Reasons For An Appraisal
Every year, thousands buy, sell or refinance their slice of the American Dream. Most purchases require lenders and thus require an Appraisal, but not all transactions require financing. Tax Exchanges, Savings, Gifts, Owner financing and other Investments may allow your Real Estate purchase or Transfer. Real Estate markets constantly change and an Appraisal has become an understood and accepted part of a real estate purchase process. A thorough research and evaluation of your specific market could ease your concerns about your investment. "Bring in the experts and make sure you're not spending too much on your next purchase or investment." The Professional Appraiser determines value by gathering similar Sales and Competing Comparable Property information, Analyzing the site specific information about your property and applying knowledge and experience.
What is an Appraisal ?
An appraisal is a professional appraiser's opinion of value. The preparation of an appraisal involves research into appropriate market areas; the assembly and analysis of information pertinent to a property; and the knowledge, experience, and professional judgment of the appraiser. Appraisals may be required for many types of properties, including Single-family homes, Apartments, Condominiums / Townhomes, Business Valuation, Estate Inventories, Business Inventories, Divorce, Personal Property, Condemnation, Office buildings, Shopping/Strip Centers, Industrial, Pre-Development and Farm and Ranch. The reasons for performing a real property appraisal are just as varied. They are usually required whenever real property is Sold, Mortgaged, Taxed, Traded, Donated, Insured, or Developed. For example, appraisals are prepared for:
- Mortgage or Financing purposes
- Tax Assessments and Appeals of Tax Assessments
- Donated / Gift Items or Properties
- Negotiation between Buyers and Sellers
- Government Acquisition of Private Properties for public use (Condemnation includes; Highway Right of Ways, Lakes, Parks, Schools and Gas / Oil Pipelines)
- Business Mergers or Dissolutions
- Lease negotiations