When The Real Story started talking to people about the changes in the appraisals process, we didn’t realize how many aspects of one’s professional and personal lives are affected by property appraisals.
Talking this week with Kathleen Craig, president of The Builder’s Concierge, she explains that an appraisal isn’t only a measure of value for buying and selling a home, but is necessary for a home refinance or to apply for an equity line of credit.
Appraisals also effect estate planning. Trust valuation. Divorce settlements. The business line of credit that gets attached to your personal property. If one’s home is one’s biggest investment, then it stands to reason that it’s value is going to affect your legal and financial life.
So when people start talking about suspected inflated appraisals (old news) and flawed and deflated appraisals (today’s news), it’s time to take a listen, because it can affect your life plans, even if you’re not in the real estate market.