3 Surprising Times That Real Estate Appraisers Are Crucial?

Answer 1

real estate appraisers are an integral part of any property sale, but they do more than valuate homes and commercial buildings when there is an imminent sale. They are often crucial in other proceedings involving real estate that aren't as well known. Here are 3 surprising situations when they are also needed.

Estate planning

Most people do not follow the real estate market closely enough to be able to valuate their own properties. Having an appraiser set up a report that shows the value of property in an estate allows people to know what to expect in the future so that there is no surprise when Uncle Sam's one room home sells for less than he bought it, for example.

City or township revaluations

Every few years assessors have a big job--to reassess all the property values in their localities. Many are shocked to get a letter in the mail saying their property is valued much higher or much lower than they expected--which means they pay more on the taxes associated with their property. A real estate appraiser can complete an appraisal and argue the assessor's conclusion, which in some cases results in favor of the homeowner.

Bank Loans

Having an independent real estate appraiser look at property allows the owner to have some leverage when he or she completes a bank loan application. An owner of property is in a position of power when armed with good information from a professional, and knowing how much a piece of property is worth in the current market is helpful when talking about collateral and repayment terms.

The expertise and the knowledge that a real estate appraiser brings to the table is sometimes overlooked by those who aren't involved in the real estate industry. Knowing when to call one is often a sign of foresight, prudence, and good planning. Talk to a real estate appraiser and see what he or she can do for you.