Reasons to get an appraisal from Michael Merritt & Company

Each year, thousands of people in Texas purchase, sell or refinance their home. Many of these transactions involve a simple line item for an appraisal. Almost all lenders still call in a local expert because the stakes are incredibly high, even though there are a growing number of automated home valuation methods that may appear to be more prudent than an appraisal. But is obtaining a mortgage the only reason to get an appraisal? Are there additional times when the services of a licensed, independent real estate professional could come in handy? You bet there are.


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Dispute your tax assessment

It's likely you're paying too much in property taxes if you live in an area where property values have depreciated. Ad Valorem taxes are determined by a previous assessment of your real estate, so if values are less than what they used to be in your neighborhood, you can challenge your assessment and save money. An appraisal from Michael Merritt & Company is your best evidence when building your case. At Michael Merritt,we can assist you in challenging your tax assessment.

Getting rid of your PMI will lower your mortgage payment

When the amount being loaned to the home buyer is more than 80% of the actual value of the home, almost all lenders ask homebuyers to take out an additional insurance plan. That policy is Private Mortgage Insurance, or PMI. This extra payment is often lumped into the monthly mortgage payment and is quickly forgotten. This is bad because PMI isn't necessary when the leftover balance of the loan - whether through market appreciation or principal pay down - goes below the 80% mark. In fact, the Homeowners Protection Act (HPA) of 1998 was approved by the United States Congress requiring lenders to dismiss the PMI payments when the balance is paid down to 78% of the original value.

Michael Merritt & Company can produce a statement regarding the value of your home, and the cost of the appraisal can often be regained in little time because you'll no longer be paying the PMI.

Settling a divorce with less stress

A divorce can be a very traumatic experience for both parties, and it is often further complicated by the challenging decision of who gets the home. So both parties are fully aware of the true market value of their house, it's a good idea to get an appraisal from Michael Merritt & Company, regardless of the circumstances.

If the parties wish to sell the home, they'll have a a good idea of what price to set. And if a "buyout" is the chosen option, both parties will feel like they've received a fair evaluation.

Accurate and fair estate liquidation settling

The death of a loved one is a difficult time in life, and settling an estate from a death, or probate, often entails an appraisal to establish Market Value for the residential property involved. We ensure the highest degree of discretion, as we're bound with confidentiality by the ethics provision within the Uniform Standards of Professional Appraisal Practice (USPAP).

Unlike many wealthy individuals, most Americans don't have dedicated estate planners or executors to manage these affairs. A home or other property often makes up a disproportionate share of the total estate value, so understanding the true value of the real estate at hand is of vital importance to ensuring disputing parties leave knowing they've received an honest deal.

Let Michael Merritt & Company assist you in relocating

Moving due to a job change is a stressful event. We know where you're coming from. We take great care in setting up an accommodating appointment time for the appraisal inspection. During our detailed process, we suggest employees that are moving to provide feedback on the positive aspects of their property, as well as information regarding any current sales or listings in their area that they want considered.

Let Michael Merritt & Company help you sell your home quickly at the right price

Whether you choose to sell your home on your own or with the help of a real estate agent, a professional appraisal will help you make a more informed decision when determining your selling price. An appraiser has no vested interest in what price the house sells for, which is different than the interest of real estate agents. The price we charge isn't contingent upon the value opinion we render, but rather they are based on our efforts to complete the appraisal.

On a daily basis, we analyze the difference in value things like an extra bathroom or a kitchen remodel can make. Seeking a professional appraisal is a reliable way to decide what improvements will add value and what an applicable sales price is for your home - so you don't come up short or have your house on the market an unnecessarily long time - because we're experts in knowing how long houses stay on the market.