· Today’s video is a breakdown of between a Home Inspection vs Appraisal. Many homebuyers don’t understand the difference between a Home Inspection and Appraisal. Even worse, many agents don’t.
Home appraisals tell you how much a home is worth, and a home inspection tells you why you might not want to buy it, regardless of price. Both processes have the capacity to derail home purchases.
Appraised Value. The appraised value of your home is what the lender thinks it is worth, as determined by a third-party appraiser, and is rarely the same as the market value. The appraised value is usually unbiased in contrast to the market value, and it is based on the sales comparison to similar homes, in similar condition,
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Is there a difference between FHA Inspections and Regular Inspections? Would you still hire a regular inspector? Find answers to this and many other questions on Trulia Voices, a community for you to find and share local information. Get answers, and share your insights and experience.
The Difference Between Home Inspection and Home Appraisal. RI Licensed Lender 20132831LL; Virginia NMLS ID #13589. platinum home mortgage corporation, 2200 Hicks Rd #101, Rolling Meadows, IL.
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Many home buyers can tell you similar stories about the subjectivity of home appraisals, making the prospect of applying for a mortgage somewhat unsettling. What If the Appraisal Is Inaccurate? If you’re unsatisfied with an appraisal, you may be able to ask for a second appraisal through some lenders.
· Not all sites have the same official codes that are used by the local MLS. Usually when all of the contract contingencies such as financing, appraisal, home inspections, HOA or Condo document review are completed then a listing goes from under contract with contingencies to.
Mortgage Inspection Survey. The second type of mortgage survey is a mortgage inspection survey. It may show the location of your home and any outbuildings only. It may not show the boundaries of your property, or if it does, the boundaries shown will be based on information found in local county records.
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