Pre-Sell & Purchase Decisions
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Before you decide to sell or purchase a home, you must decide how much you should buy or sell it for. If you are the seller, you may want to find out so you can decide whether it is worth it or not to paint the house or put in new carpeting. If you are the buyer, you may want to have someone uninvolved with the transaction help you determine if you are paying too much (or too little) for the house.
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PMI Removal
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Private Mortgage Insurance (or PMI) is supplemental insurance that many lenders ask homeowners to purchase when the amount loaned on the property is more than 80% of the value of the house. The Homeowners Protection Act of 1998 requires that lenders drop the PMI payments when the loan-to-value ratio conditions have been met.
However, many lenders require an appraisal to support the homeowner's assertion of the value increase. Getting an appraisal and dropping your PMI payments can significantly reduce your monthly mortgage payments.
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Estate Planning
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The loss of a loved one is a difficult time, and often this sad event is complicated by difficult decisions regarding the disposition of the estate. Settling an estate usually requires an appraisal opinion to establish fair market value for the residential property involved
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Factors Affecting Appraisals
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There are several factors that can affect the appraiser's final opinion of value for your home. Some of the things influencing the appraisal of your home include:
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