Very personable to meet with, and yet very professional and very thorough in his inspection of the premises, I received the appraisal before the guaranteed date.
Charles B.
★★★★★
Appraisal Uses
Every appraisal starts with knowing what it is for.
APPRAISAL USES
Choose your situation below, and we'll point you to the right service or get a quick bid straight away.
Estate Planning & Taxes
Divorce
Buying & Selling
Loans & Financing
Tax Appeal
Litigation & Expert Testimony
Gift Planning
Bankruptcy & Foreclosure
Partnership Dissolution
1031 Exchange
2032A Value
Estate Planning & Taxes
An appraisal is crucial for estate planning as well as valuation for tax purposes. It is always best to have an accurate and up-to-date appraisal when any property is involved.
Having a current appraisal helps you keep better track of your financial assets rather than estimating from an outdated appraised value. Properties can often increase in value, and they can decrease just as easily.
Estate Planning
For estate planning, appraisals can help determine the values of assets. This knowledge is indispensable for heirs if properties and assets need to be gifted or divided after a death.
Keeping an up-to-date appraisal on file is also handy when determining the increase of property value as well as growth or loss margins. Being able to see steady growth or loss over time can help determine proper selling and buying values for good investment opportunities.
Estate Taxes
Appraisals are also helpful for estate tax purposes. Having an accurate appraisal can help in the case of a tax audit. Many privately owned businesses are required by the IRS to have an appraisal for determining values if claimed on tax returns.
Appraisal costs are often tax deductible, so check with your tax preparer to determine if that works in your situation.
Divorce
Property appraisals are required for many other reasons besides trying to acquire financing for a purchase. Anytime the value of a property is needed, an appraisal is needed.
Divorce is a perfect example.
During a divorce there may be marital property that needs to be divided or sold as part of the settlement. In order to know the value of the home, property, commercial building, farm, or whatever the property may be, hiring an appraiser to value the property is a must.
Having an accurate value of the property will be helpful for reaching a fair, unbiased agreement to divide assets.
Divorces often require assets to be sold and liquidated to split up finances. In some instances one party wants to keep the property, in which case the value of the property is needed to know what the remaining party needs to pay the exiting party in order to transfer the property ownership.
It is in the best interest of both parties to agree to an appraisal to ensure that a fair value is determined. Sometimes during these instances, sentimental value or other emotions can lead to higher values than the actual market value of the real estate.
Having a recent appraisal of the property can help ensure the fair and proper division of assets as determined by a judge. Judges can also compare a current appraisal to the appraisal at the time of purchase to determine renovation costs and other expenses that may arise during the divorce negotiations.
Buying & Selling
When buying and selling a property, whether it be a piece of farm land, a home, or a commercial property, an appraisal is necessary. Appraisals are important to both the buyer and the seller of any piece of property.
Buyers
As a buyer, an appraisal can help you understand what is included in your property and whether the seller’s asking price is accurate, too low, or even too high.
Banks and other financial institutions often require an appraisal prior to approving a loan for the purchase of property, to help them decide whether the property’s value corresponds to the loan amount.
Sellers
Appraisals are a must for the seller as well. Having as much knowledge about your property as possible is helpful when deciding on the asking price for your home, farm, property, or commercial building.
Having an accurate appraisal can also assist you when a buyer starts the negotiation process. You will be able to determine what bargaining range is comfortable for you. No seller wants to find out after they sell their property that they could have gotten more.
Also, placing too much value on your property (listing above market value) can result in fewer prospective buyers, longer marketing time, and can lead to problems in the loan approval process.
Loans & Financing
Mortgage lenders, banks, and other financial companies prefer an up-to-date real-estate appraisal before approving any loan to purchase. It is a safety net for the lender to make sure that, if the loan goes into foreclosure, they can sell the property for the right amount to cover the loan.
A financial institution will not approve a property loan if the loan amount is higher than the value of the home, land, farm, or commercial building.
If you are in the market to buy, know that you will need an appraisal.
Give us a call today and we can answer any questions you may have. Your lender will most likely need to order the appraisal themselves, but you can still refer them to us.
We already service most of the lenders in our coverage area, so getting an appraisal for lending and financing should be easy for you.
Tax Appeal
Think you are paying too much on your real estate taxes each year?
