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The Difference
between a real estate valuation and an appraisal by
an agent
The term real estate 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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If you are
selling how do you choose the right real estate agent to handle
the sale of your property
We can help you to choose the right agent to handle the sale
of your property.
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If you are considering a real estate valuation because you
have been told you need one from a bank or a solicitor, you
will be looking to get a registered valuer to provide this
type of real estate valuation and this type of service is
a paid service.
The fees for a real estate valuer to provide a real estate valuation can
vary between $300 up to probably a maximum of about $600 for an average Australian home.
If your property is not just a standard residential property
it will require more work for the valuer because what the
valuer is basically going to provide to you as part of his
or her report is a list of comparible sales to your property
that help to explain why the valuer has put x amount as a
value on your property.
So the first question to ask when getting a real estate
valuation is what purpose is this to serve.
You need a registered valuer's real estate
valuation when a definitive price is required.
For a registered valuer to provide you with a valuation
on your realestate 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 real estate valuation by a registered
valuer
This is a different service to that of a free appraisal on
your real estate 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 realestate valuation by a registered
valuer any where in Australia please check out our web
site first
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