Which profession typically assesses the value of residential properties for lending and sale purposes?

The role of a real estate appraiser is crucial in assessing the value of residential properties. Appraisers are professionals trained to evaluate properties based on various factors, including the condition of the property, its location, and recent sales of comparable properties in the area. This assessment is essential for lending purposes because lenders require a current and accurate value of the property to determine how much they are willing to loan against it. Additionally, appraisals are often needed when a property is sold to establish a fair market value, ensuring that neither the buyer nor seller is disadvantaged in the transaction.

In contrast, a real estate attorney primarily focuses on legal aspects related to property transactions, such as drafting contracts and ensuring compliance with laws, rather than valuing properties. A real estate agent assists clients in buying, selling, or renting properties and may have some knowledge of property values but does not conduct formal appraisals. A property manager oversees the day-to-day operations of a property but is not involved in valuing residential properties for sale or lending.