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.