Home Inspections
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Inspection vs Appraisal

      Do I need a house inspection when my bank is having the house appraised?

    Absolutely! A house appraisal is an independent evaluation of the current market value of the house and 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 the buyer. The appraiser looks at condition of the house, similar properties in the area and the prices at which they were sold to set the value of the house.

    A house inspector conducts a thorough evaluation of the houses major systems and structural integrity. The appraiser works for the bank, but the house inspector works for you. The house inspector identifies items that need replaced or repaired prior to closing, which can save you thousands of dollars.

    U.S. Department Of Housing And Urban Development (HUD) requires buyers to sign a Consumer Notice advising them to get a house inspection in addition to a house appraisal before purchasing a house with a FHA mortgage. Additionally, HUD now allows homebuyers to include the costs of appraisal and inspection in their FHA mortgage.

Marcus Sellards
Phone: (330) 243-2718
E-mail: homeiu@tusco.net