The truth About Short Sales

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Estate Appraisals

Settling an estate is an important and sometimes stressful job. As an executor you have been entrusted to carry out the wishes of the deceased as swiftly and exactly as possible. You can count on us to act quickly and with sensitivity to the feelings of everyone involved.

Attorneys and Accountants rely on our values when calculating real property values for estates, divorces, or other disputes requiring a value being placed on real property. We understand their needs and are used to dealing with all parties involved. We provide appraisal reports that meet the requirements of the courts and various agencies.

Settling an estate usually requires an appraisal to establish Fair Market Value for the residential property involved. Often, the date of death differs from the date the appraisal is requested. We are familiar with the procedures and requirements necessary to perform a retroactive appraisal with an effective date and Fair Market Value estimate matching the date of death. The ethics provision within the Uniform Standards of Professional Appraisal Practice (USPAP) binds us with confidentiality, ensuring the fullest degree of discretion.

All too often, people do not fully appreciate the need to have a detailed real estate appraisal prepared in support of the numbers being used in documents filed with revenue authorities.

Opinions of value used in documents filed with the revenue authorities should be supported by a detailed report as to how the appraiser arrived at his conclusions. Such a report will certainly demonstrate to the authorities that the numbers used are well founded and substantiated.

Having a professional appraisal gives the executor solid facts and figures to work with in meeting IRS and state agency requirements. It assures peace of mind to everyone concerned because we are there to stand behind the appraisal if it is challenged.

FHA Approved

FHA APPROVED

Townline Appraisal LTD. is your FHA certified appraisal company

Townline Residential Real Estate Appraisal is Illinois & Wisconsin state certified and on the FHA Roster of approved residential appraisers.  Townline Appraisal is qualified and approved to do appraisal reports for FHA secured loans. A portion of the regular training our staff at Townline Appraisal completes deals precisely with understanding the FHA’s documentation and their rules and procedures.

If you’re in need of an appraisal for an FHA loan, please contact us, and we’ll be able to help you right away.

The FHA is the Federal Housing Administration, which is a federal organization in the United States Department of Housing and Urban Development (HUD); if your financial transaction is an FHA-secured loan, it means it is underwritten by them. None of the money in the loan is provided by the FHA. What the FHA does is ensure that the loan is secure in case the borrower doesn’t pay their loan. Low-income and moderate-income homebuyers benefit the most from FHA-insured loan programs. The purpose of the Federal Housing Administration is to assist credit-worthy families and individuals get approved for mortgages that they otherwise would not. Remember, the FHA differs from the VA appraiser panel in that the lending organization can select the appraisal company.

Down payments are often lower with an FHA loan despite using conventional market rates. Purchasers with lesser incomes or less starting funds to use as a down-payment on a financial transaction are assisted the most from FHA loan programs.

About PMI

Private Mortgage Insurance (PMI), also known as Lenders Mortgage Insurance (LMI), is insurance payable to a lender when taking out a mortgage. It is an insurance in the case that the mortgagor is not able to repay the loan, and the lender is not able to recover its costs after foreclosing the loan and selling the mortgaged property.

The LMI may be payable up front, or it may be capitalized onto the loan. This type of insurance is usually only charged if the downpayment is less than 20% of the sales price or appraised value (in other words, the LTV or loan to value ratio should be 80% or less). Once the principal reaches 80%, the LMI is no longer required. Cancelling mortgage insurance can be a difficult process. Sometimes lenders will require that LMI be paid for a fixed period, even if the principal reaches 80%. The cancellation request must come from the Servicer of the mortgage to the PMI company who issued the insurance. Oftentimes the Servicer will require a new appraisal to determine the LTV. The cost of mortgage insurance varies considerably based on several factors which include: loan amount, LTV, occupancy (primary, second home, investment property), documentation provided at loan origination, and most of all, credit score.

If a borrower has less than the 20% downpayment needed to avoid a mortgage insurance requirement, they might be able to make use of a second mortgage (sometimes referred to as a “piggy-back loan”) to make up the difference . Two popular versions of this lending technique are the so-called 80/10/10 and 80/15/5 arrangements. Both involve obtaining a primary mortgage for 80% LTV. An 80/10/10 program uses a 10% LTV second mortgage with a 10% downpayment, and an 80/15/5 program uses a 15% LTV second mortgage with a 5% downpayment. Other combinations of second mortgage and downpayment amounts might also be available. One advantage of using these arrangements is that under United States tax law, mortgage interest payments may be deductible on the borrower’s income taxes, whereas mortgage insurance premiums are not. As such, even though the additional cost of a higher interest rate second mortgage might be similar to the cost of mortgage insurance, the borrower may see a reduction in total costs when the tax benefits are considered.

Residential Home Appraisals

residential-home-real-estate-appraiserWe are a leading provider of appraisals & valuations for Residential Homes in Illinois and Wisconsin.  We are independently owned and operated and based in Chicagoland area. We provide accurate appraisals for sales, purchases, development, estate sales, divorce, and financing.

Residential Luxury Home Appraisals

residential-home-appraisals-in-illinoisWe are a leading provider of appraisals & valuations for Luxury Residential Homes in Illinois and Wisconsin.  We are independently owned and operated and based in Chicagoland area. We provide accurate appraisals for sales, purchases, development, estate sales, divorce, and financing.

Residential Condo Appraisals

We are a leading provider of appraisals & valuations for Residential Condominiums in Illinois and Wisconsin.  We are independently owned and operated and based in Chicagoland area. We provide accurate appraisals for sales, purchases, development, estate sales, divorce, and finanresidential-condo-appraisal-illinoiscing.

Residential Townhome Appraisals

residential-townhouse-real-estate-appraiserWe are a leading provider of appraisals & valuations for Residential Townhomes in Illinois and Wisconsin.  We are independently owned and operated and based in Chicagoland area. We provide accurate appraisals for sales, purchases, development, estate sales, divorce, and financing.

Divorce Appraisals

Finalizing a divorce involves many decisions, including “Who gets the house”? There are generally two options regarding the house – it can be sold and the proceeds divided, or one party can “buy out” the other. In either case, one or both parties should order an appraisal of the residence. Divorce appraisals require a well supported, professional appraisal that is defensible in court. When you order an appraisal from us, you are assured that you will get the best in professional service, courtesy, and the highest quality appraisal. We also know how to handle the sensitive needs of a divorce situation.

As an attorney handling a divorce, your needs oftentimes include an appraisal to establish fair market value for the residential real estate involved. Often the divorce date differs from the date you order the appraisal. We are familiar with the procedures and requirements necessary to perform a retroactive appraisal with an effective date and Fair Market Value estimate matching the date of divorce. The ethics provision within the Uniform Standards of Professional Appraisal Practice (USPAP) binds us with confidentiality, ensuring the fullest degree of discretion.