daftpunk

What do Americans call a surveyor, when in the uk you pay them to value your house and just give you a rough figure ?

penguinsix

'Home inspectors' (building inspectors) review houses for faults, etc prior to a purchase.

'Appraisers' give you a 'fair market value' of the house prior to a mortgage.

'Surveyors' conduct ground surveys of property lines, right of ways, etc.

daftpunk

Lovely thanks.

penguinsix

Or, if you are just window shopping:

http://www.zillow.com/

Tracym

If you just want an estimate of market price, realtors will give you an appraisal for free, and include listings of comparable homes in the area.

You don't generally need a paid appraiser unless it's for bank financing or something else official.

Ray

And if you shake a Realtors hand ..count your fingers afterwards

penguinsix

Generally the process (I think) is you make an offer with a realtor. If the offer is accepted, there is a caveat that you get a home inspection (which might alter the price a bit if there is a flaw). After that an appraiser (who works for / hired by the mortgage company but whom you pay) goes and looks at the fair market price to make sure the house is worth the amount of the mortgage.

Though it varies from state to state.

Tracym

PMSL well it helped to have a realtor who was a personal friend.

It depends what you're doing of course, buying or selling.

If you're the buyer, your realtor should show you a bunch of houses in the listings. Then yes - you make an offer. Based upon the home inspection, they might have to either fix something or give you money back at closing so you can fix it. The appraiser only cares that the house is worth the mortgaged amount, NOT the total amount you paid for it.

If you're thinking of selling a house, realtors and comparative market analysis is a good way to get an idea of what you'll probably be able to sell the house for. I wouldn't believe every word they say, but if you have a couple look at it it, and see what the comps have sold for, it'll give a reasonably good idea.

Ray

I have ..more than a few ..all crooked

but only the ones when the fee is big enough for them to take a big slice of pie
Don't use an inspector of their choosing

neil

Good advice, also make sure you get a full inspection - we got a recommendation for someone who went through the house thoroughly. Our realtor said they had been in inspections where basically all the inspector did was tap a couple of walls and give a cursory glance over electrics etc.

Tarkak9

...never liked you either Ray

Ray

Especially CO realtors ... check your toes as well...