Why You May Need An Appraisal



There are many reasons why you may need a real estate appraisal.

The most common purpose for an appraisal is to obtain a mortgage on a home. Most lenders are required by federal and state laws, as well as current banking regulations, to obtain an appraisal in conjunction with most loans secured by real estate (mortgages) given by the lender.

Other common reasons for real estate appraisals include appraisals made for insurance purposes, estate valuation, property tax assessments, for buyers, sellers, and relocation companies. More complex appraisals are required for most condemnation proceedings, partial takings, leasehold validations, various commercial developments, and other related real estate activities.

This list is not complete, but gives you an idea of why over 5 million real estate appraisals are made each year!

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