Why would someone need an appraisal?

The most common reasons for obtaining an appraisal are related to real estate and financial transactions. Some others could include:

  • The need for a loan.
  • Lowering your taxes.
  • Issues with property taxes.
  • Estate settlement.
  • For a lawsuit.

What is the difference between an Appraisal and a Home Inspection?

An appraisal is looking at the financial value of the property, while a home inspector is looking at the structure, mechanical, electrical concerns regarding the property and does not determine value.

What does the appraisal contain?

  • The estimated value.
  • Why the appraisal was obtained.
  • Who it is for.
  • The type and definition of value being reported.
  • Any easements, leases, special assessments, encumbrances, etc.
  • And more depending on the type of property.

Should I prepare anything prior to having an Appraisal?

Yes, you should have some documents ready for review, including, but not limited to:

  • Survey of the property
  • Title
  • Property taxes
  • Mpac Assessment

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