allows homeowners to determine whether the County Property Assessor has over- or under-valued their homes.
Home Page
http://www.assessor.shelby.tn.us/DEFAULT1.ASP
What if you disagree with the reappraisal value?
http://www.assessor.shelby.tn.us/what_reapraisal.asp
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Home Equity.
A home equity loan allows homeowners to utilize the money they have invested in their homes.
An appraisal report completed by a licensed appraiser documenting the current value of a home allows homeowners to maximize the amount of their investment they can access through borrowing.
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Private Mortgage Insurance (PMI).
PMI is an additional form of insurance that lenders require from homeowners who put less than 20% down on the purchase price of a home. However, once the homeowner has more than 20% equity due to paying down the loan or the value of home increasing, the homeowner is no longer required to have PMI. The approximate cost for PMI is $500 per year for a $100,000 house.
For example, PMI is required for a homeowner that contributes $15,000 to the purchase of a $100,000 home because the bank is putting up 85% (or $85,000) of the purchase price. If the value of the home increases to $110,000 the lender will no longer require PMI because the homeowner’s equity in the home has increased to $25,000 and lowered the lender’s exposure to 79% of the value of the home.
An appraisal report completed by a licensed appraiser documenting the increased value of the home is generally all a bank needs to cancel the homeowner’s PMI.
http://www.ftc.gov/bcp/conline/pubs/alerts/pmialrt.htm |
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Insurance.
Replacement cost does not consider land value.
An appraisal report completed by a licensed appraiser documenting the current value of a home helps homeowners and insurance agents determine the appropriate amount of insurance coverage a home needs.
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Financial Reporting.
Understanding one’s current financial position is extremely important for budgeting and retirement planning purposes.
Currently, the home is the typical American’s single largest asset. An appraisal report completed by a licensed appraiser documenting the current value of a home is the best and most accurate way for homeowners to know their complete financial picture and be able to plan accordingly.
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Estate Planning.
Estate planning is one of the most important tools for Americans concerned with the financial well being of their families and loved ones.
An appraisal report completed by a licensed appraiser documenting the current value of a home is the best and most accurate way for homeowners to know their complete financial picture, which allows them to plan for generations to come.
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Order Online Now!
Please type the address of the property you want appraised in the "Shipping Information" section of the order form.
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