Why you should get an appraisal
Thousands of people in Michigan purchase, sell or refinance their home every month. Most of these transactions consist of a simple line item for an appraisal. Even though there are a multiplying number of automated home valuation methods that may appear to be more economical than an appraisal, practically all lenders still want a local expert because the stakes are so high. You might assume that getting a mortgage is the only reason you should get an appraisal, but there are other cases when the services of a certified, independent real estate professional could come in handy.
Appeal your tax assessment in Oakland County
It's likely 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 past assessment of your home, so if values have gone down in your area, you can appeal your assessment and save money. An appraisal from Lakeland Appraisal is your best evidence when building your case. We can assist you in appealing your tax assessment.
Removing PMI for mortgage payments
When the amount being loaned to the homebuyeris more than 80% of the actual value of the real estate, most lenders ask homeowners to buy this additional insurance plan. That policy is Private Mortgage Insurance, or PMI. Oftentimes, this extra payment is lumped into the monthly mortgage payment and is quickly forgotten. This is unfavorable because PMI is unnecessary when the remaining balance of the loan - whether through market appreciation or principal pay down - goes below the 80% mark. In fact, the Homeowners Protection Act (HPA) of 1998 was passed by the United States Congress requiring lenders to dismiss the PMI installments when the loan-to-value ratio conditions have been met.
Lakeland Appraisal can produce a statement regarding the value of your home, and the expense of the appraisal can usually be regained in a short amount of time because you'll no longer be paying the PMI.
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Divorce settlement with fewer hang-ups
A divorce can be a particularly horrible event for both parties, and it is often more complicated by the burdensome decision of who maintains the house. So both parties are completely aware of the true market value of their house, it's a good idea to get an appraisal from Lakeland Appraisal, regardless of the situation.
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 assessment.
Accurate and fair estate liquidation
The death of a loved one is a difficult 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. We ensure the fullest degree of discretion, as we're bound with confidentiality by the ethics provision within the Uniform Standards of Professional Appraisal Practice (USPAP).
Unlike many wealthy individuals, most Americans don't have dedicated estate planners or executors to manage these affairs. 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 vital importance to ensuring disputing parties walk away knowing they've received a fair deal.
Move to or from Oakland County through an employee relocation program
Employee relocation can be a stressful event, and we understand. We take great care in setting up 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 thorough inspection.
Sell your home quickly — for the right price
A professional appraisal can help you make a more informed decision when determining your selling price, whether you choose to sell your home on your own or use the assistance of a real estate agent. Unlike 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 rest 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. Obtaining a professional appraisal is a reliable way to decide 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, because we're experts in knowing how long properties are one the market.
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