Reasons to Get a Real Estate Appraisal

                                                                                         

While it is not always required that you get a real estate appraisal when you buy or sell a property, it is very important if you want to get a good price for your home without letting it sit on the market forever. Many banks require that an appraiser or surveyor assess the property before the buyer takes out a mortgage loan to purchase the home so they don’t loan more money than they can recover. The buyer will also probably appreciate an appraisal with stamp of approval from a notary public so they know they’re getting their money’s worth. But there are many other reasons that a buyer, seller or homeowner might want or need to get an appraisal.

The most obvious reason to hire an appraiser and notary public are to establish current market value in order to refinance your home. If home values have gone up and you refinance for the current value of your home you might be able to get some extra cash to do repairs on the property or cover other necessary expenses. But you won’t know if you have enough equity in your home if you don’t get an appraised estimate of the current value of the home if it were put on the market. It may also be necessary to get a real estate appraisal if the market values have decreased, because you may be able to dispute and reduce your property taxes.

One of the most important reasons to get a real estate appraisal is to establish value before purchasing any sort of homeowner’s insurance. A surveyor can provide an estimate of the property’s value for homeowners purchasing additional insurance for flood or earthquake. This is just so the owner will receive a proper and fair amount when settling the insurance claims if this type of disaster should ever happen.

Other reasons to hire a surveyor or appraiser include settling estates and dispersing money to heirs, and understanding the value of the property to divide assets during a divorce settlement. If you should ever find yourself in any of these situations in which an appraisal could be beneficial, just make sure to work with an appraiser who is state licensed and certified to work in this field.

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