There are many reasons to obtain an appraisal with the most common reason being real estate and mortgage transactions. Other reasons for ordering an appraisal include:
• To obtain a loan.
• To lower your tax burden.
• To establish the replacement cost of insurance.
• To contest high property taxes.
• To settle an estate.
• To provide a negotiating tool when purchasing real estate.
• To determine a reasonable price when selling real estate.
• To protect your rights in a condemnation case.
• Because a government agency such as the IRS requires it.
• If you are involved in a lawsuit.
• For more details on when you might need an appraisal click here: When to get an Appraisal