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Real Estate Appraisers
Welcome to Appraiz-it LLC
All About Us
Appraiz-it LLC is the premier appraisal firm in West Bloomfield Township. Our office is staffed with highly trained professionals with years of experience in the industry. We reduce the time, effort and cost of the appraisal process, so our clients not only get accurate valuations, but receive first class customer service as well. Get in touch with us today to learn how we can help with all your appraisal needs.
Services We Provide
Raising the Bar
Join The Leaders Of Tomorrow
Meet The Team
Meet your personal team of professional appraisers, available to valuate all of your property when you need it. At Appriaz-it each and every team member has the experience and qualifications necessary to analyze your assets and create an appraisal that reflects the true value of your property.
Founder / CEO
Hugo Garofalo
Hugo Garofalo is an accomplished professional with extensive experience in the real estate and real estate appraisal industries. As the leader of Appraiz-it LLC, he bears the responsibility of overseeing all aspects of the company's operations. With over 30 years of industry expertise, Mr. Garofalo has consistently demonstrated his ability to drive growth and success.
Since assuming the role of Principal at Appraiz-it LLC in 2016, Mr. Garofalo has played a pivotal role in the company's remarkable revenue growth and expansion. His visionary leadership has propelled the organization to new heights within a relatively short timeframe.
Hugo Garofalo held the position of CEO at Equity Solutions USA and Executive Vice President and Chief Compliance Officer at Priority Appraisal USA, a prominent national appraisal management company. In this capacity, he spearheaded the development, implementation, and revision of compliance policies, ensuring the smooth operation of the company. Mr. Garofalo collaborated closely with various internal departments, including risk management, collateral evaluation, and internal audits, to address compliance issues effectively and channel them towards appropriate resolutions.
In 2011, Hugo Garofalo played a major role in facilitating the successful acquisition of Priority Appraisal USA by a well know Michigan-based national lender. This accomplishment underscored his strategic acumen and ability to navigate complex business transactions.
Mr. Garofalo's educational background includes studies at Wayne State University, where he honed his expertise in the field of real estate. He obtained his Real Estate license in 1987 and his Real Estate Appraisal license in 1993, solidifying his comprehensive knowledge and credentials in the industry.
Hugo Garofalo's track record of leadership, strategic thinking, and successful business transactions position him as a highly respected figure in the real estate and real estate appraisal sectors. His commitment to excellence and his ability to drive growth make him an invaluable asset to Appraiz-it LLC and the broader industry.
Yes There's More!
See below for more services
Measurement Services
Need your home measured?
Home remodels and inaccurate valuations on public records can affect a property's value — and a potential buyer's interest in it. Let our appraisers give you a reliable measurement of property area to establish a fair value when acquiring a home, selling to potential clients, or minimizing your property taxes.
Estates
Needs of estate executors
The task of settling an estate, while stressful is very important. As an executor you have been entrusted to carry out the wishes of the departed as promptly and exactly as possible. You can count on us to act quickly and with as much understanding to the feelings of everyone involved.
We've shown that we're experts in supplying excellent appraisals that lawyers and accountants have come to rely on. Usually, everyone involved will have their own ideas of how the appraisal process should work; however, our knowledge of the estate process definitely satisfy all parties involved. We produce appraisal reports that meet the requirements of the courts and other agencies.
FHA Approved Appraiser's
Have a FHA Mortgage?
The FHA maintains of approved appraisers for each state - Appraiz-it is on the roster of approved appraisers for MI. This means that we are qualified and approved by the FHA to do reports for house loans insured by them. A portion of the regular training our staff at Appraiz-it completes deals exclusively with decoding the FHA's documentation and their rules and procedures.
Divorce
Very tough decisions
Divorce settlements involve many decisions, including "Who gets the house". There are generally two options when discussing common real estate - it can be put on the market and the proceeds divvied up, or one party can "buy out" the other. In either case, one or both parties should order an appraisal of the joint real estate.
Private Appraisal's
Would you like to see what the market value of your home?
Appraiz-it is here for you when it comes to private appraisals. Have you ever wanted to see the market value of your home without Re-financing? Well look no further we are here to help. Nothing is better than having a licensed appraiser look at your home to give you the best information on your home's market value.
Full Transparency
Every Nook & Cranny
Appraiz-it LLC will provide you with a complete dossier, including the research and observations used to create your final appraisal and the justification for the final valuation. If you don’t understand what a specific value represents or you’re unsure what a word means in your appraisal report, all you have to do is ask! It is in our interest that you fully understand all the work we do.
Tips and FAQ's
For Your Knowledge
What is an appraisal?
