Inspection vs Appraisal
Do I need a building inspection or assessment when my bank is having the facility appraised?
Yes! A appraisal is an independent evaluation of the current market value of a commercial property or house. In general, the purpose of an appraisal is to set the current value of a facility or 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 inspector conducts a thorough evaluation of the facilities major systems and structural integrity. Whereas the appraiser is typically working for the bank, the inspector is working for you. The inspector identifies items that need replacement or repair prior to closing, which can save you thousands of dollars.
U.S. Department Of Housing And Urban Development (HUD) requires buyers 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.
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