FAQ

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Frequently Asked Questions

  • What is a divorce appraisal, and why is it necessary during divorce proceedings?

    A divorce appraisal is a professional assessment of the value of marital assets, primarily real estate, conducted during divorce proceedings. It’s necessary to determine the fair market value of properties to ensure a fair and equitable distribution of assets between divorcing spouses.

  • How is the value of a property determined in a divorce appraisal?

    A divorce appraisal typically involves a certified appraiser who uses various methods, including market analysis, property inspections, and comparisons with similar properties (comps), to determine the fair market value of the property. The appraiser’s goal is to provide an accurate and unbiased assessment.

  • What is a PMI removal appraisal, and why is it needed?

    A PMI removal appraisal is an appraisal conducted to determine the current market value of your home when you’re looking to remove Private Mortgage Insurance (PMI) from your mortgage. It is needed to assess whether your home’s value has increased enough to meet the lender’s requirements for PMI removal.

  • How does the PMI removal appraisal process work?

    The PMI removal appraisal process involves hiring a certified appraiser who will visit your property, assess its current condition, and analyze recent sales of comparable homes in your area. The appraiser will then provide an appraisal report with the estimated current market value of your property.

  • What is a bankruptcy appraisal, and why is it required during bankruptcy proceedings?

    A bankruptcy appraisal is an assessment of the value of a debtor’s assets, including real estate, conducted during bankruptcy proceedings. It is required to determine the value of assets that can be used to repay creditors or to establish the value of assets exempt from liquidation.

  • Who typically orders a bankruptcy appraisal, and when is it conducted?

    The bankruptcy trustee, appointed by the court, typically orders a bankruptcy appraisal. The timing of the appraisal can vary but is often conducted soon after the bankruptcy filing to establish the value of the debtor’s assets at the time of the filing.

  • What is a real estate appraisal, and why is it necessary?

    A real estate appraisal is a professional assessment of a property’s value conducted by a certified appraiser. It is necessary in various real estate transactions, such as buying, selling, refinancing, or securing a mortgage, to determine the property’s fair market value.

  • How is the value of a property determined in a real estate appraisal?

    Appraisers use a combination of methods, including market analysis, property inspections, and comparisons with similar properties (comps), to determine a property’s value. They consider factors like location, size, condition, and recent sales data to arrive at an accurate valuation.

  • What is a property tax appeal, and why would I consider filing one?

    A property tax appeal is a formal request to review and potentially reduce the assessed value of your property for tax purposes. You might consider filing one if you believe that your property’s assessed value is too high, leading to unfairly high property tax bills.

  • What are the common reasons for filing a property tax appeal?

    Common reasons for filing a property tax appeal include:

    • Recent purchase or appraisal showing a lower value than assessed.
    • Comparable properties with lower tax assessments.
    • Errors in the property’s description or assessment.
    • Property damage or significant changes affecting value.
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