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Why An Appraisal?

Every year, countless people in the United States buy, sell or refinance their own slice of the American Dream.  Most, if not all, of these transactions include a simple line item for an appraisal.  It has become an understood and accepted part of a real estate transaction.  “Let’s bring in the expert and make sure we’re not spending too much on this property.”

But is this the only reason to get an appraisal? Are there other times when the services of a certified, licensed, independent real estate professional might come in handy?  You bet.

Appraisal SERVICES

“Rely on our expert appraisal solutions for precise evaluations that simplify decision-making. We prioritize your peace of mind with transparent and dependable assessments, ensuring confidence in every step”

Buying or selling

Buying

When considering a property for purchase, the pivotal question arises: “What should I offer?” Striking the right balance is crucial, offering too little risks losing the opportunity, while offering too much may lead to overpayment. Engaging a qualified, state-licensed appraiser to conduct a professional appraisal report offers an invaluable solution.

This report delivers an objective, third-party assessment of the property’s current Market Value. Despite the small cost of this service, it grants you peace of mind, ensuring that your offer aligns with the property’s fair price before committing to the purchase.

Selling

Considering selling your property? Whether you opt for a solo approach or enlist the expertise of a real estate agent, obtaining an appraisal can significantly enhance your decision-making process regarding the listing price.

Unlike a real estate agent, an appraiser remains impartial, with no personal stake in the final sale price. Their role is to provide unbiased information to assist you in making informed decisions. Additionally, appraiser fees are determined by the effort required to complete the appraisal, rather than a percentage of the eventual sale price.

Seeking a professional appraisal can empower homeowners to make well-informed choices regarding their property investments and ensure a fair listing price.

Estate Purposes

Navigating the settlement of an estate following the loss of a loved one, or probate, can be an emotionally challenging time. Often, it necessitates an appraisal to establish the Fair Market Value of the residential property in question. State Licensed and Certified appraisers are bound by confidentiality, ensuring the utmost discretion throughout the process.

A significant portion of Americans lack dedicated estate planners or executors to manage such affairs. Additionally, in many cases, real property constitutes a significant portion of the estate’s total value. In such circumstances, an appraiser’s expertise proves invaluable. 

An appraiser’s assessment serves as the crucial first step in fairly resolving the estate. By accurately determining the property’s true value, equitable arrangements can be more readily reached among disputing parties. This ensures that everyone involved walks away with the assurance of having received a fair deal. 

Estate Purposes

Navigating the settlement of an estate following the loss of a loved one, or probate, can be an emotionally challenging time. Often, it necessitates an appraisal to establish the Fair Market Value of the residential property in question. State Licensed and Certified appraisers are bound by confidentiality, ensuring the utmost discretion throughout the process.

A significant portion of Americans lack dedicated estate planners or executors to manage such affairs. Additionally, in many cases, real property constitutes a significant portion of the estate’s total value. In such circumstances, an appraiser’s expertise proves invaluable. 

An appraiser’s assessment serves as the crucial first step in fairly resolving the estate. By accurately determining the property’s true value, equitable arrangements can be more readily reached among disputing parties. This ensures that everyone involved walks away with the assurance of having received a fair deal.

 Divorce Purposes

Divorce can be an emotionally tumultuous experience, further complicated by the challenging decision of who retains ownership of the house. While courts typically refrain from mandating a buyout of one party’s interest, they may order the sale of the home to ensure equitable distribution of equity between both parties.

Regardless of the circumstances, obtaining an appraisal is prudent. It provides both parties with a clear understanding of the true market value of the property. If selling the home is the chosen path, having an appraisal helps in setting an appropriate listing price. Conversely, if a buyout is preferred, both parties can rest assured that they’ve received a fair assessment of the property’s value.

FEMA Building Permit

According to FEMA regulations, individuals applying for a permit to “Substantially Improve” a property within a designated Special Flood Hazard Area (SFHA) must obtain either an “Appraisal” or a “Computed Actual Cost Value” from a licensed appraiser. This valuation is essential to ascertain the depreciated value of the existing structure before any improvements are initiated. FEMA guidelines dictate that the cost of proposed improvements cannot exceed 50% of the structure’s current depreciated value within a five-year period. For instance, if a structure’s current depreciated value is $100,000, FEMA permits up to $50,000 worth of improvements over five years. It’s important to note that this value excludes the contributory value of the site and focuses solely on the structure.

If you’re informed by Horry or Georgetown Counties, or local municipalities, that they require an appraisal for your permit application, we recommend reaching out to us. While they use the term “appraisal,” FEMA actually allows for a “Cost Analysis,” which is a more suitable and accurate method for determining the depreciated value of the structure. We have successfully utilized this approach and reporting format on numerous occasions for FEMA-related purposes, with acceptance and without question. Additionally, opting for our Cost Analysis offers you the advantage of approximately 25% lower charges. Should you have any inquiries, please don’t hesitate to contact us, and we’ll be delighted to assist you further.

