What are the reasons I would need a real estate appraisal?
There are a lot of reasons to purchase an appraisal with the usual reason being real estate and mortgage transactions. A few other reasons for ordering an appraisal report include:
- If you are applying for a loan.
- To reduce your property taxes.
- To show a homeowner has 30% equity and remove PMI.
- To fight improperly assessed property taxes.
- If you need to take care of an estate.
- To provide you an edge when purchasing real estate.
- To determine an honest property value when selling real estate.
- 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 property.
- If you ever find yourself in a lawsuit.