Appraisal Myths and facts
Myth: An appraisal determines your sales price. Did you know that one appraiser can appraise a Wayne county home and come up with one price and another different appraiser can appraise the same Wayne county home and come up with a totally different price. A third one can come up with a third price. They may never come up with the same price with they all appraise one Michigan house for sale. The appraisal process is very subjective. That is why it is better not to pay for an appraisal and use a CMA, comparative market analysis.
Myth: An appraisal is a guarantee of what my house is worth. My lender used the appraisal three years ago and the house was worth more than you are saying it is worth now. If your appraiser said your Oakland county home was worth $300,000 two years ago it was because there were homes similar to your that were selling for that price. Unfortunately Michigan house prices have fallen in 2006 and 2007. So many Michigan houses for sale were over priced when they went on the market in 2007.
Fact: An appraisal is a tool that lenders use to find out if the value of the home is there to give a loan out. Appraisers are licensed by the state and take continuing education classes. In Michigan appraisers have over 2000 hours of schooling and internship under another appraiser. The lender does not ask for a guarantee of value they are looking for a professional opinion.
Fact: Sometimes appraisals are rejected by the bank. Banks have other appraisers that double check the appraisal. If that appraiser feels the value is not there then they give a different value and the original appraisal may not be used.
So when you are ready to price your Michigan Home whether it is a Livingston county home, a Wayne county, a Washtenaw county home, or Wayne county home call me(russ ravary) to get you a CMA of your home. That way you will have the necessary information to price your home. It will give you what is for sale locally, what homes that are similar in size, style, and condition have sold for recently. That will give you the information to make a sound decision.
To get more information on selling your home go to my website http://www.russravary.com/ or search Michigan homes for sale
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About Me
- Russ Ravary
- I am with Keller Williams and my cell phone number is (313)310-9855. I grew up in Allen Park and spent some time in different states around the country after I turned 18. I have been a Livonia resident for 17 years now. I am widower and just recently lost my wife Marianne to breast cancer survivor after a 21 year battle. She was a great lady. Working hard to get something done is second nature to me. One fellow worker always tells the story of during the refi boom he called the office at 10pm on Sunday night. I answered the phone. We were swamped and I wanted to make sure everything all my clients files were on target to close. I was doing what it took to get them closed. That's the way I was taught. I also believe that you have to give back, to help people... somehow make this world a better place. To treat people and clients good like they treat you and better. I try to help people get the home they want at a good price.
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