Looking For A Home Evaluation?
A home evaluation is an objective, independent, and impartial assessment of a property’s real and current value, also referred to as the fair market value of the home or property. There are many reasons why a person may want or need to request an evaluation. Here is a list of the most common:
Thinking of Selling Your Property
Some homeowners opt to get a home evaluation before selling, particularly if they can’t figure out a list price or want a second opinion.
Preparing to Place an Offer to Purchase
When you’re buying a home, you’re usually the party on the hook for the fair market value-your bank wants to offer you a mortgage that covers the appraised value of the home—not more.
Estate Settlement (Probate)
An evaluation for this purpose is usually required for the deceased’s final tax return. It is also helpful to divide the home’s value between family members. Many times this evaluation is done as of the date of death which can be a few years in the past. Other times it is done as of the current market value. It is best to consult with your lawyer or accountant.
As part of your overall wealth plan for retirement, knowing the current value of your home will ensure you make smart financial decisions—whether you’re looking to sell and invest the proceeds or downsize and retire with the equity.
When it comes to litigation where property is involved (such as a divorce or death), getting a property evaluation is essential in determining the value of any property in question so disputes can be resolved, and property distributed fairly.
For homeowners settling a divorce, a home evaluation ensures the value of the house is split evenly between homeowners. If one party plans to stay in the house, lawyers can accurately assess how much that party owes the other. If both parties agree to sell the home, the appraisal can make it easier to agree on a list price.
If a homeowner files for bankruptcy, they are required to prove their current financial situation to the court through documentation that includes income, debts, and value of assets, including any property.
When you’re looking to access your home equity —whether through a home equity loan, home equity line of credit (HELOC), refinance, or a home equity investment—your will need to know the market value of your home in order to determine the amount of equity your lender may give you.
Property Tax Assessment Appeal?
If a homeowner feels the tax assessor valued their home higher than its worth, the homeowner may appeal their property tax assessment. In this case, a home evaluation can help with the appeal.
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Important Notes To Keep In Mind-Before the Call
- Consider providing information that helps the make an accurate estimate of the home’s value.
- Gather information about specific details of your property and home that may not be readily apparent—such as a larger lot or current layout.
- Share records of home maintenance and improvement projects can also help make the case that you have a well-cared-for house. Keep in mind that major renovations, such as a kitchen or bath remodeling, can increase the value of your home.
- What future work you intend to do in order to improve the state of the property.
- Consider painting or other repairs if the interior or exterior is dingy or showing signs of neglect. This will significantly make a difference on the value of the home.