Many people believe a home inspector and real estate appraiser have the same job, when, in reality, they are very different. Although, both can be requested by mortgage and lending companies, they are usually used for different purposes. Knowing the differences between the two can teach you how to prepare and take advantage of the information learned. Both of these are very different than an assessment, which is performed by a government official for tax reasons.
These are often required just before the closing of a house, to ensure that all both the buyer and the lending company know precisely how strong an investment the home is. When major repairs are involved, the company or the buyer may demand repairs before closing. Sometimes these repairs are legally required, in the case of mold or water damage.
These don’t always have to wait until it is demanded by an interested party. Homeowners can have a home inspection at any time. It’s a good idea to have one every three to five years, to ensure you are getting the maximum potential out of your home investment.
A Certified Real estate appraiser is more concerned with the stance of the home compared to the current real estate market. They will examine the home (although not quite as thoroughly as a home inspector), but their job only starts with looking at your home. They also have to take time and investigate similar homes in the area and their selling prices within a quarter or two.
It’s important to have a real estate appraiser look at the home before putting it on the market. Also, it’s important to have an appraisal from more than one company, since they can vary slightly. This gives you an average appraisal and also shows potential buyers the examination was honest.
Categorised in: Appraisal Tutorials & Info
This post was written by Joseph Castaneda