Spurgeon Appraisal For Buyers
Land appraisal is the formal process of ascertaining the value of a piece of real estate by comparing it with other properties in the market. Real estate appraisals are not always required, although they certainly help buyers and sellers make their decision. Because they are usually done before a sale, they also provide a much-needed peace of mind for both parties. This is because an accurate evaluation of a property’s value will help ensure you get the best possible deal when you buy it. If it turns out that the appraisal estimate is far below the value of the property, you may be able to negotiate a better sale price, as well as the right to take legal action if necessary.
There are a number of things like a land loan appraisal, land survey, or building & construction surveying that can give rise to an appraisal. These things have to be done in order to determine the true value of the property so that you can secure financing for it and also get the best deal on your home purchase. These things like the land value, building permit, insurance, zoning, taxes and other factors may be taken into account when determining your appraisal.
The first step in land valuation is to find an appraiser, who will prepare and appraise the land for you. You can contact a local appraiser, who will use his/her skill and experience to determine the true value of the parcel. When contacting an appraiser, be sure to get a list of things like the names of all witnesses, who will be called at the conclusion of the appraisal to clarify anything. It is also important to know whether the appraiser will hire one person to look at all aspects or will assign an appraiser to look at the parcel in stages. Having multiple appraisers on the property will ensure that if one of them cannot agree with the overall valuation, they will have another to look at it from another perspective.
Once the appraisal is complete, it is time to work out the details. The land surveyor, who prepared the appraisal, must come up with the details of what has been recorded on the plat. This information must be appended to the legal description of the piece of land on the plat, known as the title. The title will tell you what the piece of land is called, where it is located and what it can do. An appraiser must then determine the cost of the parcel.
Land appraisers are required by law to disclose any potential problems with the property so that the buyer can make an informed decision about purchasing it. Some appraisers will even use potential negatives in their calculations. A negative will mean that the current owner spent a certain amount of money trying to get the land transferred but was unsuccessful. Other appraisers will use potential negatives in conjunction with other information in the appraisal to arrive at a fair price for the land. If there are many positives associated with the property, the appraisal may come back higher than if there were only a few negatives. Potential negatives must be investigated before the appraisal is given a rating.
An appraisal report is more detailed that just the flat price and lot area. The appraisal report will list every detail concerning the land that an interested buyer will want to know. It will list acreage, square footage, location and condition of the property, as well as any additions or improvements that have been made. The appraisal report is essential to the lender, spurring spurgeon interest, so that they may make an informed decision on whether to approve the purchase or not.