Hello Everyone,
The main difference between the appraisal and home inspection is. The appraisal is ordered by the lender that is doing your mortgage. The appraisal is just an estimate of the value of the home to make sure the lender is not giving you more money than the home is worth. Typically you can not borrow more money than the appraisal value of the home.
The inspeciton is not an estimate of value at all. It is an inspection of the entire home inside and outside. The main purpose of the inspection is to point out issues that are not readly seen by the potential buyers or their agent. In most cases a listing real estate agent will have the sellers or current owners fill out a 4 page documents explaining any problems with the property if there are any. Even if you are given that form to sign and return you should still have a 3rd party person (the inspector) verify that there are not any other issues with the home that the owners, may or may not have been aware of.
If you decied that you don't want to spend the extra money and get the inspection done, it does not mean that you will not get the loan for the home. The inspeciton has nothing to do with the appraisal. However if you opt to NOT get the home inspection the real estate agent you are working with will request that you sign a document stating you opted out of the home inspection.
For more information please contact me at [email protected] or call or text me at 239-645-9016.
The main difference between the appraisal and home inspection is. The appraisal is ordered by the lender that is doing your mortgage. The appraisal is just an estimate of the value of the home to make sure the lender is not giving you more money than the home is worth. Typically you can not borrow more money than the appraisal value of the home.
The inspeciton is not an estimate of value at all. It is an inspection of the entire home inside and outside. The main purpose of the inspection is to point out issues that are not readly seen by the potential buyers or their agent. In most cases a listing real estate agent will have the sellers or current owners fill out a 4 page documents explaining any problems with the property if there are any. Even if you are given that form to sign and return you should still have a 3rd party person (the inspector) verify that there are not any other issues with the home that the owners, may or may not have been aware of.
If you decied that you don't want to spend the extra money and get the inspection done, it does not mean that you will not get the loan for the home. The inspeciton has nothing to do with the appraisal. However if you opt to NOT get the home inspection the real estate agent you are working with will request that you sign a document stating you opted out of the home inspection.
For more information please contact me at [email protected] or call or text me at 239-645-9016.