County taxes are oftentimes valued by county assessors who have a full plate as it is and often don’t have time to do thorough assessments of your property. They typically try to make the process as quick as possible which can result in inaccurate values and rough estimates.
An independent party, such as Spurgeon Appraisals, can take a more in-depth approach and provide you with a more accurate appraisal of your property.
This can lead to potentially saving you hundreds of dollars in taxes each year. With an official appraisal from Spurgeon Appraisals, you can appeal your tax costs and have a better chance of winning the battle.
Hiring a third-party, unbiased appraisal service can ultimately pay off over the years. You could be over-paying!
Litigation & Expert Testimony
Many property owners feel that they do not need an appraiser for litigation and expert testimony. But most owners have only unsupported lay opinions which may not even be legally sufficient to support a favorable verdict.
That is why there is a recognized need for effective appraisal experts in judicial and other valuation controversies.
In the case of court determination of value, there is a real need for educated subjectivity, exercised in a scrupulously professional manner. “Expert witnesses” are the only witnesses that can provide a subjective, opinion-based testimony.
The use of an appraiser as an expert witness can provide you with validation and greater credibility in disputes involving real estate. An effective appraiser can make your case, but a poorly trained or unscrupulous appraiser can ruin your case before it begins.
Gift Planning
Is an Appraisal Needed?
It depends on what the gift is. If you plan on gifting any form of real estate, an appraisal is crucial.
Very similar to when selling a property, you will need an appraisal to accurately determine the value of the property you are gifting.
The Main Reason for an Appraisal
An appraisal is also needed for tax purposes in gifting real estate. It can be used as a charitable gift and can be tax-exempt so you can write it off your taxes owed. But in order to properly valuate the gift, an official appraisal is needed.
Who Should Complete the Appraisal?
Oftentimes it is beneficial to have your appraisal done by an independent appraisal service, such as Spurgeon Appraisals, that is not directly in business with either the party giving the gift or the charity receiving the gift. The appraiser can give an unbiased opinion of value.
Bankruptcy & Foreclosure
Bankruptcy Requirements
Filing for bankruptcy requires you provide the court with all your finances, debt, and other obligations you may have.
Types of Bankruptcy Filings
There are numerous types of bankruptcy filings.
A Chapter 13 bankruptcy requires that the debtor prepare a repayment plan with creditors.
A Chapter 7 states that you are seeking total liquidation of all assets, including your home.
Why Get an Appraisal?
Getting an appropriate value for all these can be quite intimidating. That’s why a bankruptcy appraisal is the best way to show the court that your values are accurate.
What the Appraiser Does
Appraisers compare your property to multiple comparable property sales in the area, and the appraiser uses that data to estimate the value of your property.
Other Uses for the Appraisal
Bankruptcy appraisals are also used to see if there are any assets that can be exempt for bankruptcy such as your house or car.
Finally, bankruptcy appraisals are used to determine if you are even able to pay back your debts or determine if you need to file chapter 13 instead of chapter 7.
A bankruptcy appraisal gives a debtor information about the value of his property which can help the debtor choose which type of bankruptcy to file or to file at all.
Partnership Dissolution
When Does a Dissolution Occur?
Often when businesses or companies are owned by more than one party, a dissolution may occur.
One party may retire or perhaps part ways from the business or company. This leaves the business in dissolution.
What Has to Be Done?
The dissolution requires the parties to assess the value of the business to best determine how to split the assets.
Why Get an Appraisal?
An appraisal will give an accurate and unbiased value of the building, land, and other real property. That way either the staying partner can buy out the leaving partner’s part of the business, or the property can be divided and distributed as necessary in case of a business closure.
Court Proceedings
If a court of law is involved, having an appraisal will be helpful for the judge to make a decision, and the appraisal may remove roadblocks that arise during the proceedings.
1031 Exchange
What Is a 1031 Exchange?
A 1031 Exchange is a like-kind exchange that allows you to exchange property used for investment or in your trade or business, for other property to be used for the same purposes.
What Is Allowed by the IRS
Section 1031 of the Internal Revenue Code provides an exception that allows you to defer payment of capital gains taxes when you sell business or investment property if you reinvest the proceeds in similar property through a like-kind exchange—which is the purpose of the 1031 Exchange.