FEMA Building Permit

According to FEMA regulations, individuals applying for a permit to “Substantially Improve” a property within a designated Special Flood Hazard Area (SFHA) must obtain either an “Appraisal” or a “Computed Actual Cost Value” from a licensed appraiser. This valuation is essential to ascertain the depreciated value of the existing structure before any improvements are initiated. FEMA guidelines dictate that the cost of proposed improvements cannot exceed 50% of the structure’s current depreciated value within a five-year period. For instance, if a structure’s current depreciated value is $100,000, FEMA permits up to $50,000 worth of improvements over five years. It’s important to note that this value excludes the contributory value of the site and focuses solely on the structure.

If you’re informed by Horry or Georgetown Counties, or local municipalities, that they require an appraisal for your permit application, we recommend reaching out to us. While they use the term “appraisal,” FEMA actually allows for a “Cost Analysis,” which is a more suitable and accurate method for determining the depreciated value of the structure. We have successfully utilized this approach and reporting format on numerous occasions for FEMA-related purposes, with acceptance and without question. Additionally, opting for our Cost Analysis offers you the advantage of approximately 25% lower charges. Should you have any inquiries, please don’t hesitate to contact us, and we’ll be delighted to assist you further.

Property Measuring

Uncertain if the home measurements listed in public records accurately represent your property? If your home features a complex floor plan, including multiple stories, limited exterior wall access for measuring, or if you aren’t sure if an addition may or may not be included in the gross living area, our professional assistance is invaluable.

We specialize in providing accurate home measurements and precise floor plans that align with the fair market value of your property, all in accordance with ANSI standards. This ensures that you can negotiate the price of your home with confidence, armed with a reliable foundation for your pricing strategy.

Discover the true square footage of your property and determine the appropriate price point by reaching out to our experts. Let us help you make an informed decision about your property. Contact us today!

PMI Removal

Private Mortgage Insurance (PMI) serves as supplemental insurance that many lenders require home buyers to obtain when the loan amount exceeds 80% of the home’s value. Typically, this extra payment is incorporated into the monthly mortgage payment and often overlooked. However, PMI becomes unnecessary once the remaining loan balance falls below the 80% threshold, either through market appreciation or principal paydown. In fact, the Homeowners Protection Act of 1998, passed by the United States Congress, mandates lenders to terminate PMI payments once the loan-to-value ratio conditions are met.

We offer a specialized service for homeowners who believe they’ve reached the 80% loan-to-value threshold. For a nominal fee, we provide an appraisal of the current home value. It’s essential to ensure that your lender will accept the appraisal you provide without their prior approval, as some lenders only recognize appraisals from their “approved appraisers” list. We can assist you in determining this before proceeding. The costs of these services are often recouped within a few months of ceasing PMI payments.

PMI Removal

Private Mortgage Insurance (PMI) serves as supplemental insurance that many lenders require home buyers to obtain when the loan amount exceeds 80% of the home’s value. Typically, this extra payment is incorporated into the monthly mortgage payment and often overlooked. However, PMI becomes unnecessary once the remaining loan balance falls below the 80% threshold, either through market appreciation or principal paydown. In fact, the Homeowners Protection Act of 1998, passed by the United States Congress, mandates lenders to terminate PMI payments once the loan-to-value ratio conditions are met.

We offer a specialized service for homeowners who believe they’ve reached the 80% loan-to-value threshold. For a nominal fee, we provide an appraisal of the current home value. It’s essential to ensure that your lender will accept the appraisal you provide without their prior approval, as some lenders only recognize appraisals from their “approved appraisers” list. We can assist you in determining this before proceeding. The costs of these services are often recouped within a few months of ceasing PMI payments.

Mortgage Lending

The primary reason appraisals are typically conducted is for lender purposes. Lenders are mandated to order appraisals from a pre-approved list of appraisers, and borrowers don’t have the freedom to select an appraiser for the lender’s requirements. However, there are compelling reasons why you may want to order an appraisal to safeguard your own interests.

Changes in lending practices, particularly with Fannie Mae and Freddie Mac, may lead your lender to inform you that an appraisal isn’t necessary. This often indicates that you qualify for the mortgage based on various factors like your ability to repay the loan, financial stability, payment history, and credit score. However, it’s crucial to understand that the lender’s decision not to require an appraisal is made to protect their interests, not yours.

Every buyer should consider obtaining an appraisal from an independent licensed appraiser. This provides an objective, third-party assessment of the property’s current market value, ensuring that you’re not overpaying. Additionally, if you’ve included a contingency in the real estate contract stipulating that the property’s value must meet or exceed the contract price, this contingency becomes irrelevant if no appraisal is conducted.

For a modest fee, you can proactively protect yourself and gain peace of mind by obtaining an independent appraisal.

contact Us

Start the conversation today and let us guide you towards the appraisal service that fits your specific needs

Location

2004 Rimsdale Drive
Myrtle Beach, SC 29575

Phone number

(843) 446-5589

Brenda:
(843) 446-5599
Bo:
(843) 446-5589

E-mail

Info@Alpha-OmegaAppraisal.com

E-mail

Info@Alpha-OmegaAppraisal.com

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