The Difference
between a home valuation and a real estate agent appraisal
The term home valuation is used by a lot of people
for actually two different types of services,
although they are both related to the value of real
estate, it is important to clarify the difference.
One is perhaps better termed a real estate agent appraisal
this is the estimate provided by a real estate agents
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So the first question to ask when getting a home valuation
is what purpose is this to serve. |
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You need a registered valuer's home valuation
when a definitive price is required.
For a registered valuer to provide you with a valuation
on your home or property you are looking at organizing a paid
service. A valuer determines the value of property based upon
market conditions at a given time.
A real estate salesperson appraisal
is really only intended to be a guide to pricing when you
are considering selling your property.
Appraisals are only intended as a guide to pricing and can
be requested from real estate salespeople.
Appraisals are produced by knowledge of the local area and
recent sale prices and should only ever be used as an estimate
of price.
They are not definitive and have no legal standing. It is
rare for an agent to charge a fee for appraisals and they are generally
only requested by potential vendors to get a ‘feel' for the
local market.
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A home valuation by a registered valuer
This is a different service to that of a
free appraisal on your home value from your local real estate
agent.
Registered valuers clients may include banks, government departments,
property developers, insurance companies or building owners and although practices may vary from
state to state in Australia the valuations provided are generally used for thing like :
- family law settlements
- assessing mortgages
- assessing rent for leases
- assessing the value of assets
- insurance compensation
- establishing the value of properties for sale
- the calculation of land tax, municipal rates and stamp duties on property transfers and loans
Free service
The information on our web site is a free service
to consumers.
We are paid by our advertisers but the information
is relevant to Australian real estate conditions.
If you are looking to employ a real estate agent or
considering geting a home valuation by a registered
valuer any where in Australia please check out our web
site first
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