When Do I Need An Appraisal?
Any time that it is important for you to have an accurate objective opinion of real estate value, you need an appraisal. If you are the seller, the appraiser can provide a valuable marketing tool for your sale. If you are a lender, the appraiser protects you from over lending to buyers. The appraiser can save you unjust PMI dollars or insure that you are treated fairly in a divorce settlement. A few of the most common reasons to have an appraisal are as follows:
MORTGAGES – Financial institutions almost always require an appraisal prior to lending money on real property.
SALE OR PURCHASE – Owners or buyers of real estate often order an appraisal to establish a fair value for setting and asking price or doing a for sale by owner contract.
ESTATE PLANNING OR SETTLEMENT & DIVORCE – It’s important to establish an objective value for real property when planning your estate or during a property settlement.
INVESTMENT CONSULTING – Investors and private individuals need to be informed of the facts to make wise decisions about purchases, remodeling, or resale values.
PROPERTY TAX ASSESSMENT, REVIEW AND APPEALS – An appraisal is usually necessary to accurately review your assessment and it is essential in any appeal of your tax assessment.