10136 Elgin Ave, Huntington Woods, MI 48070      248.212.5386 FAQS We hope to answer some of the most frequently asked questions.  If you have a question not addressed here, please feel free to contact us. SRES, Strategic Real Estate Services Ltd., is a home appraisal company and a property maintenance company based in Huntington Woods, Oakland County, Michigan.  Strategic Real Estate Services offers home appraisal services, property maintenance services, property cleanout services, lock changing services, and more in the five counties in Southeastern Michigan:  Oakland, Macomb, Wayne, Livingston and Washtenaw.  Strategic Real Estate Services' customers are from the following Michigan cities: Oakland County Cities:  Addison Township, Auburn Hills, Berkley, Beverly Hills, Bingham Farms, Birmingham, Bloomfield Hills, Bloomfield, Brandon, Clarkston, Clawson, Commerce Township, Farmington Hills, Farmington, Fenton, Ferndale, Franklin, Groveland, Hazel Park, Highland, Holly, Huntington Woods, Independence Township, Keego Harbor, Lake Angelus, Lake Orion,  Lathrup Village, Leonard Village, Lyon Township, Madison Heights, Milford, Novi, Oak Park, Oakland Township, Orchard Lake, Orion Township, Ortonville Village, Oxford, Pleasant Ridge, Pontiac, Rochester Hills, Rochester, Rose Township, Royal Oak, Royal Oak Township, South Lyon, Southfield, Springfield Township, Sylvan Lake, Troy, Walled Lake, Waterford Township, West Bloomfield Township, White Lake Township, Wixom, Wolverine Lake Village. Wayne County  Cities: Allen Park, Belleville, Dearborn Heights, Dearborn, Detroit, Grosse Pointe, Grosse Pointe Farms, Grosse Pointe Park, Grosse Pointe Shores, Grosse Isle Township, Inkster, Lincoln Park, Livonia, Melvindale, Northville, Riverview, Rockwood, Romulus, Southgate  Macomb County Cities: Armada Township, Armada Village, Bruce Township, Center Line, Chesterfield Township, Clinton Township, Eastpointe, Fraser, Harrison Township, Lenox Township, Macomb Township, Memphis, Mount Clemens, New Baltimore, New Haven, Ray Township, Richmond, Richmond Township, Romeo, Roseville, St. Clair Shores, Shelby Township, Sterling Heights, Utica, Warren, Washington Township Home  |  About SRES  | Appraisal Services  |  Property Maintenance  |  Fees  |  Place an Order  |  FAQs  |  Privacy  |  Contact Us copyright 2010 Strategic Real Estate Services Ltd. 10136 Elgin Ave, Huntington Woods, MI 48070, 248.212.5386 www.SRESLtd.com What do I do to prepare my home for the appraiser? What is the appraisal process? Can I pay an expedite charge and get the report done in 24 hours or less? What if the value is much lower than I expected? Can an appraisal help me fight my property tax bill? Can an appraisal help me with PMI (Private Mortgage Insurance) removal? If I am refinancing, can I hire you directly to do my appraisal? How long is an appraisal good for? If I have five appraisers appraise my home will they come out with five different values? When the appraiser measured my home I think he/she made a mistake.  Who should I contact? Can an appraiser talk to others about the value of my home and the reason for my appraisal? Does the appraisal also serve as a home inspection? The appraiser was only at my home for 15 minutes or less.  How can they estimate the value in such a short time frame? How does the appraiser determine the gross living area (square footage) of my home? What improvements add the most value to my home? If my neighbors fix up their home will my property value go up? I am refinancing my house with a local bank.  If my bank appraisal comes out higher than my tax value will my taxes go up? I am in the process of refinancing my home.  Am I entitled to a copy of my appraisal? Last year I refinanced my home and the appraiser came inside to do an inspection.  Now I am applying for a home equity loan and the appraiser never came inside for an inspection.  How can they determine the new value without coming inside? What do I do to prepare my home for the appraiser? Typically an appraiser needs to document the condition of the interior from layout to any updates or features.  Consider preparing a list of recent improvements (i.e.: new furnace, windows, roof, update kitchen, etc.) for the appraiser to review during the inspection. What is the appraisal process? The process is summarized by the following 8 steps: 1)  Initial contact  2)  Phone interview  3) Preliminary data research  4) Inspection  5) Driving the comparable properties  6) Writing the report 7)  Reconciliation of data  8)  Report delivery    >> read more Can I pay an expedite charge and get the report done in 24 hours or less? Yes.  Please contact us to discuss your requirements. Usually you can expect an additional $50-$100 to be added to your fee. What if the value is much lower than I expected? Values are based on the current market data and economic conditions.  