10 Non-Mortgage Reasons to Hire a Real Estate Appraiser

Most people may only be familiar with a real estate appraiser when their mortgage company ordered one prior to giving final approval of the mortgage, but there are so many other applications where a real estate appraisal is beneficial or necessary. Here are ten reasons why the clients of Connect Appraisal call us to order a valuation of their home.

Divorce and Separation: When a couple needs to divide their assets due to divorce or separation, an accurate and honest valuation of their real estate holdings is crucial. Connect Appraisal is experienced with working with separating couples, understanding the unique needs during high-emotion events. We have worked with couples going through mediation divorces, collaborative divorces, and litigious divorces. Whether the couple is working amicably or not, a non-biased home valuation is essential for the separation of assets.

Estate: When a homeowner dies, oftentimes a home appraisal is ordered. Whether one heir wishes to buy out the property from others, or a valuation is needed for an estate tax, Connect Appraisal is your resource for estate valuations. We also work with estate attorneys who assist clients with estate planning needs.

Bankruptcy: Connect Appraisal is recognized by the State of New York as a court-certified appraiser. We recommend that a home appraisal is done prior to filing Chapter 7 bankruptcy or beginning a Chapter 13 bankruptcy repayment plan.

Immigration: In matters of immigration, property owners must include home valuation in applications. Whether the property owner is the immigrant or their sponsor, accurate property valuations are needed. We also offer annual updates, where after an initial inspection of the property, the value matched to the current market conditions. This is an affordable option for property owners who anticipate a long-term valuation need.

Financial Planning and Trusts: When looking at one’s needs for long-term care and what is bequeathed in their will, a trusted financial planner may recommend that all properties have accurate valuations. Connect Appraisal can work with single and multi-property portfolios. We cover the Metro New York area, allowing vacation homes and residential rental homes to be managed by our office.

Expert Witness Service: When residential property is part of a legal battle, your appraisal needs to be able to stand up to a determined opposing attorney. Our commitment to honest, non-biased appraisals backed up by strong data allows us to rigorously defend our valuations. We are experienced in providing written evidence and court testimony.

Pre-Listing and Pre-Purchase: According to most realtors, the worst thing for a seller is to have a stale listing. If a home is listed too high and reduced multiple times over, prospective buyers will see this as a warning sign. A pre-listing appraisal is an affordable way to make sure that a property is valued correctly. This service is available to agents and homeowners. If you are the buyer and are unsure if your over-asking bid is too high for a mortgage, a pre-purchase appraisal can offer you peace of mind that the mortgage appraisal will go through.

PMI Removal: All mortgage lenders are required to offer clients the opportunity to remove any PMI from their loans when certain thresholds have been met. Changes to the home value can allow you to remove PMI early. Speak with your lender as to whether a residential real estate appraisal is right for your situation to remove PMI.

Land and Pre-Construction: A key component in real estate appraisals is determining the “highest and best use” of a property. Factoring in zoning restrictions, deed restrictions, and external factors such as the neighborhood makeup can help guide builders and flippers to know what application will result in the highest return on investment. Just because a property can be built on a lot, doesn’t mean that anyone will buy it! Our experienced appraisers can look at the data and provide analysis to guide your decisions before you break ground.

Property Tax Challenge: The two guarantees in life – death and taxes. Up to 60% of American homes are overvalued by assessors, according to some estimates. When mass appraisals are done by assessors, certain unique aspects aren’t always taken into consideration. If your home value comes in too high, contact Connect Appraisal. We are experienced in providing the reports that municipalities and courts will accept to dispute an overvaluation.

While this list is not exhaustive it covers many applications for a private or legal residential real estate appraisal that Connect Appraisal offers our clients daily. If you, or a client, needs an honest appraisal that can be backed up by data, please call us today!