Real Estate appraisals are needed for many
different reasons. Many people assume that the
only time that you need an appraisal for real
property is when you are buying, selling or
refinancing a home but there are many more reasons
that people need to find out the value of their
home. The most common reasons to request an appraisal
not for loan purposes are as follows.

1. Date of Death appraisals are needed for
estate purposes when someone dies. Usually the
appraisal is performed to get the value of a
property as of the date of the trustors death.
Sometimes we have to go back in time several
years to find out the value of a property of
someone who passed away twenty years ago. Those
types of appraisals are very complex.

2. Divorce or Dissolution appraisals are needed
to help decide the division of assets.

3. PMI removal appraisals are usually requested
when the equity in the home has reached a level
where Private Mortgage Insurance is no longer
required.

4. Value To Sell appraisals are often
requested when someone wants to sell
a property and wishes to know what the property
is worth so that they know how to price the home.

5. Bail Bond appraisals are needed when a owner
of a property goes to jail and in order to post bail,
the property is put up for collateral for the bail
amount. The bail bondsman requests an appraisal to
find out how much equity is in the home. The equity
would be the collateral for the bail bond.

6. Value to owner appraisals are often requested
when a property owner wants to know the value of
his/her property for whatever reason. This type
of appraisal is requested when a property owner
is deciding if it is a good time to sell or to
hold a property.

When an appraisal is requested for any other reason
other than for loan purposes, appraisers commonly
create a narrative appraisal. A narrative
is a worded report rather than a form appraisal. One
of the advantages of the narrative appraisal is it
allows the appraiser to paint a picture of a subject
property, the market and the comparable properties.
The appraiser is not restricted to filling in the
boxes and will include more detail and justification
for developing their opinion of value.

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