CB appraisal Company
It doesn't matter what type of property you have. Our extensive experience and hours of study as licensed appraisers make us qualified to provide home valuations in Macomb County for clients ranging from national mortgage companies to local lenders or individual businesses and consumers.
WHAT IS AN APPRAISAL?
The procedure of performing an appraisal report deals with an inspection which forms an opinion of value. The appraiser must use a few "approaches," typically three, to conclude the estimation of worth. One of the processes in use is the Cost Approach, which is what it would cost to replace the improvements to the house, less the depreciation and physical dilapdiation, plus the land value. Another of the approaches is the Sales Comparison Approach - which concerns discovering a comparable analysis to other similar nearby properties which have recently sold. Being the most popular approach, the Sales Comparison Approach tends to be the most accurate and best indicator of value for a house. One of the least common approaches in appraising houses is the Income Approach, which is mainly used to figure the value of a property based on what an investor would pay based on the capital produced by the property.
WHAT DOES AN APPRAISER DO?
An appraiser offers a professional, unbiased opinion of market value, to be used in making real estate transactions. Appraisers will provide a report that presents their analysis of the house.
WHAT IS THE DIFFERENCE BETWEEN AN APPRAISAL AND A HOME INSPECTION?
Appraisers do not do complete home inspections and are not home inspectors. The point of a home inspection is to investigate the structure of the house from basement to top. Usually, a home inspection report will discuss the amenities and the necessities of the home: air conditioning (weather permitting), electrical systems, the condition of the heating system, the plumbing; then the structural integrity of the home such as the attic, accessible insulation, walls, floors, ceilings, windows, then the foundation, basement and visible structures.
WHAT IS THE DIFFERENCE BETWEEN AN APPRAISAL AND A COMPARATIVE MARKET ANALYSIS (CMA)?
Frankly, the difference is like night and day. The CMA depends on vague trends in the market. An appraisal utilizes comparable sales that can be proven by public record. In addition, the appraisal looks at other factors like condition, location and building prices. All a CMA does is generate a "ball park figure." An appraisal delivers a defensible and carefully documented opinion of value.
But the biggest difference is the person creating the report. A CMA is created by a real estate agent who may or may not have a true grasp of the market or valuation concepts. The appraisal is created by a licensed, certified professional who has made a career out of valuing properties. Further, the appraiser is an independent voice, with no vested interest in the value of a home, unlike the real estate agent, whose income is tied to the value of the home.
HOW ARE APPRAISERS CERTIFIED?
Regulations regarding licensing and certification of Real Estate Appraisers vary from state to state. However, licensing and certification is most often associated with many hours of coursework, tests and practical experience. Once an appraiser is licensed, he or she is required to take continuing education courses in order to keep the license current.
WHY DO I NEED A PROFESSIONAL APPRAISAL?
Anytime the value of your home or other real property is being used to make a significant financial decision, an appraisal helps. If you're selling your home, an appraisal helps you set the most appropriate value. If you're buying, it makes sure you don't overpay. If you're engaged in an estate settlement or divorce, it ensures that property is divided fairly. A home is often the single, largest financial asset anybody owns. Knowing its true value means you can the right financial decisions.
WHICH HOME RENOVATIONS ADD THE MOST TO THE VALUE?
When a husband and wife tour a house to buy, the wife is the one buying it (sorry husbands). The wife will walk to the kitchen first and if it "wows" her, the home is 70% sold! After that, the bathrooms, floors, roof, windows, and HVAC in that order.
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