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

Home Inspection vs. AppraisalYes! A home appraisal is an independent evaluation of the current market value of a house or 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 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 home inspector conducts a thorough evaluation of the house's major systems and structural integrity. Whereas the appraiser is typically working for the bank, the home inspector is working for you . The home 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 home inspection in addition to a home appraisal before purchasing a house with an FHA mortgage. Additionally, HUD now allows homebuyers to include the costs of appraisal and inspection in their FHA mortgage.

 

 
 
Home Inspection, Home Inspectors, Home Inspection Report, Glendale, Phoenix, Scottsdale, Maricopa County, Arizona
White Glove Home Inspection Services - Glendale, Arizona, Scottsdale, Phoenix and all of Maricopa County, Arizona. White Glove Home Inspections
8476 W. Thunderbird Rd., Suite 101 Peoria, Az. 85381
Phone: 602-743-3565
Fax: 602-467-3293
Email: info@azwhiteglove.com
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Home Inspection, Home Inspectors, Home Inspection Report, Glendale, Phoenix, Scottsdale, Maricopa County, Arizona
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