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
- Property taxes
- Mpac Assessment