A lending institution uses real estate as collateral for all real estate financing. In order to get an unbiased estimate of value the Lender/Bank requests the services of Sun Point to finalize the file.
When there is the need to reorganize a person's financial obligations the court in most cases will need an estimate of value for all real estate owned. This will establish some net worth figures and determine any opportunities to sell a property or obtain some financing to assist in the reorganization.
In the unfortunate life event of divorce opposing sides need to, in many cases, determine the value of all the household assets. Once this this is established the court or negotiator can ethically split the assets among the two opposing parties.
The IRS and family members have an obligation to accurately value the assets left behind in the case of the passing of a family member. There may be tax obligations, siblings, and/or spouses which need to determine how to move on and analyze will and trust documentation. The appraisal is the one document that is routinely used for the real estate valuation.
Buying / Selling
When you are looking to buy or sell a piece of real estate the best piece of unbiased information is the appraisal. Within a week, in most case, and for a few hundred dollars you can have a full report as to the value of the real estate. This comes in handy when you are negotiating a contract form either side of the table.