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7 Reasons to Get A Property Appraisal (Phil Spool, ASA – Interviewed)

November 24, 2009

P R O P E R T Y   S E A R C H

R E S T I V O – H E C H T M A N    T E A M

The more information you have ( buying or selling property, getting homeowners insurance,  or re-negotiating your taxes) the better you can negotiate the best possible outcome.

I want my buyers and sellers go in to any real estate transaction with their eyes wide open, rather than risking a last minute hiccup.Having a property appraised (for buyer or  seller) can add  fuel to the fire… or … it can hand you an estinguisher.  Who wants a deal breaker on a property you are selling or buying ?  When your house appraises considerably OFF  the purchase price, or comes in with an astronomical replacement cost for insurance purposes, a hiccup is sometimes unavoidable.  Having a knowledgeable appraiser in your corner can help make a real estate transaction come together.

Appraiser Philip G. Spool, ASA  appraises property for a number of reasons: mortage financing, insurance purposes, estate tax purposes, estate planning.  “Anyone can order an appraisal:   homeowner, insurance company,  buyer, seller, Realtor, attorney or accountant.”  –  and there are many reasons why having an appraisal done could benefit you in your negotiations.  Realtors know first hand the enormous value of a well-researched CMA (comparative market analysis) … Realtors also know the benefits of having an accurate appraised value for the property (whether on the listing  side… or on the selling side of the transaction).

“There are 7 MAIN REASONS for getting an appraisal:  and they range from disposition of the property (sale), internal asset management (value), potential purchase of the property (for a buyer),  dissolution of marriage (divorce) or estate tax purposes and estate planning (for an accountant)… or for appealing your property tax.  Having an appraisal done can give you the ammunition you need, whether you are sellingbuying,   insuring  or re-negotiating the tax base on your property. “

“In the current  market, bank ordered assessments for mortgage finance transactions (all too often) are coming in below the agreed upon sales price. Some properties are challenging to appraise.  Others are more straightforward.”  In Money Today, Phil Spool writes about appraising and appealing your property tax .   There are additional articles of his, relating to appraising for tax reasons, for insurance purposes, and for real estate purchase/sale or published in REMagazine.com

Philip G. Spool, ASA, is a State-Certified General in Florida, appraising over 36 years. Formerly the Chief Appraisal of Flagler Federal Savings and Loan Association, he has been self-employed for the past 17 years. In addition to appraising, he is an instructor with Miami-Dade College, teaching beginning and advanced residential appraisal classes as well as continuing education. He can be reached at pgspool@bellsouth.net or 305 235-2996.  Phil Spool, ASA, was interviewed for this article in MiamiRealEstateCafe by Vicki Restivo, Realtor, Esslinger Wooten Maxwell, whom you can contact here with any real estate related questions..

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