Many people wonder about the difference between a property appraisal and an inspection, and how each is used during the home buying process.
An appraisal is a formal assessment of the value of the home or property. When you are financing a property, the lender will typically need an appraisal to determine the value of the home to insure the loan amount does not exceed the actual value. Some appraisals depending on the type of loan may be some what more in depth. My experience with buyers that may be purchasing a home using VA Financing I have noticed … (2 comments)
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