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How does an inspection differ from an appraisal?
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One frequently asked question is whether a home inspection is necessary if the bank is having the home appraised?
The short answer to this is yes. While the appraiser is typically working for the bank, the home inspector is working for you. Generally, the purpose of the home appraisal is to evaluate the current market value of a house or property so the lender can determine how much money it can loan the buyer. This is done by the appraiser comparing the home or property of interest to similar properties in the area. The prices at which these sold will help the appraiser set the value of the property in question. The home inspector evaluates the house’s major systems and structural integrity and identifies items that need replacement or repair prior to closing, which can save you thousands of dollars.
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