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A Difference Between Appraisal, Assessment, Home Inspection
Every one should have a home inspection before purchasing any property, including new construction. You may think that's rediculous but there are too many cases that prove otherwise. It is only a couple of hundred dollars and can save you thousands. Most importantly it makes you feel confident about the house. Remember the horror stories you saw on the local and national news about all the new construction problems? One is leaks which leads to the dreaded word mold, a whole problem in itself. The stories go on and on. Recently a buider filled a dump and built houses on it. Needless to say, when things settle underground, they do above it. The houses were collapsing and the EPA (Environmental Protection Agency) found barrels of some kind of petroleum substance. he most important thing is that you carefully select your home inspector and be there at the time he/she makes the examinination. You may not know what is supposed to happen but they should go over the property with a fine tooth comb. Every wall, shingle, window, receptacle.....is looked at and tested. The good ones go in the crawl space, attic and on the roof. When you get the report don't be alarmed. Some things are to be expected, such as outdated electrical systems in older houses and minor settlement. An assessment is done by a city or county inspector to determine tax bases. Many times they are licensed or certified appraisers but they don't have to be and often are not. They don't do an appraisal. They go by public records, quite often wrong data. Some do have pictures and some have sketches. I put a woodstove in my house a few years ago. I went down and paid for a permit and to this day it is not on record. This is also true with additions which of course add square footage as well as value. I read the other night that approximately thirty percent of property is over assessed, therefore overly taxed. If you have good reason to think your property is in that category, you should contact your assessor and ask for an appeal. But, understand appreciation has seen an all time high in recent years and may very well be the reason for your estimated value. See my other article on understanding an appraisal for more detail. An appraiser does a very detailed extensive research on the area, neighborhood and specific property. Upon arrival pictures are taken. Notes are taken about curbs, gutters, sidewalks, street, landscaping...Then the house, deck, garage, porch and so on are measured, the square footage is calculated. Then every single item is noted inside the property. The appraiser goes to at least three similar properties (comparables) that were recently sold, ideally in the same neighborhood. Pictures and notes are taken. After returning to the office a sketch is drawn, pictures are produced and the work begins assembling all data and comparisons before arriving at an estimate of value. Suzie is a licensed broker and certified residential appraiser with twenty years of experience in the industry. She majored in real estate and architecture and prefers to do sketches by hand rather than using cad programs. Other professionals in the field have contributed as well including agents, brokers, appraisers and educators. http://www.freewebs.com/realestatenews
MORE RESOURCES: Landmark Settlement Breaks Up the Real Estate Cartel The American Prospect Greek Golden Visa Non-Real Estate Investment Thresholds Changing on March 31st - IMI Investment Migration Insider Who are real estate lobbyists talking to in New York? City & State New York Public records: Coshocton County, Ohio, real estate transfers Coshocton Tribune Luxury's Latest Battleground: Real Estate | BoF The Business of Fashion Brockton-area real estate sales for Dec. 26 to Dec. 29, 2023. Enterprise News West Palm Beach real estate boom luring people away from Miami, developers say The Florida Times-Union The End of the Super Broker Era in Commercial Real Estate Commercial Observer Refined Real Estate: Historic Queen Anne Polson House lists for $6,950,000 seattlerefined.com Real estate shake-up: Possible commission changes ahead 11Alive.com WXIA Real Estate Commissions Are About to Get Much Cheaper. Here's How Zillow, Redfin, and Opendoor Could Be Affected. The Motley Fool REAL ESTATE | New signage for Auto Safety Center on S. Main Street, West Bend, Wi washingtoncountyinsider.com A luxury agent on how the NAR settlement will change his business The Washington Post Knoxville School Board to Hold Several Public Hearings Regarding Real Estate Parcels KNIA KRLS Radio Cities Face Cutbacks as Commercial Real Estate Prices Tumble The New York Times The Realtors' Big Defeat The New York Times Realtor group will pay $418M to settle commission lawsuits The Associated Press How new real estate rules may impact home prices in Connecticut Eyewitness News 3 Rules that helped set real estate agent commissions are changing. Here's what you need to know KXLY Spokane Israeli real estate event: Legal complaints escalate NorthJersey.com Will March bring more madness to Craven County's real estate market? New Bern Sun Journal Rules that helped set real estate agent commissions are changing. Here's what you need to know Lufkin Daily News China's Real-Estate Market Just Set a Record—but Not a Good One The Wall Street Journal Hocking County real estate transfers | News | logandaily.com Logan Daily News Is the Era of the Celebrity Real Estate Agent Over? Industry Reacts to Settlement That Could Slash Commissions Hollywood Reporter What Seattle-area homebuyers should expect after national settlement The Seattle Times What the death of the 6% real estate commission means in D-FW The Dallas Morning News Realtors Reckon With a Seismic Shift to How They Get Paid The Wall Street Journal National Association of Realtors Agrees to Slash Commissions to Settle Lawsuits - The New York Times Settlement will affect Iowa homebuyers KCCI Des Moines Realtors settlement brings confusion, relief to Southern California’s real estate industry OCRegister Realtors Reach Settlement That Will Change How Americans Buy and Sell Homes The Wall Street Journal Making Sense of New York's Confusing Luxury Home Market The Wall Street Journal A commission settlement may affect housing market 9News.com KUSA Rules that helped set real estate agent commissions are changing. Here's what you need to know News10NBC Rules that helped set real estate agent commissions are changing. Here's what you need to know Northeast Mississippi Daily Journal End of 6% real estate commissions could mean lower home prices The Atlanta Journal Constitution A Look Into the Future of Home Buyers' Agent Commissions The Wall Street Journal Yoon to scrap 'reckless' plan to raise declared real estate value The Korea JoongAng Daily Once America's Hottest Housing Market, Austin Is Running in Reverse The Wall Street Journal UK pension funds snap up real estate at steep discounts Financial Times National Association of Realtors to cut commissions to settle lawsuits. Here's the financial impact. CBS News Chicago Voters Face Choice on Tax to Fund Homeless Programs The New York Times Wilmington realtor weighs in on proposed changes to real estate industry following major settlement WECT Blackstone, World's Top Alternative Asset Manager, Eyes Record Highs Amid Real Estate Bottom Investor's Business Daily Revolutionizing Real Estate Lead Generation: Stephen Zochowski's Groundbreaking New Book 24-7 Press Release 4 Ways a Settlement Could Change the Housing Industry The New York Times Illinois real estate: Home sales in Peoria, Tazewell, Woodford counties Peoria Journal Star Real Estate Credit Investments (LON:RECI) Shares Pass Below 200 Day Moving Average of $126.75 Defense World Colony Ridge violated deceptive trade practices, Texas says The Texas Tribune Real Estate Stocks Drop As NAR Agrees to $418 Million Settlement Markets Insider What will the Realtors settlement mean for Arizona homebuyers? The Arizona Republic Bridgemarq Real Estate Services (TSE:BRE) Share Price Passes Above Two Hundred Day Moving Average of $12.93 Defense World |
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