If you need a mortgage to buy a home, your lender will require a home appraisal. That is a professional who estimates the value of your place to make sure it’s at least enough to cover the mortgage. While the lender hires the appraiser, the buyer pays for it. The DiMora Team are real estate experts in the Northville and Novi neighborhoods and we know that the cost of the home appraisal varies by the size and location of your home among other factors and generally you can expect to pay around $300 or $400. Appraisals are educated guesses by licensed or certified professionals on a home’s value in the current market. To assess a home’s value, the appraiser will likely visit your home and compare it to nearby comparable homes, or “comps,” that have recently sold. This is similar to how your Realtor estimates a home’s value, but make no mistake, home appraisers don’t work for home sellers or buyers. They work for lenders and help them decide if the home is a sound investment and worthy of the loan you’re asking for. Check out below to see what sold in Cascades of Northville in June 2016:
18161 Shoreline Court, Northville: 4 bedrooms, 4.1 bathrooms, 3,250 sq. feet, 3 car garage, Sold Price: $648,500
In short, appraisers protect the bank and buyers from a bad deal, so they’re worth every penny. Once the home appraisal is finished, you will receive a copy of the report from your bank. If the home’s appraised value ends up higher than what you’re paying, generally the deal will move forward. For more information on Cascades of Northville, or similar Northville or Novi neighborhoods such as Chase Farms, Timber Ridge and Kirkway Estates, contact The DiMora Team today at 248-505-7728 or firstname.lastname@example.org.