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October 20, 2020

Is there a difference between a Home Inspection and an Appraisal?

Yes!

There is actually a very big difference between the two. Look at it this way, the home inspector is working for you. The appraiser is working for the bank.

During the home inspection, the inspector checks out the roof, crawlspace, electrical, plumbing, ect. He’s going to note every little crack, tweak, chip in the house. The Appraiser is looking for certain things to make sure the house 1) Qualifies for the loan type you are getting. 2) The home seems safe with no dangers. 3) Is being SOLD for a comparable price as the rest of the area.

When getting financing for a property, the bank will MANDATE an appraisal be done on the property. It is your CHOICE whether to do a Home Inspection.

I always recommend you do a HOME INSPECTION on a property. You have one chance to dig deep into that home. If something is lurking in the crawlspace that needs to be fixed, now’s the time to find it.

The more you know…

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