Helping You Learn More about the Process with Appraisal FAQ
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Professional appraisers can provide clients with the most detailed reports on the true market value of their property, preparing them to engage in real estate transactions. Appraisers can also be invaluable in legal processes such as estate settlement, divorce, or bankruptcy claims, to provide clients with the exact numbers needed to move forward with these proceedings.
A full professional appraisal report includes the intended use of the report, a detailed explanation of how the value was determined, the effective date of the appraisal, characteristics of the property that affect the valuation, and any known restrictions or encumbrances that may affect the valuation.
Appraisers obtain their information from public records including Multiple Listing Services, tax records, and a range of other publicly available documents.
In real estate transactions, when homebuyers purchases the report as part of the closing costs, the lender retains the rights to the report, though the buyer is entitled to a copy of the report. Homebuyers who hire appraisers directly are fully within their rights to use the report for any purpose including PMI removal, unless specified otherwise by the lender.
PMI stands for Private Mortgage Insurance. Homebuyers are required to purchase PMI if their down-payment is less than 20% of the total cost. Homebuyers may request cancellation of their PMI once they have payed down 80% of the original appraised value.
In order to receive certification, appraisers in Miami-Dade County, and throughout the state of Florida, must have at least a 4-year (Bachelor’s) degree, and complete no less than 2500 hours of practical experience. Additionally, they must complete 200 hours of formal appraisal education prior to certification.
We are a certified, FHA-approved team of appraisers committed to providing personalized customer service, and we take the time to compose fair, thorough appraisal reports with expert market analysis backed by over 20 years of experience. Unlike other nearby appraisal companies, we offer full interior and exterior inspections with careful attention to detail from beginning to end, which is why clients have trusted our expertise since 2004. We’ll also communicate openly with you about any issues that arise during the process prior to delivering the final report, and we guarantee the fast turnaround times in the Miami-Dade County area. Your satisfaction is our top priority!
Do You Have Other Valuation Questions?
If you have any additional questions about Penser Appraisals’ valuation services that were not answered above, please feel free to give us a call at (305) 388-0270. We look forward to serving you!