Specializing in Big Bear Since 1989
Home Contact Us Big Bear Appraisal Blog For Buyers For Homeowners Home Seller Services

Big Bear Appraisal Blog

When Do I Need an Appraiser and Who Picks the Appraiser?
November 4th, 2011 9:04 AM

Real estate appraisal reports are written for many purposes, and in most cases you may decide which appraiser to hire.

Buying and Refinancing a House

The most common reason for an appraisal is when you borrow money.  The lender making the loan in purchase and refinance transactions will want assurance that the property has adequate value to secure their loan.  Current lending law regulates the selection criteria for these appraisers and does not allow the borrower to pick the appraiser.

Trusts and Estates

The creation and management of trusts and estates often require appraisals to document the process and establish and modify the cost basis when a death occurs.  The appraiser is selected by the individual, his attorney or investment counselor.

Divorce and Partnership Dissolution

Appraisals are typically required when there is real estate to be divided or sold due to divorce or the end of a partnership.  Many times one party may wish to buy out another and an appraisal is used to establish the fair market value.  The appraiser is selected by one of the parties or their attorney.

Property Tax Appeal

Property tax appeals are often strengthened with a professional appraisal report.  With values having fluctuated significantly over the past few years, it's a good idea to review your assessed value and request a property tax reduction when warranted.  The appraiser is selected by the property owner.

Charitable Contributions and Gifts to Family

Appraisal reports document the value of charitable contributions where a tax deducution will be taken and gifts of real estate to relatives which may have gift tax implications.  The appraiser is selected by the individual, tax preparer or investment counselor.

Buyers and Sellers

Cash buyers who want a professional assessment of a properties value before closing escrow and sellers who want an unbiased opinion of market value to assist in establishing a listing price also obtain independent appraisal reports.  The appraiser is selected by the individual buyer or seller.

Written by,

Rick Hackney

Big Bear Appraisal Specialist

(909) 866-4225

Posted in:General
Posted by Rick Hackney on November 4th, 2011 9:04 AMPost a Comment

Subscribe to this blog