Obtaining a timely home inspection and appraisal after your offer has been submitted is very important.
Although both reports may seem similar in nature, there are some significant differences that you should be aware of as you are buying a home.
Here are some key elements about both home inspections and appraisals that will give you a clearer understanding of how they are used and why they are so valuable to you.
What Is A Home Inspection?
A home inspection is a service conducted by a professionally licensed inspector to look for damage or dangerous problems to a home. An inspector will check different areas of the property such as the roof, the foundation, the pipes or electrical system and look for water or mold damage. Some inspectors will also look for insect or termite damage to the home. What Is A Home Appraisal?
A home appraisal is a service of having a value placed on a home based on its uniqueness and amenities. Every home has its own characteristics which determine its value. An appraiser uses their expertise and knowledge of market standards to place a value on a home which is important for both you and your lender to have prior to closing.
Do You Need Both A Home Inspection And Appraisal?
Any home that you purchase will require a home inspection. Most lenders, especially if the mortgage will have government backing like an FHA loan, will also require a physical appraisal of the property before a loan is approved. These are two entirely different services and should be conducted by licensed professionals in their respective fields.
Want To Buy A House In King, Snohomish, Kitsap, Or Mason County?
All of this may seem slightly complex or overwhelming if you are buying your first house.
However, when you hire the right Mason County broker, they will coordinate everything between the lender, inspector, the appraiser, the title company, and every other lender.
They will also be there to explain everything to you and make sure you are fully protected along the way.
Click here to begin your home search and hire your Mason County real estate broker.