TOP REASONS TO GET AN APPRAISAL

Every year, countless people in the United States buy, sell or refinance their own slice of the American Dream.  Most, if not all, of these transactions include a simple line item for an appraisal.  It has become an understood and accepted part of a real estate transaction.  "Let's bring in the expert and make sure we're not spending too much on this property."

But is this the only reason to get an appraisal? Are there other times when the services of a licensed, independent real estate professional might come in handy?  You bet.

PURCHASE OF A HOME: A professional appraisal report performed by a qualified, state-licensed appraiser can provide you with an objective, third party opinion of a property's current Market Value. 

REFINANCE OR GET A HOME EQUITY LOAN: If you need to consolidate bills, have a college tuition to pay, or just want to tap into the equity of your home, you'll need a new loan, which often times requires a new appraisal of the property.
 
PMI REMOVAL: Private Mortgage Insurance or PMI is the supplemental insurance that many lenders ask home buyers to purchase when the amount being loaned is more than 80% of the value of the home. PMI becomes unnecessary when the remaining balance of the loan dips below this 80% level. 

DIVORCE SETTLEMENT: A divorce can be a particularly traumatic experience for both parties and is often further complicated by the difficult decision of "Who gets the house?". If the parties want to sell the home, they'll have a better idea of what price to set by getting an appraisal done.  And on the flipside, if a "buyout" is the chosen option, both parties will feel like they've gotten a fair assessment.
 
ESTATE LIQUIDATION: The loss of a loved one is a difficult time in life and settling an estate from a death, or probate, often requires an appraisal to establish Fair Market Value for the residential property involved. Where this is the case, the appraiser can help determine the true value.

SELLING A HOME: Whether you choose to sell your home on your own or use the assistance of a real estate agent, a professional appraiser can help you make a better educated decision when determining your selling price. An appraiser has no vested interest in what amount the house sells for, so getting an appraisals can often help homeowners make the best decisions on investing in their homes and setting a fair sales price.