What Is The Purpose Of An Appraisal?
Your lender will require you to get an appraisal of the house you want to buy, to make sure it’s worth the money that you’re borrowing. You may select your own appraiser, or you may ask your real estate broker to help you take care of that. An appraiser is a professional person who can tell you about what your home is worth. The appraiser will come to your house and list the number and size of the rooms and any extras, such as a fireplace, porch, pool and garage. The appraiser will compare your home and property to other homes that have sold recently with similar features. The appraiser then estimates that your home might sell for approximately the same amount of money as similar homes. This is called an “appraisal.” An appraisal is an estimate of what amount of money your home may sell for. It is very different from a home inspection which will warn you against anything in the new home that should be fixed. A home inspection must be conducted by a qualified home inspector.
Many people choose to donate their cemetery property to a qualified charitable organization and take a tax deduction. The IRS requires an appraisal and the appraiser sign tax form 8283. Since most people purchased their property many years ago or inherited the property from parents, etc. the current market value can represent a sizable tax deduction and this figure must be obtained from an accountable appraisal source. Also, knowing the true market value of the property can be very useful in the selling process and is a requirement in settling estates.
• Your lender will require you to get an appraisal of the house you want to buy, to make sure it’s worth the money that you’re borrowing. You may select your own appraiser, or you may ask your real estate broker to help you take care of that. An appraiser is a professional person who can tell you about what your home is worth. The appraiser will come to your house and list the number and size of the rooms and any extras, such as a fireplace, porch, pool and garage. The appraiser will compare your home and property to other homes that have sold recently with similar features. The appraiser then estimates that your home might sell for approximately the same amount of money as similar homes. This is called an “appraisal.” • An appraisal is an estimate of what amount of money your home may sell for. It is very different from a home inspection which will warn you against anything in the new home that should be fixed. A home inspection must be conducted by a qualified home inspector.
