When you and your realtor write an offer to purchase a home, you most likely will make your offer contingent on several items, including financing, a home inspection and an appraisal. If your loan is locked in and your prospective home passed its inspection with ease, then you’ve only got one challenge left: the appraisal. The DiMora Team are real estate experts in the Novi and Northville neighborhoods and we know that mortgage lenders require an appraisal on your home before they’ll provide a loan for the simple reason that the property is the underlying asset that serves as collateral for the loan. If for some reason you run into financial difficulties and lose your home to foreclosure, your lender would need to sell the property to repay the loan. A lender will only approve a loan for a property that appraises for the full sales price of the home, or more. Check out below to see what sold in Mystic Forest in May 2015:
23382 Mystic Forest Drive, Novi: 4 bedrooms, 2.1 bathrooms, 2,560 sq. feet, 3 car garage, Sold Price: $373,000
23347 Winnsborough, Novi: 4 bedrooms, 2.1 bathrooms, 3,750 total sq. feet, 2 car garage, Sold Price: $375,000
It’s important to recognize that an appraisal isn’t meant to derail your real estate deal. In fact, it can function as a consumer protection for a buyer. For more information on Mystic Forest, or similar Northville or Novi neighborhoods such as Deerbrook, Windridge and Yerkes Manor, contact The DiMora Team today at 248-505-7728 or email@example.com.