Do I need a house inspection when my bank is having the house appraised? Yes...absolutely! A house appraisal is an independent evaluation of the current market value of a house or property. In general, the purpose of an appraisal is to set the current value of a house so that a lender may determine how much it can loan to the buyer. The appraiser looks at similar properties in the area and the prices at which they were sold to set the value of the house.
A home inspector conducts a thorough evaluation of the home's major systems and structural integrity. Whereas the appraiser is typically working to determine the fair market value of the home, the home inspector is working for you (the client) to determine the functionality of the various systems and subsystems of the property. The home inspector identifies items that need replacement or repair prior to closing, which can save you thousands of dollars.
A home inspector conducts a thorough evaluation of the home's major systems and structural integrity. Whereas the appraiser is typically working to determine the fair market value of the home, the home inspector is working for you (the client) to determine the functionality of the various systems and subsystems of the property. The home inspector identifies items that need replacement or repair prior to closing, which can save you thousands of dollars.
Appraisal vs. Inspection
