The objective of a home appraisal is to provide an independent and impartial analysis of real property. The appraiser’s client is typically the lender, and the appraised value determines the amount of funds a lender is willing to provide or how much equity a homeowner can borrow from. The DiMora Team are real estate experts in the Northville and Novi neighborhoods and we know that lenders want to know how much that property would bring in an open market, so they can ascertain that the loan is well enough supported by the collateral. The appraisal also helps to shield a financed homebuyer from potential risk. The most common appraisal method appraisers use is the sales comparison approach, which involves taking a look at recently sold properties in the area with similar characteristics, and then adjusting the dollar value of the subject property based on competitive differences Check out below to see what sold in Ravines of Northville in August 2022:
17440 Willow Ridge Drive, Northville: 4 bedrooms, 3.1 bathrooms, 3,607 sq. feet, 3 car garage, Sold Price: $779,000
Ravines of Northville Home Sold
August 2022
One way to avoid appraisal hiccups is to work with a real estate cash buyer. A cash offer eliminates the need for the lender-ordered appraisal and usually speeds up the closing timeline significantly. For more information on Ravines of Northville, or similar Northville or Novi neighborhoods such as Woodlands of Northville, Beckenham and Steeplechase, contact The DiMora Team today at 248-505-7728 or jim@dimora.com.