There are many reasons to get a professional appraisal with the usual reason being real estate and mortgage transactions. Other reasons for obtaining an appraisal report include:
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- If you are applying for a loan.
- To lower your tax burden.
- To help a homeowner realize if they owe less than 80% of their home’s value and remove PMI.
- To contest improperly assessed property taxes.
- To settle an estate.
- To offer you a leg-up when purchasing real estate.
- To find a reasonable property value when putting your home on the market.
- To protect your rights if your property is being taken by means of eminent domain in a condemnation case.
- Government agencies such as the IRS require an appraisal on every home.
- It’s possible you could be involved in a lawsuit – an appraisal will help.