The Virtual Appraiser^TM provides an appraisal report with a conclusion of, "Typical Value" (typical market price by square foot) and, "Suggested Asking Price". The Virtual Appraiser^TM, computer application, will create an appraisal report that displays the following information on each property considered in the conclusion of value:

Address, photograph (if in the data base), number of bedrooms, number of bathrooms, days on market, gross living area, ratio of list to sold price, building square footage,sold price per square foot, list price, sale price, date listed and date sold. The Virtual Appraiser will correlate, from the data, "typical" market price of the target property and, "suggested asking" (list) price.

In the event your target property is better than "typical", (a similar home in average condition), you can make a positive adjustment to the Virtual Appraisers, "Calculated Price". The adjustment should not reflect the dollar for dollar cost of the homes remodeling or updating. It should be representative of the value you place on the remodeling/updating.
When your positive adjustment is added to the Virtual Appraiser's "Calculated Price" the total, of the two numbers, should not exceed the highest comparable sale price in the report. If the total exceeds the highest sale, in your VA report, the target property may be over improved.
In most cases, it is unwise to pay more for a property than was paid for the best similar home in the neighborhood.

Conversely, if your target property is in less than typical condition, estimate the cost of repairs and add your repair cost to the Virtual Appraisers "Calculated price". If the sum of these two numbers is greater than the highest sale price, of the homes in your report, the target property may be suffering from, "Incurable Depreciation". It is unwise to pay more for a property than you could resell for once repairs are complete. The asking price or offer to purchase, the property being appraised, should be adjusted downward accordingly.

The parameters used for the report's comparable sales search are use code (e.g., single family residences or condominiums), distance (1 mile), time (sales in the last year), number of bedrooms, square foot living area, garage, basement, and exteriors.

The homes selected by the Virtual Appraiser^TM should mirror, although not exactly(no two homes are identical), the features of your target property.

What the report doesn't show is the information that might come under the category of "other" -- special features such as a panoramic/water view. Or negatives, such as, bad location,(on a heavily traveled road) or economic factors outside the property's boundary lines, (e.g.abandoned, dilapidated homes, location near commercial properties, schools, etc.) location information of this type is frequently not available in the public domain. If the sale price of one house seems extreme, this might explain it. (If you know a real estate agent who's familiar with the area, he or she might remember the property since it was on the market so recently!)

What can I do with the results of my Virtual Appraiser^TM report?
If you are considering a home equity loan, the report can help you estimate (the market value of your home) and decide whether you have enough available equity for desired improvements or purchases. You'll also know how much of a home equity line of credit you can request.

If you are selling your home, the report can be a factor in helping you determine a competitive asking price for your property.

If you are buying a home the report can help you decide what to offer.

For a refinance, the report can help you decide how large a loan to obtain and whether you can take cash out of your home.

To use the report for requesting a reduction of property taxes, look for the most comparable properties and provide an explanation for lowering your assessment to the same level as the comparable. You can attach the report to the paperwork required by your local tax assessor's office.

Isn't the information confidential?
No. All information in the Virtual Appraiser^TM data base is available through public sources such as county assessors, county recorders and the U.S. Census Bureau. Although the information may not be readily available, anyone can obtain it.

Why is the comparable sales search limited to a one mile radius?
Especially in non-rural areas, properties any farther away from the target are likely to be in completely different neighborhoods and are therefore not comparable.

Although not likely, it is possible, the Virtual Appraiser [TM] cannot locate enough comparable properties to generate a report. In this event no report will be generated, and you'll receive a message telling you we were not able to find enough properties.

Why does the sales search only go back one year?
Because the information is used to estimate the value of the target property, we want to look at the most recent sales possible. Sales that are more than a year old are suspect, due to likely changes in the market or overall economy.

Why is the reports comparable search limited to a maximum of 30 properties?

The Virtual Appraisers^TM knowledge and experience base has shown that this upper limit ensures a good representative sample of properties. The search is not meant to show details on every single property ever sold but to help us develop a representative sample that can be used to value the target property. This valuation can be done with as few as four comparisons; in most cases, the search will produce less than 30. (Unless the property is in a new development or high-density area, it is unlikely that you will get 30 properties on your report.) We have also established four as a minimum number to generate a report. A report with just a few properties is of limited usefulness for estimating your property's, "typical" value.

