One of the most common questions posed by prospective home buyers concerns the difference between a property inspection and a property appraisal.
During an inspection, a qualified professional assesses the systems and structural integrity of the property. Obtaining an inspection is usually a condition of the sale and included in the Purchase and Sale Agreement. The buyer usually pays for an inspection to uncover any hidden problems before the deal is finalized.
An appraisal is a formal assessment of the value of the property in the current real estate market. Lenders usually require a written appraisal to confirm that the amount they are loaning doesn't exceed the property value.
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The Davidson Team
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