lender: Appraisal versus Inspection...Do I need an Appraisal or Inspection?
- 05/20/10 05:27 PM
Many of my clients are confused about the difference between a property inspection and a home inspection. Why wouldn't they be when the term "inspection" is often attached to what is a FHA or VA appraisal. To clear this up, an appraisal is ordered by the lender where you are getting your loan as an evaluation of the property's value. Many real estate purchase agreements have language in them addressing that the property must appraise at or above the contract price, assuring that the loan does not exceed the current market value of the property. Appraisers use comparable sales, adjusting pluses and minuses to … (0 comments)
Many of my clients are confused about the difference between a property inspection and a home inspection. Why wouldn't they be when the term "inspection" is often attached to what is a FHA or VA appraisal.
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