Appraisal purposes
There are many reasons to obtain an appraisal:
- To secure a loan
- Estate or death of owner
- Inheritance
- Income taxes
- Exchange
- Property tax rebuttal
- Mortgage insurance removal
Appraisers perform appraisals on many types of property for many purposes. Above we have listed just a few of the purposes we might perform an appraisal on a property.
Probably the most common purpose of an appraisal is for a real estate loan funded by a bank or savings bank. The bank requires that a licensed individual go to the property, inspect the property, gather comparable sales and write a report about what information was discovered and to compare the sale properties to the properties being appraised, making adjustments, and establishing a value; creating an appraisal.
