2007-10-17 00:34:52 · 4 answers · asked by . 3 in Business & Finance ➔ Renting & Real Estate
appraisers provide you with a reselling amount of your property or if you're buying, what it may be worth. since you're probably buying, the inspection is a different phase whereby a contractor goes to the property and tells you what needs repairing. Major fixtures and aspects such as plumbing and heating. 2 different things altogether.
2007-10-17 00:41:26 · answer #1 · answered by 27ysq 4 · 2⤊ 0⤋
No.
Appraisals are looking at house value only, and you usually need them to qualify the mortgage.
A house inspection is looking for things that you'd want to know about before buying the property. For instance, they might say "you'll need a new roof in 2 years" or "everything's great (not that common)", or you've got some mold here or termites there, or that you'll have drainage problems in the spring.
Most houses have something wrong, whether you want to live it it is up to you, but home inspectors are usually trained and have a lot of experience in the construction industry. The ones I've used when buying a house have always been very good. I actually backed out of a house purchase once because it failed inspection (and it deserved to - but it wasn't obvious at first blush).
Nevertheless, they are different from appraisals. Appraisals are just guesstimates on what the property could sell for. Inspections tell you what you need to deal with if you buy it.
2007-10-17 07:46:38 · answer #2 · answered by T J 6 · 0⤊ 0⤋
They are two different inspections. The Appraisal inspection is checking for value. A home inspection checks for deferred maintenance and general condition of home.
2007-10-17 07:53:38 · answer #3 · answered by Alterfemego 7 · 2⤊ 0⤋
An appraisal is a statement of facts and an opinion of value based on certain criteria established both by the Federal Government and the State government. For it to be acceptable to lenders or others, it must be done by a licensed appraiser. It is mostly used to establish an amount of value for purposes of giving a loan to the property owner or a purchaser of a property.
The inspection is done by a licensed inspector usually licensed by the state or with other licenses, such as a state construction license, which allows them to determine the conditions of the property. This is usually done by a seller before they place the property on the market or by a buyer who wants to know actual property conditions before they purchase the property
2007-10-17 08:05:54 · answer #4 · answered by newmexicorealestateforms 6 · 0⤊ 4⤋