We work in conjunction with one of the most trusted names in appraisals and real estate consulting in southeastern Iowa, Koestner, McGivern & Associates. Our partnership helps us bring you quality, and reliable appraisals that you can trust and, are guaranteed to represent fair market value for your property.
Contact us today to see how we can help you get the most out of your appraisal.
Why Get an Appraisal?
There are many reasons why you may need an appraisal. The most often case, and the one that people think of the most, is that appraisals are used by lenders when you apply for a loan. Your bank needs to have the value for your property, or the property you are interested in, in order to make an informed decision about whether or not to grant the loan. Below are some other reasons an appraisal may be helpful to you.
Buying/Selling Your Property
Knowing the fair market value of a home or property can help give both the buyer and the seller piece of mind when completing a real estate purchase. Having a certified appraisal can keep both parties informed and up-to-date on pricing expectations.
PMI can cost you hundreds, if not thousands of dollars a year. Getting an appraisal can help prove to your lender you have crossed the 80% loan-to-value threshold needed to remove your monthly PMI payments.
Appraisal information Center
How to Prepare for an Appraisal
Preparing your property for an appraisal can be a long and time consuming process. Taking the time to prepare your home or land ready for the appraisal can mean thousands of dollars in estimated value. Use the button below to read our tips on how you can prepare to get the most out of your appraisal.
Truths and Myths about real estate valuations and appraisals are sometimes hard to tell apart. Most customers are an infrequent users of the appraisal process and tend to have some misconceptions about the process and the results. Use the button below the read more about appraisal myths and facts.
The process of determining real estate valuations is intricate and elaborate. Use the button below to learn more about appraisals, the process we use to complete the appraisal and estimate the value of your property, and other information that may help you get the most out of your appraisal.
An appraisal is a monetary estimation of what a piece of real estate or property is currently valued at. There are many factors that go into an appraisal including an inspection, a cost comparison in which an appraiser estimates how much it would cost to construct the property with current labor and materials rates, a sales comparison where your property is compared with other recently appraised properties, and finally a reconciliation of all the other mentioned techniques where the appraiser makes his or her cost/value recommendation.
What is PMI?
PMI stands for Private Mortgage Insurance. PMI is used by lenders as a risk-management product to protect against loss if a borrower is unable to fulfil the terms of the mortgage. Typically a lender will charge the borrower PMI until the loan has been paid down to 80% of the properties estimated value. This is also known as paying your loan-to-value (LTV) down to 80%. PMI is a mechanism to allow borrowers to put less money down upfront, but be charged an extra monthly fee.
How do I know I can trust my appraiser?
Many organizations have created formal certifications for appraisers including the US Department of Housing and Urban Development (HUD). Many of these organizations have established on-line database where you can search for approved appraisers. Always verify your appraisers credentials with the organization they are approved by in their on-line database or by calling the organization's help line.
Our Appraiser Code of Ethics
'At Iowa Land and Home Specialist, we have an ethical obligation to our clients that we take very seriously, and will never waiver. We guarantee our appraisals to be in line with fair market value based on traditional appraisal techniques to the industry standard.'
At Iowa Land and Home, we strictly follow USPAP (Uniform Standards of Professional Appraisal Practice) standards laid out by the Appraisal Standards Board (ASB) of the Appraisal Foundation, a non-governmental entity charged by Congress with declaring appraisal standards when performing our appraisals.
Other Reasons to Get an Appraisal
Reassessing Property Taxes
Property taxes change on a yearly basis. Having a certified appraisal can help ensure that you are not being over taxed. Certified appraisals carry a lot of weight when presented to a governmental appeals board, and can help you prove your tax level should be lowered.
The loss of a loved one or a divorce can cause turmoil and confusion in asset allocation. With a certified appraisal, you can ensure that fair value is being taken into consideration when making decisions about the future of your's or your loved one's estate.
Cash or Business Loan
If you are trying to use your home or property as collateral for a business or other type of loan, you will need a certified appraisal to prove the value of your assets to the lender.
Home Equity Loan
Your equity in the home you want to borrow money against is determined primarily on the current value of the property. Having an updated appraisal will help you secure the amount you are requesting.
Internal Asset Management
Having an up-to-date appraisal on your current properties will help you manage and know the value of your total assets giving you piece of mind, and flexibility to consider future real estate transactions.
Insurance rates and coverage is based on the estimated value of you property. Having an approved appraisal can help prove to insurance companies that your rate and coverage may need adjusted.