STATE VALUATIONS: These are typically done as of the “Date of Death”, for purposes of establishing the Market Value for the Estate. The appraisal can be used for tax purposes, settling the estate and assisting relatives in making decision about disposing the real estate, or many times certain heirs wish to buy out the other heirs and retain the property for themselves. DIVORCE VALUATIONS: Appraisals done for divorce are typically used by the parties to determine, who gets the house and how much the other party pays or if the house should be sold and the proceeds split. Divorce appraisals must be done in such a manner that they are defensible in court if need be. In most cases the attorneys recommend that each party get their own valuation done.
PRE-LISTING VALUATIONS: Many times Realtors will recommend a Pre Listing appraisal to assist in determining a reasonable listing price. Most of the time, clients order these appraisals for somewhat unusual properties which are difficult to estimate value.
BANKRUPTCY: To assist the client’s attorney working with the court.
ELDER CARE PLANNING: To assist in financial planning, nursing care, Medicaid and other options.
PARTIAL INTEREST: Multiple owners of a property wish to divest one or more of their interest.
CASH BUYER: Wants to confirm that the contract price is reasonable.
FOR SALE BY OWNER: Appraisals are used to assist the seller in setting a reasonable listing price.
PMI REMOVAL: Under certain circumstances when a homeowner has reached a certain equity position in their house, the mortgage lender may allow the Private Mortgage Insurance to be dropped.
CONDEMNATION & EMINENT DOMAIN: Appraisals can be done for the property owner to confirm that the municipality is offering a fair price for a whole or partial property take.
RELOCATION APPRAISALS: These are usually ordered by the Relocation Companies to determine the house purchase price for transferee assistance. Typically two appraisals are done, and if the values are considered to be too far apart, the Relocation Company usually orders a third appraisal to guide their final decision.
BAIL BOND: To determine the amount of equity to collateralize a Bail Bond.
TAX APPEAL: Used to determine if the Assessed Value is over/under Market Value. Typically used to protest Real Estate Taxes by property owners and sometime Assessor's will order an appraisal if they feel a property is undervalued.
RETROSPECTIVE APPRAISAL: Valuation as of a date in the past, Although most of these are done for Estate Purposes, other common uses for a retrospective value are to determine a decline in a property value that was sold at a loss and in some cases Assessors require a past valuation date for tax appeal and Divorce or other settlement reasons.
JSG Real Estate Services, Inc. 847.480.9885 firstname.lastname@example.org Serving the Chicago Metropolitan Market