Some future home buyers may be confused about the difference between a home inspection and a home appraisal. While they sound like they are the same thing, they are very different in reality. The two serve different purposes. A home inspection is optional; while an appraisal is required by a mortgage lender.
FHA Appraisal vs Home Inspection What Is the Difference between an FHA Appraisal and a Home Inspection? When Congress created the Federal Housing Administration, part of the mission was to ensure that Americans had access to safe housing.
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The inspection vs. the appraisal. They both require a professional to walk through the property. Both tend to happen early in the home purchase process. Both point out potential flaws. So, what is the difference between a home inspection and an appraisal? You’ve chosen the home.
A home inspection is primarily intended to protect the prospective buyer from purchasing a home with structural defects and other major problems. The home appraisal is meant to protect the lender from paying more than the house is worth. What’s a home appraisal? The bank requires that a property be appraised to determine its market value.
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A home inspector’s job can affect the value or sale of a home. For example, a buyer might ask for a price reduction to reflect the need for a new furnace-but inspectors don’t have the home’s value as a priority; it’s simply their job to report the facts to both the buyer and seller.
Another difference between an appraisal and a home inspection is the length of time it takes for each task to be completed. A home inspection, depending on the inspector, can last anywhere between 2-4 hours to complete depending on the size of the home.
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A home inspection can be a great bargaining tool in the hands of the buyer (as can an appraisal), and it is always a good idea to get an inspection before buying a home. Home Inspectors do not determine value. As noted above, Home Inspectors create a report that let’s the buyer know the overall condition of the home.
1004D Appraisal Update vs. Completion Certification (Final Inspection): What is the difference? Posted October 21st, 2014 Filed under blog. form 1004d serves two distinct purposes and the scope of work for each is different. Please see below for specific ordering instructions with Valuation Management Group (VMG).
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