The appraiser is there to make sure that the value of the property is not overstated, so that the bank will not loose money if they repossess your home. The appraisal for a loan has nothing to do with real value. Be an Informed Buyer. An appraisal is not a substitute for an Inspection by a Great Inspector.
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A home inspection is optional, while an appraisal is required by the mortgage lender. An appraiser is more concerned with the value of the property, and a home inspector is more concerned with the condition of the property. Here is a closer look at the differences between an appraisal and a home inspection.
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The appraiser sets an appointment with the home owner or listing agent: The lender will order the appraisal, and from there the appraiser will set up a time to inspection the property accordingly. Property inspection by the appraiser: The inspection of the property will take anywhere between 5-20 minutes depending on the size.
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An appraisal is different than an inspection as it is more focused on the value of the home than the condition. While an appraiser will typically make note of safety and soundness concerns they observe, their primary role is to focus on what your house is currently worth in comparison with recently sold homes that are most similar and in the same or similar area.
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Both types of appraisals provide the appraisers opinion of the market value (both use the same definition of market value) of the property in question and both types of appraisals use the same sales, listings, and such however there is one difference between the two and that is the contract for the purchase of the home that is the subject of.
Survey Vs. Appraisal. by Will Charpentier .. Mortgage Inspection Survey. The second type of mortgage survey is a mortgage inspection survey. It may show the location of your home and any outbuildings only. It may not show the boundaries of your property, or if it does, the boundaries shown.
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What is the Home Inspection? The home inspection is a much more detailed process. The inspector looks at every little area of the home. The inspector looks at the condition of the home as well as for any type of damage or potential damage that could affect your homeownership. Click to See the Latest Mortgage Rates. The inspector doesn’t just look at the surface.