Why you should get an appraisal

Every year, thousands of people in Michigan buy, sell or refinance their home. A lot of these transactions consist of a simple line item for an appraisal. Even though there are a multiplying number of automated home valuation processes that may seem more prudent than an appraisal, practically all lenders still need a local expert because the stakes are incredibly high. You might think that obtaining a mortgage is the only reason you should get an appraisal, but there are other instances when the services of a licensed, independent real estate professional might come in handy.

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Appeal your tax assessment in Oakland County

If you are in an area where property values have depreciated, it's possible you're paying too much in property taxes. An appraisal from Community Appraisal is your best evidence when building your case. We can assist you in challenging your tax assessment.

PMI removal to reduce your mortgage payment

When the amount being loaned to the home owneris more than 80% of the actual value of the home, nearly all lenders ask home owners to take out this additional insurance policy. That policy is Private Mortgage Insurance, or PMI. This added payment is often lumped into the monthly mortgage payment and is soon forgotten. PMI isn't required when the leftover balance of the loan - whether through market appreciation or principal pay down - goes below the 80% mark, making this very unfavorable. In fact, the United States Congress invoked a law in 1998 (the Homeowners Protection Act of 1998) requiring lenders to eliminate the PMI installments when the loan-to-value ratio conditions have been met.

If you'd like to get rid of PMI, Community Appraisal will produce a statement regarding the value of your home. The price you paid for the appraisal can usually be offset in just a few months because you'll no longer be paying the PMI.

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Get a clear valuation on a home for divorce settlements

A divorce can be a particularly horrible experience for both parties, and it is often even more complicated by the difficult decision of who keeps the house. Regardless of the circumstances, it's a good idea to get an appraisal from Community Appraisal so both parties are completely aware of the true market value of their property.

The parties will have a better idea of what price to set, if they need to sell the home. And if a "buyout" is the chosen option, both parties will feel like they've gotten a fair evaluation.

Fair and accurate estate liquidation

The loss 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 residential property involved. The ethics provision within the Uniform Standards of Professional Appraisal Practice (USPAP) binds us with confidentiality, guaranteeing the fullest degree of discretion.

Unlike wealthy individuals, most Americans do not have dedicated estate planners or executors to take care of these affairs. And seeing that a home or other property often makes up an uneven share of the total estate value, understanding the true value of the real estate at hand is of vital importance to ensuring disputing parties walk away knowing they've gotten a fair deal.

Relocate to or from Oakland County for work

Employee relocation can be a stressful event, and we understand. That being said, we take great care in setting up an accommodating appointment time for the appraisal inspection. We encourage relocating employees to provide input on the positive attributes of their property, along with information about any new sales or listings in their neighborhood that they want considered during our thorough inspection.

Sell your home promptly — at an accurate price

A professional appraisal can help you make a better educated decision regarding your selling 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 extra bathroom or a kitchen remodel can make. Seeking a professional appraisal is a trusted way to decide 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, because we're experts in knowing how long properties stay on the market.

Let Community Appraisal help you sell your home quickly at the right price