GE Consulting, LLC, Michigan, Appraisals, Motgage, Inspections, Wayne, Oakland, Macomb
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GE Consulting, LLC, Michigan, Appraisals, Motgage, Inspections, Wayne, Oakland, Macomb
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Appraisal: a document that gives an estimate of a property's fair market value; an appraisal is generally required by a lender before loan approval to ensure that the mortgage loan amount is not more than the value of the property. An appraisal is an estimate of what amount of money your home may sell for. It is very different from a home inspection which will warn you against anything in the new home that should be fixed. A home inspection must be conducted by a qualified home inspector.

Appraiser: a qualified individual who uses his or her experience and knowledge to prepare the appraisal estimate. An appraiser is a professional person who can tell you what your home is worth. The appraiser will come to your house and list the number and size of the rooms and any extras, such as a fireplace, porch, pool, or garage. The appraiser will compare your home and property to other homes that have sold recently with similar features. The appraiser then estimates that your home might sell for approximately the same amount of money as similar homes. This is called an "appraisal."

Assessor: a government official who is responsible for determining the value of a property for the purpose of taxation.

Condominium: a form of ownership in which individuals purchase and own a unit of housing in a multi-unit complex; the owner also shares financial responsibility for common areas.

FHA: Federal Housing Administration; established in 1934 to advance homeownership opportunities for all Americans; assists homebuyers by providing mortgage insurance to lenders to cover most losses that may occur when a borrower defaults; this encourages lenders to make loans to borrowers who might not qualify for conventional mortgages. Home inspection: an examination of the structure and mechanical systems to determine a home's safety; makes the potential homebuyer aware of any repairs that may be needed. This is not an appraisal.

The most probable sale price which a property should bring in a competitive & open market under all conditions requisite to a fair sale, the buyer & the seller each acting prudently, & knowledgeably, and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date & the passing of title from seller to buyer under conditions whereby:
1. Buyer & seller are typically motivated
2. Both parties are well informed
3. A reasonable time is allowed for exposure on the open market
4. Payment is made in terms of cash in United States dollars or in terms of financial arrangements comparable thereto: and
5. The price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions granted by anyone associated with the sale.

PMI: Mortgage insurance is a type of insurance that helps protect lenders against losses due to foreclosure. This protection is provided by private mortgage insurance companies, and allows lenders to accept lower down payments than would normally be allowed. Premiums on a $200,000 loan can be $1,500 per year.

VA: Department of Veterans Affairs: a federal agency which guarantees loans made to veterans; similar to mortgage insurance, a loan guarantee protects lenders against loss that may result from a borrower default.
GE Consulting, LLC, Michigan, Appraisals, Motgage, Inspections, Wayne, Oakland, Macomb
G.E. Appraisal Service, LLC | 586.201.1798 | Info | FHA Approved