Inspections and appraisals are integral parts of the home-buying process.
Today I’ll talk about the difference between an inspection and an appraisal and whether you need them or not.
Inspections happen first in the transaction. An inspector is a professional hired by the buyer to look at the property on their behalf and find things that could be potential defects. It’s paid for by the buyer and usually takes about four hours to complete.
An appraiser is hired by the buyer’s lender, and they are looking out for the lender’s interest. They want to make sure that the property supports the value of the sales price and meets their guidelines. An appraiser may also come back with some repair issues.
They’re both an integral part of the transaction. You don’t ever want to buy a property without getting an inspection. If you have any questions, don’t hesitate to reach out to me by phone or email. I look forward to hearing from you.
