A real estate appraiser helps you enter transactions well informed. Many people are too quick to accept a sales offer without determining the real worth of their property, or face substantial tax burdens because they do not dispute the property value in an estate plan. Hiring an appraiser for land, homes and business property helps you make informed decisions, rather than poor ones made out of desperation. Here are five situations where you require a real estate appraiser in Maryland:
- Estate appraisal : Appraising your real estate before you start estate appraisal helps you strategize. Values may put you in taxable estate territory, which makes a trust or lifetime gifts more prudent. Your attorney cannot help you create an ideal estate plan without all the facts, and a tax appraisal on your home dated 2004 does not help with that. Collect recent appraisals before your estate appraisal appointment and create something that works well for you and your loved ones.
- Downsizing: When you sell a larger family home for your new retirement living quarters, you need to know the value of both properties. You do not want to overpay or undersell. This is about where you live, but it also concerns your future. Before buying or selling, secure appraisals for both properties. Loan companies require recent appraisals anyway, so you might as well enter the transaction fully prepared.
- Selling land: It is not uncommon for people facing retirement to undersell land to a developer who will likely start with a low-ball offer. Even if you held the land for years and never used it to its potential, that does not mean you must offload it to the first bidder. Secure an appraisal, get information on market trends and only accept fair offers for your parcel or acreage. The right price can finance a comfortable retirement.
- Bankruptcy: Medical bills are the most common circumstance leading to consumer bankruptcy in the U.S. That is just one of the events that can propel you into financial difficulty, including job loss, reduced health or a loved one’s disability and need for care. If you must file bankruptcy, appraisals of your property, including your family home, will make the process smoother. There are exemptions that can protect your home, but the only way to know if you qualify for them is through an appraisal. For anything not protected, like empty acreage or homes that you do not live in, a fair liquidation price can solve many of the problems that arise in bankruptcy.
- Loans: Retirement, estate appraisal or bankruptcy may not be on your radar now, but expanding your business or remodeling your home may be priorities. Home equity loans make these efforts possible. You can use the cash to purchase needed business capital or build that new wing or shop you always wanted. An appraisal helps determine your loan amount and indicates whether you will receive enough cash for your current dreams.
Jane Campbell-Chambliss & Associates, LLC is a personal property and real estate appraiser in Maryland. Call us today to start the appraisal process.