owensboro real estate buying and selling: Appraisal, Inspection, Assessment - Three words for one thing, Right? - 08/07/15 08:22 AM
"If there is something wrong with the house I am buying, the appraiser will find it, right?"
 
"What is the house appraised for?  You can look on the tax roll and find out, right?"
 
At least once a week I find myself clarifying the definitions of Appraisal, Inspection and Assessment.  Here are the differences:
1.  Appraisal
Appraisals are for lenders.  The lender requires an appraisal for three reasons:  1) to estimate the market value of a house 2) to make sure the house meets minimum property standards and 3) to make sure that the house is marketable.
 
2.  Home Inspection
The Home Inspector 1) evaluates the physical … (1 comments)