What's the Difference Between an Inspection and an Appraisal in Real Estate?
When you’re buying a house, it’s important to know the difference between an inspection and an appraisal. This guide explains.
What's the Difference Between an Inspection and an Appraisal in Real Estate?
An inspection is a visual examination of the property to check for any visible damage or problems. An appraisal is a determination of the property's value by a professional appraiser. Here's a closer look at each.
What is a Home Inspection?
A home inspection is a visual examination of the property, typically conducted by a professional inspector. The inspector will look for any visible damage or problems with the property. This can include things like water damage, structural issues, and electrical problems. The inspection report will list any damages or problems that were found.
It's important to note that a home inspection is not the same as a home appraisal. An inspection is simply a visual examination of the property; it does not provide an estimate of the property's value.
Who Pays for a Home Inspection?
The buyer typically pays for the home inspection. However, in some cases, the seller may agree to pay for the inspection as part of the sale.
Who Chooses the Home Inspector?
The buyer typically chooses the home inspector.
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What is a Home Appraisal?
A home appraisal is a professional estimate of the property's value. The appraiser will consider things like the property's location, size, condition, and recent sales of similar properties in the area. The appraisal will also take into account any improvements that have been made to the property.
Who Pays for a Home Appraisal?
The buyer typically pays for the home appraisal. However, in some cases, the seller may agree to pay for it.
Is an Appraisal Necessary?
Lenders won't let people borrow money to buy a home without an appraisal. That's because the appraisal protects the lender by ensuring that the property is worth at least as much as the loan amount.
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Who Chooses the Appraiser?
The lender will usually choose the appraiser. Most lenders have a list of preapproved appraisers they work with; they hire the same people over and over because they want a professional opinion they can rely on so they can make sound financial decisions.
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