Classic offers residential and commercial real estate appraisals, PMI, property tax and other services.
Commercial and Residential Appraisal Services
In addition to Residential or Commercial Real Estate, Classic Appraisals may be able to assist with the following:
This is not a complete list of the services we can provide. Please contact us for a quote or information on any of these services, or for information on a service you need that is not listed.
An appraisal is a valuation tool used by mortgage lenders to verify a property's worth for prospective financing. The mortgage industry relies upon a qualified independent real estate appraiser to guide them in their financing decisions.
Private Mortgage Insurance or PMI is the supplemental insurance that many lenders have to purchase when the amount being loaned is more than 80% of the value of the home (LTV loan to value). This additional payment is often folded into the monthly mortgage payment and is quickly forgotten. After a rise in values and/or payment to principal goes below this 80% level PMI is no longer required. United States Congress passed a law in 1998 (the Homeowners Protection Act of 1998) that requires lenders to remove the PMI payments when the loan-to-value ratio conditions have been met. An appraisal is required to determine the property's value. The costs of these services are recovered in just a few months of not paying the PMI.
Property Tax Assessments
Challenging the tax assessment has become a necessity in many parts of the country. Unfortunately, most people go into these challenges unarmed. They may pull some information from the Internet to support their claims, but have no real basis for their claims.
A real estate appraiser can provide the accurate answers to the question of value. While it may not be economical to commission a full appraisal to save a few hundred off your tax bill, often an appraiser can do a limited appraisal for much less, yet with the same conclusions and integrity. An appraisal from a qualified appraiser would be a step in the right direction in any dispute with your local tax assessor.
In times of loss, it is often difficult to think of the various steps that must be taken to resolve any outstanding monies of the deceased. An appraisal is required to establish fair market values of any real estate properties in the estate for tax filings and any presentation to multiple heirs. The aid of an appraisal is a necessity to dispose of the estate properly.
In unfortunate circumstances, such as divorce, appraisals are required so that both parties involved receive a fair and impartial value so that they can concentrate on more important aspects of this difficult time. An appraisal by a qualified independent professional third party is often required by state law to settle the dispute.
Feasibility - Land Utilization Studies
Often appraisers are required when townships are planning certain uses of land, rezoning, implementation of housing developments, traffic infrastructure, cost benefit analysis and a whole host of various projects. The appraiser’s responsibility to deliver an accurate appraisal report is a necessary response to the question of fair market value.
An appraisal is a professional appraiser's opinion of value.
The preparation of an appraisal involves research into appropriate market areas; the assembly and analysis of information pertinent to a property; and the knowledge, experience and professional judgment of the appraiser. The role of the appraiser is to provide objective, impartial and unbiased opinions about the value of real property - providing assistance to those who own, manage, sell, invest in and/or lend money on the security of real estate.
The following questions would be appropriate when selecting an appraiser:
At minimum, all states require appraisers to be state licensed or certified in order to provide appraisals to federally regulated lenders. Appraisers have fulfilled rigorous educational and experience requirements and must adhere to strict standards and a code of professional ethics. Qualified State Certified appraisers bring knowledge, experience, impartiality and trust to the transaction. In so doing, they help their clients make sound decisions with regard to real property.
Most appraisals are reported in writing, although in certain circumstances, an appraiser may provide an oral appraisal. A written appraisal report generally consists of: a description of the property and its locale; an analysis of the "highest and best use" of the property; an analysis of sales of comparable properties "as near the subject property as possible"; and information regarding current real estate activity and/or market area trends. The value indicated by recent sales of comparable properties, the current cost of reproducing or replacing a building, and the value that the property's net earning power will support are the most important considerations in the valuation of real property.
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