Buyer getting a VA loan. Already had a good appraisal, and now need inspection. WHY? Can they ask me to do more than the appraiser recommended in order for buyer to get VA loan?
2007-03-02 13:32:55 · 9 answers · asked by mel s 6 in Business & Finance ➔ Renting & Real Estate
An appraisal is an opinion as to the value of a property done by a licensed appraiser of the state in which they live. He is normally hired by the buyer to prove the value. If there are visible damage to the property that would cause it to be of a lesser value it will be so noted by the appraiser. He compares the property being appraised to other properties that are as close to the property in size, bedroom and bathroom count as well a square footage, closeness to schools and shopping centers as well as public transportation that have been sold within the last 90 days or less.
An inspection is done by a licensed person authorized to do this type of work in the state they work. The check to see if things function as they should, how mush wear has been done to fixtures and wood rot, water pressure and other things an untrained eye would not discover during the short time in which they are allowed to look at the property. See if the roof is still functional or leaking, windows to see if water would come through windows that no longer have seals.
You would have to do these things if the VA inspector has determine that they need to be done as a condition of the sell.
The main person that would require you to repair things in the house before a sale is complete is the VA inspector.
I hope this has been of some help to you, good luck.
"FIGHT ON"
2007-03-02 13:51:57 · answer #1 · answered by Skip 6 · 0⤊ 0⤋
In canada the home inspection is not mandatory where as an appraisal can be depending on the lender.
The appraisal is conducted by a licensed appraiser and determines the value of your property based on sales comparables in your neighbourhood.
The home inspection is recommended but not mandatory, they basically look to see if the property is structually sound and if there are any major faults.
2007-03-06 05:45:26 · answer #2 · answered by Anonymous · 0⤊ 0⤋
2 issues are absolutely properly absolutely worth the price: a specialist inspection and a criminal specialist to study the contracts. An appraisal isn't any the position close to akin to a house inspection. some value determinations are performed with out ever stepping on the belongings. this is performed via comparing different revenues contained in the realm to set a fee for the belongings. problem isn't even an element. on the different hand, a specialist insprection will bypass via and examine each little thing. You get a close record of skill problem aspects. you may then attempt to get the broking to fix or negotiate a higher fee or merely walk faraway from houses with large themes. Do you've a really settlement with this Realtor? in case you do not, then legally the Realtor works for the broking, no longer you. you may opt for to search for a diverse Realtor reason this one is supplying you with some extremely undesirable suggestion.
2016-11-27 01:11:35 · answer #3 · answered by ? 4 · 0⤊ 0⤋
Appraisal is the value of the house. Home inspection let you know the condition of the house. Help to know if need some reparation, also can help you to reduce the price or is the house is good to live.
2007-03-02 13:43:24 · answer #4 · answered by Anonymous · 0⤊ 0⤋
The appraisal place s value on the property. The inspection determines if there is anything wrong with any of the systems on the property.
2007-03-02 13:42:26 · answer #5 · answered by WJVV 4 · 0⤊ 0⤋
A home inspector inspects to see if there are any problems with the house....foundation cracks, mold, electric hazards, etc. They find all the problems of the house.
An appraisal is when someone comes in and tells you how much the house is worth and what it can be sold for.
2007-03-02 13:41:16 · answer #6 · answered by Lisa S 3 · 1⤊ 0⤋
an appraisal checks to see what your house could sell for now... most of the time more than what you paid for it. an inspection makes sure you are following all laws, and codes, and makes sure you had permits for any renovations you had...
2007-03-02 13:40:38 · answer #7 · answered by Mimi 4 · 1⤊ 0⤋
An appraisal does not take the place of a home inspection, just like an inspection does not take the place of an appraisal. Each one is designed for very specific purposes and one cannot replace the other.
2016-06-26 19:44:09 · answer #8 · answered by lisa 2 · 0⤊ 0⤋
An appraisor is looking for the value in the nicer points of your home. A home inspector is looking for the trouble spots of your home.
2007-03-02 13:41:45 · answer #9 · answered by KirksWorld 5 · 1⤊ 0⤋