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Not only does it feel good to know what your property is worth it is wise and prudent.
A professsional appraiser helps you manage financial risk, by providing a written
educated opinion of value. Acting only on inaccurate and misleading "experts' guesses"
can lead you to many problems. Such as not getting your fair share in a divorce settlement,
dividing your wealth in an non equitable manner among your heirs, buying too much
insurance or being left underinsured, selling too low or buying too high, or paying
tax penalties for claiming too much deduction from a charitable contribution or when
settling estate taxes.
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A qualified appraiser has formal education in his field of expertise, appraisal theory,
principles and methodology, and ethics. The appraiser should be familiar with the
type of property you want appraised. Ask for the appraisers qualifications and credentials.
Look for membership to the most reputable appraisal societies,which require their
members to pass tests, and take courses to update their knowledge on the latest professional
standards.
Beware of appraisers who claim knowledge in every specialty and do not refer you to
and expert in the field of your property. Appraisal fees should not be based on a
percentage of the appraised value. Do not accept an unsigned hand written report.
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