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Summary
The cost of a residential appraisal is insignificant when compared to paying $500, $1,000 or $10,000 more than the property's value. This is especially true in the current market where appreciation is much less than it has been in the past and the purchaser may not be able to recover the initial price when the property is sold.The person who orders an appraisal often feels that the fee was wasted if the property appraises for the sale price or more but compare that circumstance to the purchase of insurance: If your home doesn't burn is the insurance premium wasted?
Why are the majority of appraisals obtained?
Because......
- a lender requires it
- a government agency such as the IRS requires it
- you are involved in a lawsuit
Why should an appraisal be obtained?
To.....
- lower your tax burden
- help you make one of the largest financial decisions in your life
- provide a negotiating tool when purchasing real estate
- determine a reasonable price when selling real estate
- protect your rights in a condemnation case
- allow you to obtain a qualified appraisal report from a qualified appraiser.
