Appraisal vs Home Inspection, what is the difference? » Mortgage Masters Group

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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.

Home appraisals tell you how much a home is worth, and a home inspection tells you why you might not want to buy it, regardless of price. Both processes have the capacity to derail home purchases.

Inspection Costs. The appraisal fee typically runs between $300 and $500. Buyers should also hire their own home inspector to assess the condition of the home. The average home inspection costs 5, but may run anywhere between $200 and $500 depending upon the size of the property and its location.

Before the FHA will insure a reverse mortgage, a HUD-approved appraiser will conduct an inspection to identify any problems that need repair. While an FHA appraisal isn’t a home inspection in the.

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Inspection vs. Appraisal. What’s the Difference? When purchasing a home, buyers may receive two property-related reports to consider – a home inspection and a home appraisal. These reports serve completely different purposes, and one is optional and one is required by the mortgage lender.

As you can see, there is a distinct difference between a home appraisal and home inspection. Both are crucial when going through the mortgage process. Both offer a more clear and objective assessment of your home, which allows one to improve its overall quality for the highest price.

Q: What’s the difference between a home appraisal, an inspection and an evaluation? A: A lot. They are done by different professionals, for different reasons, at different times, looking at different things and arriving at different conclusions. Home appraisals, inspections and evaluations each play very important part in real estate.

Home appraisals are a key element to the purchasing and financing of real estate. They provide sellers, buyers, lenders and mortgage insurers with a professional estimate of a property’s market value.

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