It’s not every day you hear someone talking about the appraisal industry. Even those who have had to have an appraisal may not know the full details of what their report means or what an appraiser does. So here are a few common myths that appraisers come across when doing their work.
An Appraised Value and Market Value Are the Same
Unfortunately, this is not often the case. Though an appraisal is to help give a more accurate valuation of the home, this does not make it the market value or even the final value. A house can still sell for much lower or higher. However, an appraisal report is still invaluable to have during the entire process.
I Cannot Hire an Appraiser, Only a Lender Can
Both an individual as well as a lender can hire an appraiser. While the lender is most often the one who hires an appraiser, there is no reason a homeowner can’t. Not only that, but a homeowner can hire an appraiser for a multitude of reasons including tax challenging, estate planning, and home improvement post-valuation.
I Can Only Have One Appraisal a Year
False. There is no determination about how many appraisals you can have or get in a year. You can challenge for lower property taxes, make home improvements, and sell the house all in one year and each action can have its own appraisal. There are a few things to remember: you will need an appraisal to sell, an appraisal before and after a home improvement is a good thing to show the added value the house has, a pre-appraisal can be helpful before selling, an appraisal is always needed in the case of an estate transfer, etc. If any one of these things applies to you, you’ll likely need an appraisal. Speak to a profession for exact specifications and requirements.
If you have any questions or would like to schedule an appointment, please give us a call! We are happy to help you with any of your appraisal needs.
