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Lansing, East Lansing and Okemos Information:

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Real Estate Tips
About Appraisals >Professional Appraisals

Before your mortgage application is approved, the lender will order a professional appraisal of the home to make sure that the agreed-upon selling price is justifiable based on the current market value of the property. The cost of the appraisal will be based on the complexity of the appraisal report and the time required to complete it.

A professional appraiser will choose the appraisal technique that is applicable to the particular property to arrive at an unbiased opinion of value. One approach is to look at comparable homes in the area that have sold within the last six months. If there are a number of similar properties that have sold recently, the appraiser's job is easy. It is more complicated to arrive at the appraised value if your home is located in a rural area or a diverse neighborhood.

The appraised value will usually be very close to the sale price. If the appraisal comes in lower, the real estate agent may be able to provide the appraisers with additional information on recent sales which will result in increased value.

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Real Estate Trivia
Q 
What has a tremendous impact on the U.S. economy, comprising between $10-$15 trillion of the nation's wealth?

A 
Real Estate--it goes through cycles, but still has a long-term record of strong investment return.
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The Tierney Team, REALTOR®, real estate agents and broker for Lansing, East Lansing and Okemos Michigan home listings, property and land for sale - NUMBER1EXPERT(tm)

The Tierney Team
Keller Williams Realty Lansing East
3100 West Rd., BLDG #3, Suite #300
East Lansing, MI 48823
Tel: 517-853-6397
Fax: 866-361-3764
Email: thetierneyteam@kw.com

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