Amy Schweers is not only a Broker, she is a Certified Residential Appraiser. If needing an objective, impartial, and unbiased opinion of the value of your home for a purchase, refinance, estate, or just because, she can help you with properties residential in nature with 1-4 dwellings.
What is an Appraisal?
An appraisal is a professional, unbiased assessment of a property’s market value, in the support of real estate exchanges. There are three “common approaches to value” which assists the appraiser conclude this opinion or valuation.
The Cost Approach is one of the processes that appraisers use to find the value of a house. It involves discerning what the improvements would cost without physical depreciation, plus the land value.
Another of the methods is the Sales Comparison Approach which deals with making a comparable analysis to other similar properties within a close vicinity which have recently sold. Being the most common approach, the Sales Comparison Approach is generally the most precise and best indicator of market value for a home.
The third approach is the Income Approach, which is the best method in appraising income producing properties. It deals with estimating what an investor would pay based on the money generated by the property.
Why Would Someone Request a Real Estate Appraisal?
There are a lot of reasons to obtain an appraisal with the most common reason being used in real estate and mortgage transactions. A few other reasons for purchasing an appraisal include:
- To obtain a loan.
- To reduce your tax burden or fight improperly assessed property taxes.
- To show a homeowner has 30% equity and remove insurance.
- To handle an estate.
- To give you a leg-up when purchasing a home.
- To determine an honest property value when selling your home.
- To protect your rights if your property is being taken by means of eminent domain in a condemnation case.
- Because an official agency such as the IRS requires it.
- It’s possible you could be involved in a lawsuit – an appraisal will help.