but is doing a drive-by appraisal. Also known as a summary appraisal, exterior inspections of homes by licensed real estate appraisers are used for documenting comparable values or home sales when a.
If the home fails the inspection, the sale is contingent on repairing the problems. An inspection goes into much greater detail about the home’s structural integrity and the condition of its systems. A good example of the difference between the FHA appraisal and the home inspection is the roof.
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An appraisal is different than an inspection as it is more focused on the value of the home than the condition. While an appraiser will typically make note of safety and soundness concerns they observe, their primary role is to focus on what your house is currently worth in comparison with recently sold homes that are most similar and in the same or similar area.
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Another difference between an appraisal and a home inspection is the length of time it takes for each task to be completed. A home inspection, depending on the inspector, can last anywhere between 2-4 hours to complete depending on the size of the home.
An FHA inspection, also called an FHA appraisal, is conducted to protect the lender and FHA from loaning more money on a mortgage than the home is worth. A home inspection’s purpose is to alert.
Home Appraisal vs Home Inspection. The difference comes in when you have an appraisal. A home appraisal is required if you will have a mortgage on the home. The appraisal is there for two reasons, for one, the bank wants to make sure that the house that they’re lending on is worth the amount that you’re buying it for.
The mortgage lender typically waits to order the appraisal until after the home inspection is completed (if the buyer decides to do a home inspection). Per government-regulated guidelines, the mortgage lender is required to randomly assign an appraiser to an appraisal order.
What is the Home Inspection? The home inspection is a much more detailed process. The inspector looks at every little area of the home. The inspector looks at the condition of the home as well as for any type of damage or potential damage that could affect your homeownership. Click to See the Latest Mortgage Rates. The inspector doesn’t just look at the surface.
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