Inspections Vs Appraisals

Dated: 08/08/2016

Views: 169

WHAT'S THE DIFFERENCE????

The thought of purchasing a home can be a daunting task. That's why it's so important to hire professionals to guide you through the process. One of the professionals you will need is the home inspector. The role of the home inspector is to act as an unbiased third party to inspect every component of a home to determine the working condition and to report their findings. Inspectors do not document cosmetic issues, but primarily, they inspect for deficiencies. 

Another party to the transaction is the appraiser. An appraisal is ordered by the lender and is specifically used to determine the value of the home. Lenders want to ensure that the contracted price is supported by other recent sales in the neighborhood. Thus, the appraiser's job is to reconcile data for the neighborhood that substantiates the value.

Always consult with your real estate professional to help you understand when each step occurs in the process. Image titleImage title

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