The method of producing an appraisal consists of an estimation which forms an opinion of value. This opinion or estimate is arrived at through the use of a formal method that commonly uses the three main "common approaches to value". The Cost Approach is one of the processes that appraisers use to find the worth of a home; it involves figuring what the improvements would cost less physical degradation, adding the land value. Easily the most common approach in figuring the worth of a house is the Sales Comparison Approach which involves figuring a comparison to comparable homes nearby. Being the most common approach, the Sales Comparison Approach tends to be the most accurate and best indicator of worth for a property. The Income Approach is generally used for determining the value of income-producing properties based on what an investor would pay based on the amount of capital a property produce.
What Does an Appraiser Do?
The most important point of an appraiser's job is to offer an unbiased, professional opinion of value to help out with financial transactions. Appraisers show their formal analysis in appraisal reports.
Appraisal Speak
Adjustment. When comparable properties have been identified, the appraiser makes adjustments to the Sales Price of each of the comparables to bring them into equivalency with the subject property, accounting for differences in location, construction quality, living area, acreage, frontage, amenities and the like. This is where the professional expertise of an appraiser is most valuable.
Comparable or "comp". Properties like the subject property nearby which have sold recently, used as a basis to determine the fair market value of the subject property.
Drive-by. An appraisal that is limited to an exterior-only examination of the Subject to make a determination that the property is actually there and has no obvious defects or damage visible from the outside. Fannie Mae's form for this type of appraisal is its 2055, so you may hear a drive-by referred to as a "2055."
GLA. "Gross Living Area," the sum of all above grade floor space, including stairways and closet space. GLA is often determined using exterior wall measurements.
MLS. A Multiple Listing Service is a proprietary listing of all properties on the market in a given area and their listing prices, as well as a record of all recent closed sales and their sales prices. Created by and used primary by real estate agents, many appraisers pay for access to these databases to aid in comparable selection and adjustment research.
Walk-through. An inspection that includes a visit to each part of the interior of the house used in estimating value.
URAR. Short for Uniform Residential Appraisal Report, Fannie Mae form 1004, it is the form most lenders require if they need a full appraisal (that is, with walk-through inspection).
Who Do Appraisers Work For?
Typically, appraisers are employed by lenders to estimate the value of real estate involved in a loan transaction. Appraisers also provide opinions in litigation cases, tax matters and investment decisions.
What Does "Market Value" Mean?
Market value or fair market value is the most probable price that a property should bring (will sell for) in a competitive and open market under all conditions requisite to a fair sale, the buyer and 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 and the passing of title from seller to buyer under conditions whereby: (1) buyer and seller are typically motivated; (2) both parties are well informed or well advised; (3) a reasonable time is allowed for exposure to the open market; (4) payment is made in terms of cash in U.S. 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.
Differences Between an Appraisal and a Home Inspection?
The appraiser is not a home inspector nor does he/she do a full home inspection. An inspection is a third-party investigation of the livable structure and mechanical systems of a house, from the top to the bottom. Commonly, a home inspection report will evaluate the amenities and the necessities of the property: air conditioning (weather permitting), electrical services, the condition of the heating system, the plumbing; then the structural capacity of the home such as the attic, visible insulation, walls, floors, ceilings, windows, then the foundation, basement and visible structures.
What is an AVM?
If you're considering using one of the many "free home valuation" tools to figure out your property's value or contemplating trying an automated valuation model (AVM) instead of an appraiser to maybe save some money, you're taking a huge risk. Appraiz-it wants you to know why your best option with a large investment like real estate is to call an appraiser.
Who "Owns" the Appraisal Report?
In most real estate transactions, the appraisal is ordered by the lender. While the home buyer pays for the report as part of the closing costs, the lender retains the right to use the report or any information contained within. The home buyer is entitled to a copy of the report - it's usually included with all of the other closing documents - but is not entitled to use the report for any other purpose without permission from the lender.
The exception to this rule is when a home owner engages an appraiser directly. In these cases, the appraiser may stipulate how the appraisal can be used; for PMI removal, or estate planning or tax challenges, for example. If not stipulated otherwise, the home owner can use the appraisal for any purpose.
What to do to prepare for the Appraiser
There are a few things homeowners should consider before the appraiser arrives at your home:
Turn on all lights possible
Make sure the appraiser has the ability to access all rooms in the house. (basement included)
A list of recent updates you may have done to the home. (Water Heater, Furnace, Central Air, Etc.)
Does my house need to be cleaned before the Appraiser arrives?
No. Your homes cleanliness will not effect the opinion of value. However it wouldn't hurt either.
Common Myths about Appraisers / The Appriasal Proccess.
Click the the word link to see the most common myths and misconceptions posted by The Appraisal Institution.
For more information on appraisals and appraisal practices visit The National Association of Appraisers.
Contact
6304 Orchard Lake Rd. West Bloomfield Township MI United States 48322
(586) 580-0606
