Real Estate Appraiser Vs. Home Inspector – What Is the Difference?

Many people use the terms real estate appraiser and home inspector interchangeably, even though these professionals perform significantly different roles. If you are involved in a real estate transaction of any kind, it is important that you understand if it is a Jacksonville appraiser that you need, or a home inspector.

The Purpose of a Home Inspector

Individuals considering purchasing a property typically hire a home inspector. A home buyer will often be the one who is responsible for finding and paying for the services of a home inspector so that they can make a more informed decision about whether or not they would like to commit to the purchase of a home.

The inspector will visit the property and evaluate it thoroughly, looking for any signs of disrepair. They will deliver a detailed report explaining the condition of the roof, electrical and plumbing systems, appliances, foundation, and other major factors within the home. This will tell the potential homeowners if they will need to make major repairs, or if they should require the sellers to address the repairs first, and can give them more bargaining power in the transaction.

 

Why You Would Need a Home Appraisal in Jacksonville

While a Jacksonville real estate appraiser will take the condition of a home into consideration, their primary goal is to determine the current market value of the home. Appraisers will take into consideration the local real estate market, the age of the home, and various features within the home. For example, a home that has recently upgraded countertops and appliances will have a higher appraisal value than one that does not.

So, why might you require a Jacksonville appraiser? If you are purchasing a home, and are applying for a mortgage, your lender will want a certified real estate appraiser to evaluate the market value of the home. Lenders want the assurance that the property is worth the amount that you are paying.

According to SFGate, lenders are often hesitant to fund more than 80% of a home’s market value. If your purchase price is higher than the market value, you are likely going to have to make up the difference, or at least a considerable amount of the difference. You might also need a Jacksonville probate appraiser, bankruptcy appraiser, or divorce appraiser, if the current value of a property is necessary for your financial records.