An appraisal is an estimate of value. The value estimated is usually market value. Market value is the most probable price a buyer would pay, and a seller would accept, for a property as of a specfic date.
In special conditions, a client might ask Lakewood to estimate the value of a property under particular circumstances. Someone may need to know what the property had been worth as of some time in the past ( Capital Gains Tax calculations, marital separation, the day before a loss to fire or other disaster for insurance claims, etc. ). These appraisals are called retrospective appraisals.
In other cases, a client might need to know what the property would have been worth if it had already been built or repaired ( builder's financing, renovation loan ). When Lakewood estimates value under these special situations the report is still an appraisal. It is just not an appraisal of market value since the property is not yet in the condition assumed in the report. Rather, the appraisal is of some hypothetical value. These types of reports are often referred to "as if" reports.
Lakewood Appraisal Services provides value estimates for the following types of property:
- Single Family Dwellings
- Duplex Dwellings
- Triplex and Fourplex Dwellings
- Residential Vacant Land
- Rural Houses
- Rural Vacant Land
Properties not within Lakewood's scope are: any residential building larger than a four-plex; any property having any commercial use or even potential commercial use, and; any rural property with an agricultural use beyond a personal hobby farm.
Reasons to have an appraisal prepared by Lakewood may include:
- Planning to Sell a Property
- Hoping to Buy a Property
- Getting a New Mortgage
- Refinancing a Mortgage or Loan
- Employee Relocation Assistance Programs
- Probating a Will for an Estate
- Prenuptial Agreements
- Matrimonial Separation Agreements
- Foreclosure or Power-of-Sale
- Damage or Loss to Fire, Flood, Vandalism, Mould, etc.
- Capital Gains Tax Calculation
Lakewood Appraisal Services can also be retained for consulting services on property value issues on either an hourly basis or on a per diem. If you ever run into a situation with repect to the value of a property and you are not sure if Lakewood Appraisal Services can help, give us a call. If we can not help you with your needs, we can likely steer you in the direction of someone who can help.