Appraisers, Inspectors, and Assessors: Friends or Foe?

Home inspectorIt’s easy to get mixed up when you’re bantering about real estate terms. Here’s a handy guide to follow:

Appraisers: Appraisers assess the value of your house for a mortgage lender or for your own information. If you are selling your house or refinancing your house the mortgage lender will send a licensed appraiser to complete a lengthy report. The appraisers report is a “wild card.” We don’t know which properties the appraiser will choose to compare to your property. In a real estate transaction the purchaser’s lender hires an appraiser to visit your property.

Inspectors: Building inspectors assess the condition of the structure of a property and its major components. Inspectors write lengthy reports that familiarize you with the property. The report may include items that need to be repaired or replaced. Inspectors sometimes uncover mold, structural issues, etc. that are not easily assessed by buyers or sellers.

Assessors: The town or municipality keeps an “Assessor’s Card” on every property for taxation purposes. Your “assessment value” may not be an indication of the current market value. Assessor’s Cards may also be called Lister’s Cards or Property Reports.

For more information on all aspects of real estate transactions reach out to The Weaver Team, we will guide you through the entire process of selling your property or buying a new home.