Who We Serve for Property Appraisals
If you’re wondering who we serve for real estate appraisals, the answer is mortgage lenders, sellers, buyers, realtors, lawyers, financial planners, and more! If someone needs a home appraised or land appraised, they can count on our professional appraisal team for accurate, on time appraisal reports.
When you think of real estate appraisals, you may think they are only required when buying or selling a home or land. But this isn’t the only case. Hampton Roads Valuations works with many different industries and professionals throughout southeastern Virginia and northeastern North Carolina.
If you have questions, we are ready to help! You can call (757) 217-3660, email, or fill out our contact form.
We Serve Mortgage Lenders
There are several reasons a mortgage company will hire Hampton Roads Valuations.
- Mortgage Loan Appraisal: When a buyer is seeking financing, a mortgage company requires an appraisal. An appraisal shows the lender whether the value will provide adequate collateral for the loan. The appraisal can be paid by either the seller or buyer based on the contract negotiation.
- Foreclosure: In the unfortunate event of a foreclosure, a lender will order an appraisal to determine the property’s value prior to selling. They want to make sure to cover the loan balance.
- Refinancing or a Home Equity Line of Credit (HELOC): During a refinance or HELOC, the lender needs an updated appraisal. They need the current value of the property. In the case of a HELOC, the lender needs it to ensure there is the correct amount of equity available in the home.
House Appraisal and Land Appraisal for Sellers
Similarly, sellers are another category of client that we serve that naturally come to mind as needing an appraisal. Aside from a traditional resale mortgage need, a few reasons they may order one are:
- Selling a Property That’s Part of an Estate or Inherited Property: If a seller is preparing to list a property they’ve inherited or one that is part of an estate, they need to know the current value of the property. That way, they can set an appropriate selling price.
- We Serve Sellers for Property Appraisals to help Select a Listing Price: To homeowners, a home is more than just a house, so it’s hard to put a price on something filled with memories. A seller can order an appraisal to help them decide how to price their property competitively. This can help them select an asking price that will attract buyers.
Home Appraisal and Land Appraisal for Buyers
Buyers also regularly order appraisals from Hampton Roads Valuations. In addition to a normal mortgage loan need, they may order one for:
- We Serve Buyers for Land Purchase for Development: If considering building on undeveloped land, a buyer can order an appraisal to make sure the land is priced fairly for what they intend to build. They also need to make sure it’s suitable for construction.
- Investment Property Appraisal: Before an investor buys a property, they want to verify its profitability. They want an unbiased current value of the property.
- Verification for a Cash Offer: Cash buyers do not need to go through a mortgage company. However, they still want to know the current value of the property, so they aren’t overpaying.
We serve Realtors too!
There are a number of reasons Real estate agents will order an appraisal, such as:
- Pricing a Listing: In a tough market or in the case of an especially unique property, a realtor will order an appraisal. It can help set an accurate listing price for the seller. It can even help them win a bid to sell the property.
- Appraisal to help Negotiate a Sale: During intense or competitive price negotiations, a real estate agent may use an appraisal to support their client’s position (buyer or seller) on a property’s value.
- For a Comparative Market Analysis (CMA): When making competitive offers, a realtor can use an appraisal, along with other home comparatives, to show a more accurate property value.
Lawyers and Legal Proceedings
Lawyers regularly order appraisals from Hampton Roads Valuations for use in various legal proceedings. In many cases, their client is going through a tough time, like a divorce or death in the family.
- Divorce Appraisal for Settlement: During divorce proceedings, the value of a shared property or properties may be needed, so they know how to divide the property.
- Appraisals for Litigation: In any type of litigation involving an owner’s property assets, appraisals are used to objectively determine the property’s value. This can include eminent domain where a property is being acquired by the government.
- We Serve Lawyers during Probate for an Estate: In a probate case, a lawyer may need to assess the value of real estate assets that are part of an estate. This way, they can be divided based on the decease’s will.
- Property Dispute: A law firm representing a client in a property or boundary dispute can request an appraisal to argue for fair compensation or settlement.
- Home Appraisal for Insurance: As part of insurance settlement negotiations, a lawyer may need the property value to help determine an appropriate settlement amount if a home is damaged or destroyed.
We Serve Financial Planners
We serve Financial Planners for appraisals for things like retirement and estate planning. The most common reasons they our services are:
- Appraisal for Retirement Planning: An appraisal can be a key part in retirement planning. A financial planner can help their client evaluate the value of real estate as part of their retirement strategy for potential future sale or income.
- We Serve Financial Planners for Estate Planning: A financial planner may also request an appraisal to help with their client’s estate plan. This can make it easier to determine the total value of their client’s assets. This is especially true prior to the division of real estate assets to their heirs.
- Investment Portfolio: A financial planner may need to assess the value of some or all a client’s property or properties as part of their larger investment portfolio.
Hampton Roads Valuations
Who We Serve
As you can see, we serve more than lenders or mortgage companies. Lawyers, financial planners, and real estate agents regularly work with Hampton Roads Valuations. While each industry may have their own use for our services, the objectivity and professionalism of the data they receive from our appraisal team is unparalleled.