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What’s the Difference Between a Home Appraisal and a Home Inspection? » Mortgage Masters Group

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If the home fails the inspection, the sale is contingent on repairing the problems. An inspection goes into much greater detail about the home’s structural integrity and the condition of its systems. A good example of the difference between the FHA appraisal and the home inspection is the roof.

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A home inspection protects the buyer by making him aware of any structural defects in the home. The home appraisal, on the other hand, protects the financial institution from lending more money than the home is worth. home inspectors are generally hired by the buyer and serve his interests, while appraisers are usually hired by the lending institution. home appraisers and home inspectors do different things.

A tax appraisal is not the same as a regular appraisal since tax appraisals rarely match the amount of money a home can actually sell for. An appraisal does not reveal problems with the home that need to be repaired. Home Inspection. A home inspection is designed to reveal any potential problems with a home.

The inspection report is turned over to you, and depending on the findings, can be a negotiating tool between you and the seller. Appraisal A property appraisal is based on recent sales of similar properties in the area and informs your mortgage company of the estimated retail value (what it could sell for) of the property and also alerts them to potential areas of trouble.

First let me lay out the difference between an appraisal and a home inspection. An appraisal is something that a mortgage company or a bank would require in order to verify the value of any given piece of real estate. An inspection on the other hand is something that can be optional prior to a real estate transaction.

Choosing Tricks of Mortgage Prices Calgary Lorrie Rasmussen – Your Cochrane and calgary mortgage broker specializing in Mortgage Refinancing, Renewals, Mortgages for First Time Home Buyers in Calgary, Cochrane and across Alberta

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