Intro:
Whether you’re buying, selling, refinancing, or resolving a legal matter, real estate property appraisals play a vital role in determining accurate home values. At Real Valuation Services, we’ve completed over 250,000 residential and commercial appraisals across the Chicagoland area—and we’ve seen just about every scenario. Here are five of the most common reasons our clients order a professional appraisal.
1. Buying or Selling a Home
If you’re buying a home, an appraisal ensures you’re not overpaying. For sellers, it helps you set a realistic asking price. In competitive Chicagoland neighborhoods like Glenview, Wilmette, or Evanston, understanding your property’s true market value can make or break a deal. An independent appraisal brings clarity and confidence to the table for both buyers and sellers.
2. Refinancing Your Mortgage
When refinancing, lenders typically require a current appraisal to confirm the home’s value aligns with the loan amount. Whether you’re refinancing to lower your interest rate or take out equity, an accurate appraisal is essential to get your application approved. We frequently work with homeowners throughout Cook, DuPage, and Lake counties during the refinance process.
3. Divorce or Estate Settlement
Dividing property in a divorce or settling an estate requires a fair and unbiased valuation. Our certified appraisers deliver detailed reports suitable for legal proceedings, ensuring all parties are working from the same set of facts. We specialize in sensitive cases where professionalism, neutrality, and discretion are paramount.
4. Property Tax Appeals
Think your property taxes are too high? If your home was over-assessed, a professional appraisal can provide the evidence you need to appeal your tax bill. We help homeowners across Chicagoland gather the documentation required to contest their property assessment with local tax authorities.
5. Removing Private Mortgage Insurance (PMI)
If you purchased your home with less than 20% down, you’re likely paying PMI. Once your equity grows, either through payments or rising home values, you may be eligible to remove it. A current appraisal showing you meet the 20% equity threshold is usually required by your lender. This one-time cost can save you thousands over the life of your loan.
Wrap-Up:
Property appraisals aren’t just for buying or selling—they serve many purposes throughout your homeownership journey. At Real Valuation Services, we provide fast, accurate, and court-ready reports across Chicagoland and Northwest Indiana. No matter your reason, our team is here to help you move forward with confidence.
📞 Need an appraisal? Contact us at realvs.com or call 317-270-0500 to get started.