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Today, we cover a topic that confuses many people in the area. Home inspections and appraisals are often seen as interchangeable, but these are two very different processes that occur during a real estate transaction.
In some ways, these two processes are the same: a third-party walks through the property and makes an assessment. However, the similarities end there. Appraisers work for the bank to determine the value of the house. Their job is to check out the house and ensure it's worth as much as the contract says it is, so the bank feels comfortable lending that amount of money.
The home inspector is going to give a more detailed look through the property. They're there to make sure there aren't any structural defects that could cost you down the road. You write them a check to do this for you, so they are representing you and your interests!
We recommend all of our buyers get a home inspection to get a better idea of what they're buying. You don't want to purchase a home with defects that might cost you a lot of stress, time and money down the road!
If you have any questions for us, or if you would like real estate assistance of any kind, we would love to hear from you!
