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Difference Between an Appraisal and a Home Inspection
What is the difference between an appraisal and a home inspection?What Is A Home Appraisal?
According to the Appraisal Institute, the role of the home appraiser is to "provide a professional opinion, usually an estimate of market value, to be used in making real estate decisions." Typically, appraisers are employed by lenders to estimate the value of real estate involved in a loan transaction. An appraiser hired by a lender works in the best interest of their client, the lender.
What Is A Home Inspection?
A home inspection is an objective visual examination of the physical structure and systems of a house. Home inspectors are usually employed by the prospective homebuyer. A home inspector hired by a buyer works in the best interest of their client, the homebuyer.
A home inspection is conducted by a qualified inspector and they take a more detailed look at the physical structure and systems within a home from the roof to the foundation.  The average time for a home inspection is approximately 2-3 hours, while an appraisal inspection is completed in a short time relevant to the home inspection.
According to the American Society of Home Inspectors (ASHI), a home inspection report will examine and ... more

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