The Difference in Appraisals and Home Inspections

Is A Property Appraisal Also A Home Inspection?

A question that I am often asked by my clients is to explain the difference between a property appraisal and an inspection. The usually would like to know just how each is used during the home buying process.

An appraisal is an official assessment of the market value of your home or property.

When you apply for a mortgage to finance buying a new home, the lender will want to insure the loan amount does not exceed the actual value of the property. The appraisal is used to determine the value of the home for that reason. Depending on the type of loan you are applying for some appraisals may be more detailed than others.

A home inspection is conducted to determine the condition of the structure and systems of the property.

The home inspection is usually ordered at the discretion of the buyer to determine if any problems exist with the home. The last thing you want is to move  into your new home to find thousands of dollars in repairs that need to be made. A home inspection allows the buyer to know the exact condition of the property before actually buying a home. If there are deficiencies in the properties condition, this will also serve as an opportunity to renegotiate terms of the contract.

As an experienced agent I will also keep an eye out for any conditions that I feel could possibly be a lender condition and let the buyer know ahead of time.

I would be happy to discuss your options and show you what homes are available in Washington DC, Upper Marlboro, Bowie, Maryland, and the surrounding areas. Lets get started today give me a call 240-604-9639.

Get a proactive approach and find your dream home with Heyward Homes.