Why do I need a real estate appraisal?

Real estate appraisals are performed for several purposes. Many of the common reasons are listed below:

  • Place a value on the real estate for estate or inheritance purposes
  • In appealing real estate taxes
  • Refinancing
  • Purchasing a house
  • Provide an opinion of value of the real estate in a divorce proceeding for either party or for both
  • Eminent Domain
  • Value all real estate in a bankruptcy proceeding
  • To estimate a market value of a property for the homeowners for the potential listing price of the house.
  • To remove monthly PMI (private mortgage insurance) payment (a PMI payment is added on to the mortgage payment if less than 20% down payment is made at the time of purchase. Depending on lender’s requirements, PMI can be removed after a certain amount of time and once the owner gets at least 20% equity in the properties).
  • To determine an offering price for the potential buyers of a house listed for sale.

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