Home Inspection vs Appraisal
Do I need a house inspection when my bank is having the house appraised at the time of purchase?
Yes! A house appraisal is an independent evaluation of the current market value of a house or property. In general, the purpose of an appraisal is to set the current value of a house so that a lender may determine how much it can loan to the buyer. The appraiser looks at similar properties in the area and the prices at which they were sold to set the value of the house.
A home inspector in Dallas Fort Worth conducts a thorough evaluation of the houses major systems and structural integrity at the home inspection Where as the appraiser is typically working for the bank, the home inspector is working for you at the home inspection. The professional home inspector identifies items that need replacement or repair prior to closing excepting the homes condition, which can save you thousands of dollars by having the home owner do the repairs or discount the home for the repairs.
U.S. Department Of Housing And Urban Development (HUD) requires buyers sign a Consumer Notice advising them to get a home inspection in addition to a house appraisal before purchasing a house with a FHA mortgage. Additionally, HUD now allows home buyers to include the costs of appraisal and home inspection in their FHA mortgage.
R Eyes Home Inspections
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