Reasons to get an appraisal
To a lot of us, an appraisal is simply a line item on the settlement sheet for a home sale or refinance. The majority of lenders still want a local expert because the stakes are very high, even though there are a budding number of automated home valuation systems that may appear to be more cost-effective than an appraisal. You might believe that getting a mortgage is the only reason to get an appraisal, but there are other times when the services of a licensed, independent real estate professional might be beneficial.
Contest your tax assessment
It's possible you're paying too much in property taxes if you live in an area where property values have depreciated. Property taxes are based upon a past assessment of your real estate, so if prices are less than what they used to be in your neighborhood, 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 capable of assisting you in disputing your tax assessment.
Getting rid of your PMI for mortgage payments
Private Mortgage Insurance, or PMI, is an added insurance policy that many lenders ask home buyers to buy when the amount being loaned to the home owner is more than 80% of the actual value of the property. This additional payment is often lumped into the monthly mortgage payment and is soon forgotten. PMI isn't required when the remainder of the loan - whether through market appreciation or principal pay down - goes below the 80% level, making this very unfavorable. In fact, the United States Congress passed a law in 1998 (the Homeowners Protection Act of 1998) requiring lenders to dismiss the PMI installments when the loan-to-value ratio conditions have been met.
If you'd like to eliminate PMI, Community Appraisal can produce a statement regarding the value of your home. The price you paid for the appraisal can generally be recovered in just a few months because you'll no longer be paying the PMI.
Order an appraisal from Community AppraisalOrder today
Divorce settlement with fewer hang-ups
A divorce is often complicated by the strenuous decision of who maintains the home, and it can be an especially daunting ordeal for both parties. Regardless of the situation, it's a good idea to get an appraisal from Community Appraisal so both parties are entirely aware of the true market value of their house.
The parties will have a clearer picture of what price to set, if they want 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 evaluation.
Accurate and fair estate liquidation
Losing a loved one is a painful time in life, and settling an estate from a death, or probate, often requires an appraisal to establish Fair Market Value for the residential property involved. We guarantee the utmost degree of discretion, as we're bound with confidentiality by the ethics provision within the Uniform Standards of Professional Appraisal Practice (USPAP).
Unlike wealthier individuals, most Americans don't have dedicated estate planners or executors to take care of these affairs. And since a home or other property often makes up an uneven share of the total estate value, understanding the true worth of the real estate at hand is of essential importance to ensuring disputing parties leave knowing they've gotten an honest deal.
Relocate to or from Oakland County through an employee relocation program
Employee relocation is a stressful event, and we understand. 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 aspects of their property, as well as information about any recent sales or listings in their neighborhood that they want considered during our detailed inspection.
Close on your home quickly — at an accurate price
Whether you choose to sell your home on your own or use the assistance of a real estate agent, a professional appraisal can help you make a better educated decision when determining your selling price. An appraiser has no vested interest in what price the house sells for, apart from real estate agents. Our fees are based on our efforts to finish the appraisal report and not a percentage of the sales price.
On a daily basis, we examine the difference in value things like an extra bathroom or a kitchen remodel can make. 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, because we're experts in knowing how long houses stay on the market.