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MARTIN'S TAX SVC

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MARTIN'S TAX SVC

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LICENSED ACCOUNTANTS SPECIALIZING IN ASSISTING SMALL BUSINESS OWNERS TO MINIMIZE THEIR TAX OBLIGATIONS BY SEARCHING FOR ALL LEGAL DEDUCTIONS ALLOWED BY THE IRS CODE.

LICENSED ACCOUNTANTS SPECIALIZING IN ASSISTING SMALL BUSINESS OWNERS TO MINIMIZE THEIR TAX OBLIGATIONS BY SEARCHING FOR ALL LEGAL DEDUCTIONS ALLOWED BY THE IRS CODE.


Property Appraiser questions, answered by experts

Appraisals are not mandatory but are helpful for pricing accuracy and negotiation purposes.

An FHA appraisal is valid for 180 days from the effective date of the report. In some cases, you can have the appraisal recertified if you make your request before the original expires so that you still may obtain an FHA loan. If approved, your appraisal update is valid for one year.

Your home insurance company may allow you to use an appraisal instead of an inspection when you apply for coverage. Keep in mind that despite this, an appraisal is far less detailed than the different types of home inspections available and may not reveal potential risks that you’ll want to know about.

In cases where an appraisal comes in lower than an offer price, sellers might opt to lower their asking price to meet the appraisal, especially if the market is slow, and replacing the offer with a higher one may take a long time. Sellers can also offer to make repairs to boost the appraised value, hire another appraiser to get a second opinion, or just move on to another offer that isn’t contingent on the buyer getting a mortgage or an appraisal inspection.

Ideally, you’d never pay more than the appraised value for a home, but there are some instances where it makes sense to do so. For example, if your current living arrangements are no longer viable and you need a place to move into quickly, paying more than the appraised value might be in your best interest to secure a new home. Additionally, if you’re buying in a hot market, overpaying for the home might be necessary to overcome the competition.

The Lamar, SC homeowners’ guide to property appraisals

From average costs to expert advice, get all the answers you need to get your job done.