Do I need an appraisal?

Do I have to get an appraisal? 

Typically only when you need an “unbiased” valuation. An appraiser is always the buffer between interested parties. Whether this is a buyer, seller, relative, realtor, spouse in divorce the appraiser can get you a realistic value. 

Many times we are called upon with negotiating, setting a listing price for marketing, refinances, and purchases of real estate. 

  1. Buying or Selling Property: If you are buying or selling real estate, an appraisal can help determine the fair market value of the property. This information is valuable for setting a sale price or making an offer. 

  1. Refinancing a Mortgage: If you plan to refinance your mortgage, lenders often require an appraisal to assess the property's current value, which affects the loan amount they'll approve. 

  1. Estate Planning or Settlement: In cases of inheritance or estate planning, a real estate appraisal can be used to determine the value of the property for tax or distribution purposes. 

  1. Divorce Proceedings: During a divorce, real estate assets may need to be appraised to establish their value for equitable distribution. 

  1. Property Tax Appeals: If you believe your property is overvalued for tax purposes, an appraisal can help support your appeal to lower the tax assessment. 

  1. Home Equity Loans or Lines of Credit: When seeking a home equity loan or line of credit, lenders may require an appraisal to assess the property's value. 

It's essential to understand that real estate appraisals are typically conducted by licensed appraisers who provide an unbiased and professional assessment of the property's value. While there may be instances where an appraisal is not legally required, having one can provide valuable information for making informed decisions regarding your real estate transactions. 

To determine if you need a real estate appraisal in your specific situation, it's best to consult with a qualified real estate professional or an appraiser who can assess your needs accurately. They will consider the purpose of the appraisal and the specific requirements in your location to provide you with the most appropriate advice. 

Sun Point Appraisals, Inc has been a trusted source of valuations since 1998. We cover Southern California, Arizona, Nevada, and Utah. Give us a call or email... 

888-505-0188 

Support@sunpointappraisals.com 

 

Have yourself a great day! 

 

Paul Johnson 

CEO|Appraiser 

Sun Point Appraisals, Inc.