Why would someone need an appraisal?

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:

    • 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.