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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 Some things are to be expected, such as outdated electrical systems in older houses and minor settlement.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: Real estate experts share a message for home buyers as they predict rising home prices through 2025 Fox Business The Folly of China's Real-Estate Boom Was Easy to See, but No One Wanted to Stop It The Wall Street Journal How real estate commission changes could affect buyers and sellers The Washington Post Judge Approves $418 Million Settlement That Will Change Real Estate Commissions - The New York Times Homebuyers and sellers might spend less following major real-estate settlement - Evanston RoundTable Homebuyers and sellers might spend less following major real-estate settlement Evanston RoundTable Agencies' headquarters in DC remained 'nearly empty' in 2023, real-estate board finds Federal News Network reAlpha Tech Corp. 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(HOUS) Reports Q1 2024 Financial Results Amidst Market Challenges Yahoo Finance Real Estate Transactions: April 26, 2024 The Recorder Shelter Island Reporter real estate transfers, April 25, 2024 - Shelter Island Reporter Shelter Island Reporter Inked: Recent LI real estate deals Long Island Business News Homes for Sale in Manhattan and Queens The New York Times Reversing the Real-Estate Doom Loop Is Possible. Just Look at Detroit. The Wall Street Journal Top residential real estate sales for April 8-12 in Sarasota, Siesta Key, Palmer Ranch, Osprey, Nokomis Your Observer Philly's luxury penthouses; Linden Hill Estate in Gladwyne up for auction The Philadelphia Inquirer Inside Savannah Homes $3.1M Tybee home with panoramic ocean view Savannah Morning News Real Estate Property Transfers in Franklin for April 1, 2024 Williamson Source First-ever rural-focused Real Estate Development Boot Camp aimed at emerging housing developers Second Wave Michigan ANYWHERE REAL ESTATE INC. REPORTS FIRST QUARTER 2024 FINANCIAL RESULTS Longview News-Journal Kevin Owens joins Scottsdale-based Lessen real estate company | Scottsdale Independent Daily Independent Anywhere Real Estate Inc. 2024 Q1 - Results - Earnings Call Presentation (NYSE:HOUS) - Seeking Alpha Bedford board votes to keep real estate tax rate level Lynchburg News and Advance La Rosa Acquires Tenth Real Estate Brokerage Franchisee with Revenue of $4.7 Million and ... The Bakersfield Californian Pigford marks 50 years as licensed real estate agent Meridian Star Better Homes and Gardens Real Estate Metro Brokers extends affiliation agreement for 10 years Atlanta Agent magazine CoStar Group acquires Matterport for digitalizing real estate GIM International Pro boxer Caleb Truax retiring to become Twin Cities real estate agent - Minneapolis / St. Paul Business Journal The Business Journals Rockford Is Now America's Top Housing Market After an Improbable Turnaround The Wall Street Journal Real Estate Development Firm Seeking Community Input For Honey Creek Road Property in Rockdale County News-Daily.com Quebec Real Estate Investor Luc Poirier Looks to South Shore Brossard for Future Growth CoStar Group Tricon Residential Inc. Announces Receipt of Investment Canada Act Approval for Take Private by Blackstone Real ... Yahoo Finance Who's Who in Residential Real Estate 2024: Berkshire Hathaway agents - Pittsburgh Business Times The Business Journals Real Estate Development Firm Seeking Community Input For Honey Creek Road Property in Rockdale County Rockdale Newton Citizen As RREAF CEO Kip Sowden weighs future, son Graham waits his turn The Dallas Morning News Massachusetts housing crisis: Greater Boston Real Estate Board campaign slams transfer fees Boston Herald Real estate transfers GoDanRiver.com Manhattan Real Estate Update: "Embrace the Boredom" westsiderag.com Positive week for Mivne Real Estate (K.D) Ltd (TLV:MVNE) institutional investors who lost 6.9% over the past year Simply Wall St The Highest Paid Execs in Real Estate Mike DelPrete California, United States Luxury Real Estate Home California Listings Recent commercial real estate transactions - 4/24/24 BizTimes Milwaukee What changes to real estate industry commissions could mean for you | Dollars & Sense ABC10.com KXTV Baltimore City: See how much real estate prices increased the week of Dec. 11 - The Baltimore Banner Baltimore City: See how much real estate prices increased the week of Dec. 11 The Baltimore Banner Invest DSM selects real estate firm to manage mixed-use building in Highland Park Local 5 - weareiowa.com Woodsist Festival Unveils 2024 Artist Lineup: Yo La Tengo, Real Estate, Jessica Pratt, Woods and More jambands.com Collierville shopping center sold to Atlanta-based real estate firm - Memphis Business Journal The Business Journals Big changes coming to commissions in July ABC10.com KXTV Real Estate Sales Include Two Falconer Commercial Properties Jamestown Post Journal Banks Believe They Are Well-Prepared for Commercial Real Estate Fallout The Wall Street Journal Is The Housing Market Going To Crash? Bankrate.com Choice Properties Real Estate Investment Trust Reports Results for the Three Months Ended March 31, 2024 Business Wire Fennemore renews Biltmore lease with smaller footprint amid firm's national expansion - Phoenix Business Journal The Business Journals Automated Property Pricing Algorithms Bolster Price-Fixing Claims, Say DOJ The World Property Journal Pod People on KWTX@4: Meet the podcast host of "Mosaic - The Stories of Real Estate." - 4.24.24 KWTX |
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