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 Some things are to be expected, such as outdated electrical systems in older houses and minor settlement.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

---

Things To Consider Before Buying a Condo Hotel or Resort Residence

Resort home ownership, such as condo hotels and fractional shares... Read More

Real Estate Research By Talking

Real estate research might start with a look at the... Read More

Landlording And Other Aggravations

Here's the gripping story...You are the landlord of a small... Read More

Boston Real Estate ? You Still Have Considerable Control Over the Sale of Your Boston Home

Boston real estate is a hot topic. Daily newspaper articles... Read More

Vegas: The New Frontier

Unless you have been living in Siberia, you know that... Read More

How to Use Color Psychology to Prepare Your Home for a Top-Dollar Sale (Part 1)

You've decided to prepare your home for sale. Whether you... Read More

What Homeowners Should Know to Stop Foreclosure- Speaking Your Lenders Language

Financial literacy is the means of empowering consumers to make... Read More

Buying Houses at Discount Prices

Buying a house is the best way you can create... Read More

Loan Officer Training: Learn How To Shape Realtors Perceptions

In medicine, a placebo is a pill that you think... Read More

How to Choose Your Real Estate Lender

Because you need quick action when applying for a real... Read More

For Sale in Ridgefield

Ridgefield Connecticut, located near the New York border, is a... Read More

Florida Investment Real Estate and What Are Considerations Before Buying

Investment Real Estate, First Things FirstConsidering investing in property? What... Read More

How To Buy Real Estate - Yes, YOU CAN!

If you want to buy a house but don't think... Read More

How to Find the Sweet Spot in Real Estate Investing

Psssssssssst, Want to know a great way to make FAST... Read More

Joint Ventures In Real Estate Development; So How Do They Work?

There are many reasons why you would consider joining with... Read More

The Many Ways To Profit From O.P.P.s Multiple Cash Streams

In a previous article we introduced you to the concept... Read More

The Secret To Marketing Your FSBO Home For Sale

You're ready to put your home or land (house, townhouse,... Read More

Farm Expired Listings For Big Commissions

Many real estate agents begin and sometimes sadly end their... Read More

Property for Sale in Bulgaria - Emerging Property Markets 1

The latest investment property headline is this: Popular and well... Read More

Grab Quick Profits As Real Estate Prices Soar

Real estate values rise and fall in cycles. Currently home... Read More

Virtual Agent? Online Real Estate

When preparing to sell a house, you should always consider... Read More

A Singles Game of Real Estate

This discussion leans toward answering questions asked most often by... Read More

Apartment Financing Explained

So you're interested in entering the world of property management?... Read More

Real Estate Season is Here

Yes, it has finally arrived. This is the time of... Read More

Attention To Details Helps Homeowners Sell Fast In A Buyers Market

Your boss has just given you the career opportunity of... Read More

Property Investment: Spoiled for Choice in Europes Emerging Markets

You could be forgiven for thinking that property is the... Read More

Real Estate Investing with Bad Credit!

By being creative, you can play the game of real... Read More

Maximizing Curb Appeal and First Impressions to Sell your Home

We all know that a home or property of any... Read More

What to Look Out For When Buying Off Plan

Buying Off PlanIt can be difficult to decide when every... Read More

Investing In Commercial Property

Why commercial property?Compared to residential property investments, commercial property offers... Read More

Decorating to Sell a House by Meeting Three Key Needs

Specific marketing campaigns are no longer just for automobiles and... Read More

Realities of Real Estate Investing

If you are anything like me, you are always looking... Read More

How To Increase Your Homes Selling Price by $3,306.75 In The Next 33 Days

According to the Federal Housing Finance Board:... "As of October... Read More