How to Qualify
To qualify for a 1031 Exchange, you must “trade up” for a property that is equal or higher than the sale price of the first property.
Reverse Exchange
According to the IRS, a “reverse exchange” is somewhat more complex than a “deferred exchange.” It involves the acquisition of replacement property through an exchange accommodation titleholder, with whom it is parked for no more than 180 days.
During this parking period, the taxpayer disposes of its relinquished property to close the exchange. All the proceeds made during the property sale must be put toward a down payment on the replacement property.
Excluded Property Types
The IRS states that certain types of property are specifically excluded from Section 1031 treatment. Section 1031 does not apply to exchanges of:
- Inventory or stock in trade
- Stocks, bonds, or notes
- Other securities or debt
- Partnership interests
- Certificates of trust
2032A Value
What Is a 2032A?
A 2032A is used to save money on taxes when valuing farmland, by establishing its value significantly below market value.
This form of valuation is used often with the ownership of family farms which will pass to another member of the family.
What Qualifies for a 2032A?
The farm must have been owned by the same person for eight years and the property must be transferring to a family member of the current owner. The new owner must also own the property for ten years and use the property for the same purposes as the prior owner.
Example
For example, you could benefit from a 2032A value if your grandfather owned the family farm for twenty years and decided to pass it along to you as a grandchild. To comply with the valuation of a 2032A you must own the property for the following ten years and continue to use the land as farmland as your grandfather used it.
How the Value Is Calculated
The valuation is calculated based upon comparison of other farmland cash rent prices in the same vicinity, then annual state and local real-estate taxes are deducted, and that net income is then divided by the average annual effective interest rate of all new Federal Land Bank loans.
Potential Drawback
The difference between the actual market value and the 2032A value is what can be recaptured in a lien by the IRS, if conditions are not met.
2032A values can be a bit confusing and not entirely beneficial in the long run for the acquiring parties, because of the many factors involved.
CLIENT RESULTS
The most 5-star Google reviews from our clients
Jeanne Dukes
★★★★★Dec 9, 2019My husband was home and met with the appraiser. He was impressed with his attention to detail and his thoroughness with the buildings and the property. He found him to be friendly and professional. Generally we found your company easy to deal with and we appreciated the timeline. Everything flowed smoothly from start to finish.
Google ReviewEllie Lugena
★★★★★Sep 18, 2025Great company to work with! Very quick and professional. Made the process as painless as possible.
Google ReviewAllyson Sutton
★★★★★Jul 25, 2023We had a great experience. We had a fast turn around between calling the office and getting an email. All the instructions and expectations were clear, understandable and easy. Our appraiser, Matt Dutton, was a super nice guy, couldn’t ask for a more personable, friendly person to come do the appraisal. We would definitely recommend Spurgeons Appraisals to someone looking to have their home assessed.
Google ReviewAJ Wellman
★★★★★Dec 22, 2022Very professional company. Got the appraisal done very fast and communication was excellent with me about dates and prices. Would recommend to anyone needing an appraisal done.
Google ReviewJames Ware
★★★★★Mar 17, 2021Everything went well. We had started the process when our mom had passed and dropped the ball but you had kept the file so it made it simple to come back to and complete. Thanks!
Google ReviewLaurie Ahner
★★★★★Sep 22, 2021I checked other companies…Spurgeon was and is the most responsive, reliable, fast, and reasonable in price. We would use their service again if necessary. Very nice people, easy to communicate, honest and efficient. I highly recommend them!
Google ReviewMason and his team did our appraisal promptly and professionally.
Cory M.
★★★★★kellyolaugh
★★★★★May 4, 2022Very good experience with Spurgeon Appraisals. Communication through email was excellent and always had a quick response. The appraisal was completed quickly and the report was done in a timely matter. They gave me a date when it would be complete and it was delivered that day. Highly recommend.
Google ReviewJordan Morris
★★★★★Oct 16, 2022Once I contacted them the process to get the appraisal done was very easy and completed very quickly. The appraiser who was sent was prompt and very professional and I was very pleased with the results!
Google ReviewCyndia Keesey
★★★★★Apr 8, 2024Good communication regarding price and setting up appointment. Very professional and prompt report emailed to me within 1 week. Was happy with their service.
Google ReviewGET STARTED
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