What is an appraisal?
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A home purchase is the largest, single investment most people will ever make. Whether it's a primary residence, a second vacation home or an investment, the purchase of real property is a complex financial transaction.
Income Approach In the case of income producing properties - rental houses for example - the amount of income the property produces is used to arrive at the current value of those revenues over the foreseeable future.
WHY DO I NEED AN APPRAISAL?
PURCHASE OF A HOME An appraisal report performed by a qualified, state-licensed appraiser provides you with an objective, third party opinion of a property's current Market Value so that you can make an informed offer to purchase. And for the small price of this service, you can give yourself "peace of mind" prior to making an offer that you're offering a fair price for the property. If a home mortgage loan will be used for the purchase the lender may be legally required to have an appraisal.
REFINANCE OR GET A HOME EQUITY LOAN If you need to consolidate bills, have a college tuition to pay, or just want to tap into the equity of your home, you'll need a new loan, which oftentimes requires a new appraisal of the property.
DIVORCE SETTLEMENT A divorce can be a particularly traumatic experience for both parties and is often further complicated by the difficult decision of "Who gets the house?". Regardless of how this situation is to be resolved, it's a good idea to order an appraisal so both parties are fully aware of what the true market value is.
ESTATE LIQUIDATION The loss of a loved one is a difficult time in life and settling an estate from a death, or probate, often requires an appraisal to establish Fair Market Value for the residential property involved. The ethics provision within the Uniform Standards of Professional Appraisal Practice (USPAP) binds us with confidentiality, ensuring the fullest degree of discretion.
RELOCATION We understand the stress involved with employee relocation. Thankfully, many employers offer programs to help their employees with this transition. An appraisal is invaluable in determining the current market value of the property.
SELLING A HOME Before you decide to sell your home, you need to determine what it should sell for. But, there may be other equally important questions to consider such as, "Should we paint the house before we sell it?", or, "Should I complete my kitchen remodel?" Many changes that we make to our houses have an effect on their value. Unfortunately, not all of them have an equal effect.
Whether you choose to sell your home on your own or use the assistance of a real estate agent, a professional appraisal will help you make a more educated decision on what repairs actually add dollar for dollar value and what a fair selling price would be. Unlike a real estate agent, an appraiser has no vested interest in what amount the house sells for as appraiser fees are not based on a percentage of the sales price as Realtors are.