If you own a home, business, piece of land, or any other form of real estate, chances are you have heard of an appraisal before. If you’re not familiar, it’s an impartial and independent measure of a property’s current value. These appraisals are completed by a third party that possesses an expertise in either commercial or residential appraisals. If you have never had one done, here are some situations where you should consider an appraisal:
When You’re Buying or Selling
If you’ve owned a home, business, or another form of real estate for a long time, you may no longer have a good grasp on what its current value is. An appraisal will give you an idea of what kind of return you should be looking for. When you’re buying a piece of real estate, an appraisal can be one way of being sure you’re not overpaying. If you’re trying to get approved for a mortgage or business loan, an appraisal will give the lending agency confidence that the property is worth what they’re lending.
Condemnation/Eminent Domain
Numerous companies, governments, and municipalities can force a sale of your property for public use, which is called Eminent Domain. Yes, even private companies, such as a utility company can and do condemn property for a public use. Examples include utility easements, right-of-way, walking trails, parks, etc. The good news is that any Eminent Domain acquisition requires the acquirer to purchase at market value. The bad news is that the law, valuation, and process is involved and complex. Do NOT show up to hearings or Court without an appraiser; or at minimum have an appraisal report to reference. Eminent Domain appraisals are complex, and require not only an experience appraiser, but also an appraiser that has experience with condemnation laws and practices. The value implication variances can be drastic, and working with a knowledgeable appraiser can avoid major issues and variances.
Divorce/Sale of Assets
Homes, businesses, and other properties often become an important part of divorce proceedings. Most commonly, an appraisal will help ensure the value of a home or property is split evenly between the two owners, whether one plans to stay, or they plan to sell it. In some cases, the value of a business or another piece of residential property or land will need to be known as well.
If you’re in need of an appraisal for a residential or commercial property in the area of Auburn, AL, the accredited professionals at Atlas Valuation can help. We have experience appraising a wide variety of different properties, including retail, industrial, hospitality, residential, investment, and more! Call (334) 737-6993 to get started today!
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