As we approach the year end of the year, many of us may be re-evaluating our portfolios, our financial interests including property insurance and life insurance, reducing and/or consolidating our debt, and preparing our estate plans for the next generations.
Although everyone knows it is necessary to appraise real estate to sell it, there are many other reasons people would contact a real estate appraiser. Here are some ways an appraisal of your real property may be useful next year:
- Getting a Real Estate Loan: Establishing an Opinion of Value for a Real Estate Purchase or Refinance to lower interest or to provide collateral for other purchases of real and personal property.
- Establish an Opinion of Value for Dissolutions and Buyouts as in Divorce or Partnerships (Personal and Business).
- Rental Surveys for Residential Income Properties.
- Provide an Opinion of Value of Residential Real Estate for Probate, Estates and Trust purposes.
- Assess current value to be rid of obligation to buy property mortgage insurance --if value has risen, owner's percentage of equity in property may have increased enough to eliminate the lender's requirement to pay for property mortgage insurance.
- Reduce property taxes --If market value or property value has decreased since the property tax assessor last valued it.
- Conduct a right-of-way or easement appraisal --if owner must sell a piece of land for road widening or to grant an easement, an appraiser can make sure they are paid the fair current market value.
- Business appraisals for the purchase, liquidation, financing or estate tax settlement businesses.
- Establish an Opinion of Value for Listings of Residential Real Estate.
- Establish an Opinion of Value for special types of Real Estate including Land Appraisals, Real Estate Owned properties, etc.
- Establish an Opinion of Value for Charitable Donations.
- Provide Expert Testimony and Litigation Support.
- Provide Highest and Best Use Analysis.
- Provide an Opinion of Value for improvements, additions and for plans and specs.
About the Author: Robert Koppes is the owner of KT Appraisal Services, LLC and is a Certified Residential Real Estate Appraiser with the State of Georgia (License # CR004733). He holds the CREA designation from the National Association of Real Estate Appraisers and also holds the MRA designation from the National Association of Master Appraisers. Robert has been an appraiser since 1994. Robert’s areas of specialty include valuation of properties in the 20 county Metro Atlanta area with emphasis on Conventional and FHA funding and consultation and valuation of foreclosure properties. He can be reached at 678-254-4050 or by email at firstname.lastname@example.org.
Van Purser and his wife Jeanne are a licensed Real Estate Brokers in Georgia. Since1984 they successfully purchased and renovated over 400 homes. Their expertise is in representing Buyers or Sellers as an advocate; which means always ensuring their best interest. Additionally, they represented hundreds of clients over the years as an Associate Broker with Metro Brokers, RE/Max and now with his own firm. He and his wife, Jeanne, have been married since 1977. Van or Jeanne can be reached at 770-623-3313, or by email at email@example.com or firstname.lastname@example.org.