who needs appraisals and why

How do appraisers assist buyers and sellers of homes?

They help set listing and offering prices and assist in making final decisions to complete a sale or purchase.

Which institutions provide a substantial amount of work to appraisers, and what do appraisers do for them?

Lending institutions such as savings banks, commercial banks, credit unions, insurance companies, pension funds, and investment trusts. Appraisers estimate the market value of residences for loan security, help in estate planning/liquidation, and assist in managing/planning real estate activities.

Besides lending institutions, who else hires appraisers for similar valuation purposes?

Mortgage brokers and management companies.

What is the role of appraisers for investors?

They help investors acquire and dispose of real estate investments.

What is the role of appraisers for architects?

They help judge the economic feasibility of proposed projects and assist in site selection and acquisitions.

How do appraisers help builders and developers?

They help acquire sites, develop sites to highest and best use, test feasibility of projects, obtain mortgages/equity financing, attract investors, and assist in the sale of projects.

In what ways do lawyers use appraisers?

To divide property between disputing heirs, partners, or clients, and for condemnation cases, tax appeals, estate planning, and disposal of estates.

How do appraisers assist tenants?

They estimate fair market rental and, in condemnation proceedings, determine leasehold value (the value of the tenant’s interest).