Homeowner Services

On this page:

Selecting an Appraiser

The Appraisal Inspection

Behind the Scenes: The Appraisal Process

Homeowner Tips

PMI Removal

Refinancing

Property Tax Protests

Selecting an Appraiser

Your choice of lender may determine who picks the appraiser for your property.  Most local lenders have a list of "approved" appraisers they like to work with, while an on-line lender may ask you to select your own appraiser.

You can ask the appraiser (or your lender) these questions:

1. Is the appraiser state-certified or licensed?

In Illinois, certified appraisers must take required courses, pass an examination and have at least 2,500 hours of appraisal experience.  Licensed appraisers are required to take fewer courses and may not have any experience.

2. What is the report turnaround time?

Depending on the appraiser, delivery of the appraisal report to your lender can take from 1 day to several weeks after the home inspection.  A delay in the appraisal report can impact the timing of your loan approval.

3. How much will the appraisal cost?

The fee should not be the sole basis of your decision, but it is important not to be surprised.  Some lenders bundle the appraisal fee with other services, so ask them what their fee includes.

 

A typical single family appraisal will cost $300 to $350, with FHA and relocation appraisals costing more, due to additional reporting requirements.

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The Appraisal Inspection

Here is a brief description of what happens when an Appraiser inspects your home:

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Behind the Scenes:  The Appraisal Process

Many consumers wonder why an appraisal costs so much, when the appraiser spends only about an hour (or less) in their home.

Actually, the home inspection is only a small part of the whole appraisal process.  The average appraisal involves 8 to 10 hours of research and writing.  Remember, the appraisal report represents the value of your home to a distant underwriter, not familiar with the area, in support of your loan.

In addition to inspecting your home, an appraiser must also:

Then, the appraiser must prepare a detailed report for the lender that summarizes the appraisal findings and supports the conclusion of value.

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Homeowner Tips

An appraisal is not a "housekeeping" inspection, so put those white gloves away!  But there are some things a homeowner can do to help the appraiser.

1. Keep track of any pets.  Dogs that are normally friendly sometimes get territorial when a stranger wanders through the house.

2. Make sure there is easy access to mechanical systems (furnace, water heater, electrical panel).

3. If you have a recent property tax bill or other document showing a parcel ID, show it to the appraiser.

4. Be ready to answer questions about the property, like the age of certain improvements.  But if you don't know, don't guess.

5. Tell the appraiser about any significant improvements within the past 5 years, such as new wiring, plumbing, windows, or roof.

6. Tell the appraiser about any recent sales in the neighborhood which may not have appeared in the local MLS.

7. Tell the appraiser about any special assessments, unrecorded easements, disputed property lines, or other special conditions.

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PMI Removal

Are you paying PMI (Private Mortgage Insurance) as part of your monthly mortgage payment?  If your down payment was less than 20% when you purchased your home, the answer is probably YES.

PMI can add hundreds, even thousands, of dollars to your annual mortgage cost!

In most cases, mortgage lenders will remove the PMI requirement when the loan is 80% or less of the home's value.  This can happen as a combination of regular loan repayments and appreciation of your home's value in a rising market.  

Contact your lender for their specific requirements.  They will not remove PMI unless you ask!  Some lenders may require a full appraisal, while others will accept a "drive-by", which is less costly for you.

Call your lender and then call us - we can help you reduce your total mortgage payments!!

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Refinancing

Do you want to consolidate debts, finance college, or take that dream vacation?  How about making some improvements to your home?

Why not take advantage of your home's increasing value and today's low mortgage rates to make your life easier?!

Britsch Appraisals is certified for residential real estate appraisals in both Illinois and Missouri.  We work with local lenders, as well as ".com" lenders, and are also approved for FHA appraisals.  Our reports are usually issued within 24 to 48 hours of the inspection, so you can get loan approval in the shortest time possible - no waiting on the appraisal report.

We probably already work with your lender.  Just have them call us, for prompt quality service.

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Property Tax Protest

Are your property taxes higher than your neighbors' property taxes?

Does the value of your property for tax purposes continue to go up even though your neighborhood property values are declining?

An independent appraisal can help you protest an unfair tax assessment.

In Illinois, as in many other states, property taxes are assessed on real property based on that property's value as determined by the local assessor.

Taxes may be appealed for four reasons:

1. Market value by assessor is higher than actual market value

2. Assessed value is at a higher percentage than level of assessment

3. Assessed value is based on incorrect information (incorrect measurements, old data, etc.)

4. Assessed value is higher than those of similar properties

If you believe that your property taxes are too high, you may file a written complaint with the local Board of Review.  The Board will schedule a hearing where you may present evidence supporting your claim.  

If you are still dissatisfied with the Board of Review decision, you may appeal to the State Property Tax Appeal Board.  The evidence needed for either of these hearings is:

Call your local Assessor's office for more details concerning the exact procedure.

An appraisal can't help with:

If you feel the assessed value of your property is too high, call us.  

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