Real Estate Appraisal Services

Cape Realty Appraisals

Massachusetts Certified Residential Appraiser # 70777

PamMarenghi@comcast.net

Office:  508-432-8600 x 13

Cellular:  508-246-1968

Fax:  508-432-8336

Real Estate Appraisal Basics:

Buying or Selling

Putting your home on the market for sale is an important decision, setting an appropriate listing (marketing) price can be an effective tool to assist in the sale. An appraiser, using market data, arrives at an opinion of market value that can help you decide on a fair listing price. Conversely, when you’re looking to purchase a home, a professional appraisal will indicate to you the market value.

Typically the transfer of ownership typically involves a mortgage. The mortgage company or bank requires an appraisal before a home loan is approved. They may also require an appraisal of property that will be used as security for a mortgage. The mortgage industry relies upon the independent research of a real estate appraisal in order to make sound financial decisions. This opinion of value plays a key role in mortgage application approval and the amount of down payment required and the eventual purchase of your new home.

Relocating for a Job
Relocation firms will often times use the services of a real estate appraiser in order to assist employers in the transfer of their employees. If the relocation firm or department offers to purchase the home of an employee the appraisal will be used to estimate the homes value.

Canceling Private Mortgage Insurance
Private Mortgage Insurance or PMI is a supplemental insurance many lenders incorporate if the loan is more than 80% of the value of the property. New homeowners are frequently required to obtain private mortgage insurance in order to protect the lenders position. Legislation passed by Congress in 1998, allows homeowners to cancel this coverage when their loan-to-value ratio reaches 80 percent. A homeowner generally must have a good payment history and satisfy the holder of the mortgage that the current value of the property has not declined below its original value. An appraiser can determine the current value of the home, which will assist the homeowner in deciding whether or not to ask the lender to drop mortgage insurance and may satisfy the lender that the loan to value ratio has reached the required 80%.

Estate Planning

Any real estate in the estate require an appraisal in order to establish fair market value for tax filings and presentation to heirs. During these times of loss it can be difficult to think of all the steps necessary to take care of any outstanding monies of the estate.

Appealing Your Tax Assessment
In most communities real estate taxes are based on an ad valorem (“according to value”) assessment of your property’s value. If you believe the assessed value is unfair, you may have the right to appeal the assessor’s valuation. Many assessment appeals can be resolved with a telephone call or letter to your local assessor. If a dispute is carried beyond this point, however, you may want a professional appraiser to give you an independent opinion of value to bolster your appeal to the assessor.

Divorce

During the difficult and unfortunate circumstances of a divorce, an appraisal is required in order to facilitate a fair and impartial value of the real estate. Often times state law requires an appraisal by a qualified third party independent professional in order to settle the divorce.