Attention Homeowners in Wilmington and New Hanover County
Need of an appraisal?
The top seven reasons homeowners need appraisals:
- Pre-listing Decision Making (FSBO or unbiased opinion for a Real Estate Agent)
- Challenge Property Tax Assessments-Do you think you are paying too much in taxes?
- Private Mortgage Insurance (PMI) Removal
- Reinstate your Home Equity Line of Credit (or HELOC)
- Verify Accuracy of a Previous Appraisal (Appraisal Review)
- Divorce Settlement
- Estate Settlement, Estate Planning, or Gift Tax Determination
We at Southern Appraisal Associates, LLC understand the special needs of a customer seeking appraisal services. While our usual business clients understand the appraisal process and standard reporting formats, you as a home owner will get an extra level of customer service. We understand this might be the first time you have ordered an appraisal. We will walk you through the process and be available to answer questions.
For-Sale-by-Owner (FSBO) / Pre-Listing Services
Since you have an emotional attachment to your own house, it's often very hard to be objective about it. A professional appraiser is objective and will tell you what you need to know, not just what you want to hear. In addition to helping you set an attractive and realistic asking price to attract buyers, a professional appraisal is very important as a negotiating tool once you have a potential buyer. The appraisal is something tangible to show the buyer. The appraisal is an independent third party's opinion of your property's market value, not just you saying how much you think your house is worth. Potential buyers assume that you have an emotional attachment to your house and will be much more likely to give credibility to an experienced appraiser's value conclusion than yours.
Challenge property tax assessments
Do you think you are paying more than your fair share in Real Estate Taxes? Getting an expert appraisal from an experienced appraiser is your chief weapon when challenging your property tax assessment. Don't go into the appeal process empty handed or with information you found on random websites. Get a thorough appraisal report from an experienced appraiser. This is the best way to challenge an assessment.
Need to remove PMI?Getting the PMI (Private Mortgage Insurance) canceled from your mortgage loan is an attractive way to cut expenses for homeowners. Your monthly payments will go down once your mortgage loan amount is down below 80% of the value of your home. In most cases you can apply to a lender to have the PMI removed from your loan. We're experienced in helping customers just like you do away with undesirable PMI insurance.
Was your HELOC recently frozen?
We have heard many circumstances where people have had their Home Equity Line of Credit(HELOC) frozen or eliminated. This is common in areas with declining property values. This has been a common practice of the big banks over recenty years. This can be negative on your credit score since it may appear as though that credit line is maxed out, and can also make life difficult from a cash flow point of view. Often the lender will allow the homeowner to obtain an appraisal to determine current market value. We are experienced with this process and can provide you with thorough appraisal which you can use to get your HELOC unfrozen.
Estate or Gift Tax Concerns
We are experienced in preparing appraisals for use with the IRS concerning estate and gift tax issues. Craig Stewart is a designated member of the North Carolina Professional Appraisers Coalition (NCPAC). Appraisers completing appraisals for tax purposes must either be Designated or be Certified Appraisers. Craig Stewart is both Designated and is a Certified Residential Real Estate Appraiser. We are experienced with preparing appraisals for tax purposes and for the IRS. We can explain the process and answer any questions you may have.
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