What if I get fewer than 30 properties in my report?
The report will show you all of the comparable properties, in the Home Pro data base, with the same use that sold within a one mile radius of the target property, up to a maximum of 30. If you get fewer than 30, that's all the sales that were recorded in your area. If you get 30, there may have been more sales. (Don't order the report again; you'll just get the same one, and you'll be charged for a second report.)

Can I use the Virtual Appraiser^TM at any time?
The Virtual Appraiser^TM is available 24 hours a day, seven days a week.

How long does the search take?
The elapsed time for your search depends on site traffic. If the site is not busy, you should get your report in 1-3 minutes with a 28.8 modem.

Will you mail me the report?
No, we will not send the report by regular mail or e-mail. Once you submit your credit card information to order, the report will appear on your screen. That's the only way you'll receive it, so be sure to save and print it.

How can I save my report?
We suggest you print the report or copy and paste it to another document. Once you leave the page, you may not be able to access the report again.

How current is the information?
The data base is updated daily with information received from Home Pro, Inc, state certified and state licensed appraisers'. The data is typically received within one week to 90 days after the sale is recorded.

What if the report says no sales were found?
If there were fewer than four sales comparable to the target property, within a one mile radius during the past year, no report is generated. This is because three or fewer sales are not a large enough sample of comparable properties to estimate your property value.

What if the report does not include a specific property in my neighborhood that recently sold?

Sometimes we exclude a property from the report even though it is in the data base. We do this if key information is unavailable. For example, if we do not have a sale date and sale amount, we do not include the property in the report.

What information do I need for the Virtual Appraiser^TM to generate a report?
All you need for the Virtual Appraiser^TM is knowledge of the house for which the value is sought. Accurate completion of the Virtual Appraiser^TM feature page will accomplish this.

The Virtual Appraiser^TM uses a data base provided by Home Pro, Inc. The data base consists of information compiled by Home Pro from a variety of public and private sources.

How much does the report cost?
The cost for a Virtual Appraiser^TM report is $9.95. You can charge this amount on your Visa®, AMEX, Discover, or MasterCard® account.

Your Virtual Appraiser^TM report can include information on up to 30 properties. If we are not able to find at least four sales in a 1 mile radius, we won't produce a report, and you won't be charged.

Once you receive a report, be sure to print it out or copy and paste it into another document. If you order a second report for the same property, you'll receive the same information and you will be charged again.

How will I be charged?
The $9.95 charge will appear as, "Home Pro, Inc.", on your Visa, AMEX, Discover, or MasterCard statement.

What if I get charged for a report I did not receive?
Call us at 1-248-348-3528. or email at cjohnson@hpiappraisers.com

What do I need for the report?
The Virtual Appraiser^TM works best using the latest version of the Netscape Navigator or Microsoft Internet Explorer browser. If you are behind a corporate firewall, you may not be able to use the VA. Check back every week or so to see if the problem has been resolved.

What Michigan Counties are available for the Virtual Appraiser^TM report?
Wayne, and Oakland Counties .

Who is Home Pro, Inc.?
Home Pro, Inc is a full service Michigan real estate appraisal firm serving Wayne and South Oakland County. Located in Northville, Michigan, our state certified and state licensed appraisers specialize in commercial, industrial, and residential properties, with an emphasis on income producing property, high-end single family ($500,000+), and luxury homes ($1,000,000 +).

All current staff has between 15 and 27 years appraisal and/or mortgage lending experience. We are a long standing company, (21 years), that gathers information from a variety of sources including county assessors and recorders, the U.S. Bureau of Census and multiple listing services. The information is used to build our data base for clients who need accurate, timely, real estate appraisals. Our clients include banks , mortgage companies, real estate and insurance agents, government agencies, and investors.

Home Pro, Inc. has appraisers on the FHA, VA, and HUD approved appraiser list. Telephone, fax, or e-mail our office for fee quotes on commercial and industrial properties. The company offers 24 hour fax back service, digital imaging, and is electronic interface ready, employing ACI appraisal software.