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
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.
- 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.
Yes, you should have some documents ready for review, including, but not limited to:
- Survey of the property
- Property taxes
- MPAC Assessment