Why you should get an appraisal
Thousands of people in Michigan buy, sell or refinance their home each month. Many of these transactions include a simple line item for an appraisal. Practically all lenders still need a local expert because the stakes are so high, even though there are a budding number of automated home valuation methods that might appear to be cheaper than an appraisal. You might assume that securing a mortgage is the only reason to get an appraisal, but there are other cases when the services of a licensed, independent real estate professional could be beneficial.
Challenge your tax assessment in Oakland County
It's probable you're paying too much in property taxes if you live in an area where property values have depreciated. Property taxes are determined by a previous assessment of your house, so if values are less than what they used to be in your area, you can challenge your assessment and save money. An appraisal from Community Appraisal is your best evidence when building your case. At Community Appraisal, we're qualified to assist you in disputing your tax assessment.
PMI removal to lower your mortgage payment
Private Mortgage Insurance, or PMI, is an extra insurance plan that almost all lenders ask home owners to purchase when the amount being loaned to the home buyer is more than 80% of the actual value of the property. Seeing that additional payment is usually bundled into the monthly mortgage payment, it is often forgotten. PMI is unnecessary when the remainder of the loan - whether through market appreciation or principal pay down - decreases below the 80% level, making this very unfortunate. In fact, the United States Congress implemented a law in 1998 (the Homeowners Protection Act of 1998) that requires lenders to remove the PMI payments when the loan-to-value ratio conditions have been met.
Community Appraisal will produce a statement regarding the value of your home, and the price you paid for the home valuation can often be offset in just a few months because you'll no longer be paying the PMI.
Get your appraisal from Community AppraisalOrder today
Get a clear valuation on a home take make a divorce settlement less stressful
A divorce is a very traumatic experience for the parties involved, and it is often more complicated by the difficult decision of who gets the home. So both parties are fully 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.
The parties will have a better idea of what price to set, if they wish to sell the home. And on the flip side, if a "buyout" is the chosen option, both parties will feel like they've gotten a fair assessment.
Determine an accurate and fair valuation for estate liquidation
The death of a loved one is a hard 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 utmost degree of discretion.
Unlike wealthy individuals, most Americans do not have dedicated estate planners or executors to handle these issues. A home or other property often makes up a disproportionate share of the total estate value, so knowing the true worth of the real estate at hand is of significant importance to ensuring disputing parties leave knowing they've gotten a fair deal.
Move to or from Oakland County for work
We know the headaches associated with an employee relocation. That being said, we take great care in setting up a convenient appointment time for the appraisal inspection. We encourage relocating employees to provide remarks on the positive characteristics of their property, as well as information regarding any current sales or listings in their neighborhood that they want considered during our intensive inspection.
Sell your home quickly — at an accurate price
Whether you decide to sell your home on your own or use the assistance of a real estate agent, a professional appraisal can help you make a more informed decision regarding your asking price. Apart from a real estate agent, an appraiser has no vested interest in what amount the house sells for. Our fees aren't a percentage of the sales price, but rather they are based on our efforts to complete the appraisal report.
On a daily basis, we analyze the difference in value things like an extra bathroom or a kitchen remodel can make. And we're experts in knowing how long propertiesstay on the market. So, obtaining a professional appraisal is a trusted way to determine what improvements will add value and what a suitable sales price is for your home so you don't come up short or have your house on the market an unnecessarily long time.