If you want to sell the home and find the correct price to list the property, hiring an independent appraiser is a good idea. The real estate appraiser will guide you to identify an accurate picture of what your home is worth.
When should you go with the lender company’s appraisal?
It is not a good idea to hire an appraiser when the mortgage lender is involved in the purchase of the home. Because lenders may consider that appraisal report as biased. In this case, you have to move with the mortgage company’s appraisal report.
Difference between appraisal and assessment
Though appraisal assessments are relative measures to determine the value of a home, these are not interchangeable. Appraisal measures the recent sale price of your home while assessment measures the value of a home when the property will be taxed by the government.
As the mortgage rate, as well as the interest rate, will be higher in the coming days, the real estate market will be tough for a home buyer. The home appreciation rate will not be as fast as expected. The home buyers will earn profit but it may not reap a windfall. It may take a longer time to get a return on investment. In this situation hiring a perfect home appraiser is a wise decision for the buyer.