Let Community Appraisal handle your appraisal needs
Thousands of people in Michigan purchase, sell or refinance their home every month. Most of these transactions contain a simple line item for an appraisal. Most lenders still want a local expert because the stakes are incredibly high, even though there are a growing number of automated home valuation methods that may appear to be more cost-effective than an appraisal. Is obtaining a mortgage the only reason to get an appraisal? Are there additional cases when the services of a licensed, independent real estate professional might be helpful? Of course.
Contest your tax assessment
It's probable you're paying too much in property taxes if you reside in an area where property values have declined. Property taxes are based upon a previous assessment of your home, so if values have gone down in your neighborhood, you can appeal your assessment and save money. When building your case, an appraisal from us is your best evidence. We're qualified to assist you in challenging your tax assessment.
PMI removal to reduce a mortgage payment
Private Mortgage Insurance, or PMI, is an added insurance policy that almost all 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 added payment is often bundled into the monthly mortgage payment and is quickly forgotten. This is bad because PMI is unnecessary when the leftover balance 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 remove the PMI installments when the loan-to-value ratio conditions have been met.
If you'd like to do away with PMI, Community Appraisal can provide you with a statement regarding the value of your home. The cost of the appraisal can often be regained in little time because you'll no longer be paying the PMI.
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Settle a divorce with fewer hang-ups
A divorce can be a very traumatic event for both parties, and it is often more complicated by the challenging decision of who keeps the house. It's a good idea to get an appraisal from Community Appraisal so both parties are fully aware of the true market value of their property, regardless of the circumstances.
If the parties need to sell the home, they'll have a clearer picture of what price to set. And if a "buyout" is the chosen option, both parties will feel like they've gotten a fair assessment.
Fair and accurate estate liquidation
The loss of 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. The ethics provision within the Uniform Standards of Professional Appraisal Practice (USPAP) binds us with confidentiality, ensuring the maximum degree of discretion.
Most Americans do not have dedicated estate planners or executors to manage these matters, unlike many wealthy individuals. A home or other property often makes up a disproportionate share of the total estate value, so understanding the true value of the real estate at hand is of essential importance to ensuring disputing parties walk away knowing they've received a fair deal.
Relocate to or from Oakland County through an employee relocation program
We understand the headaches involved with an employee relocation. That being said, we take great care in establishing an accommodating appointment time for the appraisal inspection. We encourage relocating employees to provide feedback on the positive aspects of their property, along with information about any recent sales or listings in their area that they want considered during our intensive inspection.
Close on your home promptly — for an accurate price
Whether you choose to sell your home on your own or with the help of a real estate agent, a professional appraisal can help you make a more informed decision when determining your selling price. An appraiser has no vested interest in what amount 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 items like an additional bathroom or a kitchen remodel can make. Obtaining a professional appraisal is a reliable 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.