If you have questions regarding your appraised value please feel free to contact us. Can an appraisal help me fight my property tax bill? If you feel your home is over-valued a professional appraisal will provide you with a basis to dispute taxable value that is if the appraised value comes in lower than the taxable value determined by the assessor. Can an appraisal help me with PMI (private mortgage insurance) removal? PMI is supplemental insurance that many lenders require home buyers to purchase when the amount being loaned is more than 80% of the value of the home.   Very often, this additional insurance payment is folded into the monthly mortgage payment and forgotten about.   This is unfortunate because PMI becomes unnecessary when the remaining balance of the loan dips below the 80% level.    You should consult your mortgage company first for the steps you need to take to remove your PMI insurance if applicable. If I am refinancing, can I hire you directly to do my appraisal? No.  All financial institutions and credit unions order your home appraisal.  They are required to use Appraisal Management Companies (AMC's), or their own appraisal staff.   These measures are in place to provide you and the financial institution with an unbiased appraisal report. How long is an appraisal good for? There is no fixed expiration date on an appraisal but most lenders and others will consider them outdated after six months. If I have five appraisers appraise my home will they come out with five different values? Probably.   It is common for different appraisers to calculate different values although they should all be within a reasonable range if they were done at the same time under the same conditions.   They could vary by a larger margin if you compare a complete appraisal versus a drive-by appraisal as the later does not include an interior inspection which could alter the value significantly. When the appraiser measured my home I think he/she made a mistake.  Who should I contact? Either the appraiser or lender. Can an appraiser talk to others about the value of my home and the reason for my appraisal? No.  The appraiser is bound to confidentiality and information in the appraisal report and the value is only discussed with the client and anyone else authorized to view the report. Does the appraisal also serve as a home inspection? No.  The appraiser will document the condition and construction of the home however he/she does not perform tests and other important inspection tasks that a qualified home inspector would.  If you are purchasing a home, we highly recommend you also get a home inspection done. The appraiser was only at my home for 15 minutes or less.  How can they estimate the value in such a short time frame? The physical inspection is only a small part of the overall appraisal process.  How long it takes depends on how big and complex your home is. How does the appraiser determine the gross living area (square footage) of my home? The appraiser will measure the exterior of the home to determine the square footage.  Non-living areas such as garages, covered porches or finished basements are not included as part of the GLA. What improvements add the most value to my home? How much any improvement will make will vary from market to market driven by the wants and needs of each neighborhood.  However, a local appraiser familiar with your market may be able to offer some insightful guidance. If my neighbors fix up their home will my property value go up? Maybe but the impact will vary widely depending on the local market and economic conditions. I am refinancing my house with a local bank.  If my bank appraisal comes out higher than my tax value will my taxes go up? They shouldn't.  The bank appraiser is expected to maintain confidentiality with the client which in this case would be the bank and not the local tax authorities. I am in the process of refinancing my home.  Am I entitled to a copy of my appraisal? You will have to call your bank/lender to find out if you can get a copy of the appraisal since in this case they are considered the client. Last year I refinanced my home and the appraiser came inside to do an inspection.  Now I am applying for a home equity loan and the appraiser never came inside for an inspection.  How can they determine the new value without coming inside? A drive-by appraisal utilizes a similar process for estimating market value as the full appraisal with interior inspection. However, the drive-by appraiser must rely on outside sources for their information such as court records or multiple listing service records to obtain information on the home.  Although these records may not always be accurate, they provide some basic information to complete the appraisal. return to top return to top return to top return to top return to top return to top return to top return to top return to top return to top return to top