A home appraiser is a professional who evaluates the property of your home to give an accurate estimate figure to the owners. The estimated figure provided by a home appraiser is useful in several scenarios where the value of your home is required. So, let’s see 5 scenarios where you need a home appraiser’s services in the US.
1. Buying a New Home
When you are looking forward to buying a new home for yourself, then you will need the assistance of a home appraiser in order to accurately determine the value of your chosen home. This service can, sometimes, be provided to you by the seller of your new home. You need to show this estimate to your bank in order to receive your home loan amount.
2. Looking to Sell Your Home
If you are looking to sell your existing home, then you will need the services of a home appraiser in order to get the actual price of your home. Homeowners struggling to sell their homes often face obstacles due to overpricing, which can discourage potential buyers and hinder the selling process.
A home appraiser will ensure that your home gets listed at a price that is fair to both the owner and prospective buyers.
3. Distribution of Home Price During Divorce
In the case of a divorce in your family, you need a Divorce Appraisal to evaluate your home so that both parties involved in the divorce get even percentages of their home after the split.
If one of the parties chooses to stay in the home after the divorce, then a home appraiser can help provide an accurate figure of how much that party owes to the other party.
On the other hand, if both parties decide to sell the house, then the home appraiser helps to provide a listing price that is agreeable to both parties.
4. Detecting Defects in Construction
During the course of any type of construction in your home, your home or the construction itself is always vulnerable to damages and defects throughout the process. If such a mishap occurs, then you have the option of filing for an insurance claim or a lawsuit to recover the damages suffered by you.
In both of these scenarios, you are going to need the services of a home appraiser in order to prove the damages that were caused due to the defects in the construction.
5. Proof of Home Value During Bankruptcy
If the owner of the home files for bankruptcy, then they are required to prove to the court the value of their leftover assets. This includes providing the court, with the value of the homeowner’s existing home which is where the services of the home appraiser come in. The document which is provided by the home appraiser is an acceptable document in the courts.
Conclusion
A home appraiser is a professional who specializes in the estimation of property value. Their services provide an accurate estimated value of your home which is useful in a handful of scenarios.
The 5 above-mentioned scenarios are the most common scenarios where the services of a home appraiser are required but there are other scenarios as well where they can prove useful.