In most cases, the lender will be choosing their own appraiser if you are selling or refinancing your home. However, there are some instances where you may need and want a private appraisal such as:
- Preparing to sell
Some homeowners opt to get a private appraisal before selling their home to help them determine a list price. Keep in mind, the buyer's lender will still order their own appraisal upon the sale of your home. Although this is not an official appraisal, it can provide a more accurate valuation than a simple CMA.
A private appraisal for divorce proceedings can ensure the value is split evenly between homeowners. It can also help your lawyer ensure the correct amount that one party owes the other in the event one of the owners is to continue occupying the property.
If a home is significantly damaged due to construction defects and the homeowner decides to file an insurance claim or take other legal action, they will need to prove what damage is from the construction defects. The first step to recouping the losses is often an appraisal of the property.
- Property Tax Appeals
If a homeowner feels the tax assessor valued their home higher than its worth, the homeowner may appeal their property tax assessment. In this case, a professional home appraisal can serve to support the appeal.
- Private Sale
In some cases, the buyer or seller of a home during a private, off-market sale may still wish to get a private appraisal to make sure the agreed upon sales price is an accurate reflection of market value.
The bottom line is there are numerous reasons you may wish to get a private appraisal. If you would like a free appraisal consultation to assess your needs we would be happy to help. You can contact us at any time or fill out the form below.