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5 Reasons to Have Your Home Appraised: An Interview with Jay Bartholomew of Lender Preferred Appraisals

By Jay Bartholomew

Tell us a little bit about your company and the services you offer?

Lender Preferred Appraisals is a growing appraisal firm. We currently offer residential valuation services in Southeastern Wisconsin. We take pride in our ability to stay on top of current market trends, technology and education. This profession is forever changing and that is what makes it exciting. We are licensed and certified by the State of Wisconsin; FHA approved and follow all state & federal guidelines.

With our knowledgeable staff and appraisers, we offer competitive fees and "on demand" assignment turn-around to all of our clients.

What is one of the most common reasons that someone has their house appraised?

There are several reasons.

1st Personal. A homeowner may want to know what their home is actually worth before they make the all-important decision to sell. This is valuable information to determine what they can list their home for and what it may sell for.

2nd Refinance. This is a wonderful tool for homeowners to acquire money for whatever their needs may be. This can give the homeowner an advantage to get a better interest rate, consolidate other debts in to one loan, reduce monthly payment costs or free up cash.

3rd The Sale. One of our most important functions as an appraiser is to serve the community to provide an unbiased opinion of value. With our education, commitment and knowledge of the current housing market, we act as the eyes and ears for the lending institutions involved.

4th Reassessment. The housing market of late has had some ups & downs. Local community governments aren't on top of every change. Therefore homes may have not been assessed to the current market. As a homeowner, you may notice that your neighbor's home sold for way less than what your home is assessed for. You as a homeowner do have the right to try and get your property taxes reduced. I would suggest that you do some homework to get an idea of the process and call your local appraiser to help.

When you're buying a home, how can an independent appraisal help you?

I kind of brushed on this in the last answer. But, let me expound. Not only can the homeowner get an idea of what the home will sell for in the current market, this information can assist with estate settlement, property division or just plain old curiosity.

How does a home appraisal affect property taxes in Wisconsin?

A lot of people confuse appraisers with assessors. I always say that "appraisers are your friend". Assessors develop taxable home values for the government. A home appraisal does not influence the taxes on your home unless you use it in an attempt to lower your property taxes.

What tips do you have for a homeowner who wants to take out a home equity loan?

Equity in your home is first and foremost. You have a better chance of getting the lowest interest rate and actually getting the loan. The less equity or low credit score you have, the more interest you pay.

Is there anything that most people don't know about home appraisals that they should know?

The most frequent misconception by a homeowner is that when we come out to appraise your home for a lender, we are there on the bequest of the lender. They are our client. Not the home owner. The lender needs an unbiased opinion of value to help determine all the factors regarding that particular finance.

What's the best way for people to contact you and your company?

We are always available to answer any questions concerning residential valuations. Our website is lpappraisalsllc.com

You can email us at Milwaukee@lpappraisalsllc.com or call 414-333-7903. Remember we are here to serve the community and help out in any way we can.

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