Why would a person need a home appraisal?

 

There are many reasons to obtain an appraisal with the most common reason being real estate and mortgage transactions. Other reasons for ordering an appraisal include:

• To obtain a loan.

• To lower your tax burden.

• To establish the replacement cost of insurance.

• To contest high property taxes.

• To settle an estate.

• To provide a negotiating tool when purchasing real estate.

• To determine a reasonable price when selling real estate.

• To protect your rights in a condemnation case.

• Because a government agency such as the IRS requires it.

• If you are involved in a lawsuit.