Reasons to order an appraisal
To a lot of us, an appraisal is simply one more thing in the long list of items for a home sale or refinance. Practically all lenders still call for a local expert because the stakes are very high, even though there are an increasing number of automated home valuation methods that may appear more practical than an appraisal. You might assume that obtaining a mortgage is the only reason to get an appraisal, but there are additional cases when the services of a licensed, independent real estate professional could be beneficial.
Contest your tax assessment
If you reside in an area where property values have declined, it's possible you're paying too much in property taxes. When building your case, an appraisal from us is your best evidence. At Community Appraisal, we're qualified to assist you in disputing your tax assessment.
PMI removal to reduce your mortgage payment
Private Mortgage Insurance, or PMI, is an additional insurance plan that many lenders ask home owners to purchase when the amount being loaned to the buyer is more than 80% of the actual value of the property. Seeing that extra payment is usually lumped into the monthly mortgage payment, it is often forgotten. This is unfortunate because PMI isn't necessary when the remainder of the loan - whether through market appreciation or principal pay down - goes below the 80% level. In fact, the United States Congress implemented a law in 1998 (the Homeowners Protection Act of 1998) that requires lenders to dismiss the PMI payments when the loan-to-value ratio conditions have been met.
Community Appraisal can give you a statement regarding the value of your home, and the expense of the home valuation can usually be recovered in just a few months because you'll no longer be paying the PMI.
Order an appraisal from Community AppraisalOrder today
Get a fair valuation on a home for divorce settlements
A divorce is an especially traumatic event for the parties involved, and it is often further complicated by the strenuous decision of who maintains the home. So both parties are completely aware of the true market value of their house, it's a good idea to order an appraisal from Community Appraisal, regardless of the circumstances.
If the parties wish to sell the home, they'll have a a good idea of what price to set. And on the flip side, if a "buyout" is the chosen option, both parties will feel like they've gotten a fair evaluation.
Accurate and fair estate liquidation
The loss of a loved one is a painful time in life, and settling an estate from a death, or probate, often calls for an appraisal to establish Fair Market Value for the real estate involved. The ethics provision within the Uniform Standards of Professional Appraisal Practice (USPAP) binds us with confidentiality, ensuring the highest degree of discretion.
Most Americans do not have dedicated estate planners or executors to take care of these issues, unlike wealthier individuals. A home or other property often makes up a disproportionate share of the total estate value, so knowing the true value of the real estate at hand is of vital importance to ensuring disputing parties walk away knowing they've received an honest deal.
Move to or from Oakland County for work
We are aware of the headaches involved with an employee relocation. We take great care in establishing an accommodating appointment time for the appraisal inspection. We encourage relocating employees to provide feedback on the positive features of their property, as well as information about any new sales or listings in their neighborhood that they want considered during our detailed inspection.
Close on your home promptly — at the right price
A professional appraisal will help you make a more informed decision when determining your asking price, whether you choose to sell your home on your own or with the help of a real estate agent. Apart from a real estate agent, an appraiser has no vested interest in what price the house sells for. Our fees aren't related to the sales price, but rather they are based on our efforts to finish the appraisal report.
On a daily basis, we examine the difference in value things like an additional bathroom or a kitchen remodel can make. And we're experts in knowing how long housesstay on the market. So, seeking a professional appraisal is a reliable way to determine what improvements will add value and what an applicable sales price is for your home so you don't come up short or have your house on the market an unnecessarily long time.