Why an

Appraisal

is Important

 

Types of Real Estate Appraisals

Home Loans / Mortage / Refi / Equity

Private Use / General Market Value

Legal Issues / Divorce / Estate / Probate

Property Tax Protest / Disputes / Appeals

Listing Appraisals / Pre Sale

Investment / Rental Property

Insurance Concerns

Mortgage Insurance (PMI) Removal

Being that a home is typically the largest investment of someones life, just because of the sheer size of that investment, people’s lives can take turns for the better, or the worse.

We’ve all heard the story about the guy that got a steal on a property and made a lot of money when he sold it. And just like that, he’s gotten a head start on the fast track of life. That can, and does, happen. On the other hand, during the recent recession, a lot of people lost their home, and all the equity they had built up in it as well.  The pendulum can swing both ways. This is serious stuff!

Since 2001, I have interacted with a lot of people concerning valuing their homes. A tremendous amount of value hangs in the balance when an appraisal is performed. The pendulum swinging too far in any direction could literally change people’s lives.  Numerous times – it does. The importance of working with a skilled appraiser cannot be overemphasized.

Appraising is a blend of science and art.  Markets are not always logical, which is even more reason to work with a highly experienced appraiser.  There is a lot at stake for everyone involved.

With so much at stake, someone has to analyze the situation for everyone involved.  Enter the appraiser.  The appraiser many times is the only unbiased party in the entire transaction.  Everyone else has a vested interest in some way, so who can you trust?

Ask the person who’s writing the check!  It has been said that a property is worth what someone is willing to pay for it.  That, in fact, proves it can and will sell for a certain price.  That’s all well and good, unless the new buyer does not make the mortgage payments.  This exact situation was instrumental in the events of the great recession.  If that were to happen, what happens next?  The bank (if it involves a mortgage) now has to dispose of this property and hopefully not take a loss.  Now we can see why the theory of “what the market bears” could be an expensive lesson.

Appraisers are charged with the task of analyzing not only a specific property, but also the market conditions as they would affect property values, as well as a large number of homes in order to extract and analyse market valuations for individual amenities.  Amenities such as a finished basement, remodeled kitchen, or deck all affect the market appeal of a property, which could, but does not have to, affect the market value of a property.

It is well to keep in mind that very few people analyze the market as in depth as an appraiser would.  For this reason, many homes sell for less than they should have, and many sell for more than they should.  That makes working with an experienced appraiser even more important.

4 + 8 =

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