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As someone involved in a real estate transaction, you might come across two types of services prior to the sale of a home: real estate appraisal and home inspection. learn the main differences between the two processes and when you might need one, the other, or both as a buyer.
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The actual difference is that home appraisal is there to come up with the real value of a property whereas home inspection job is to thoroughly investigate and present the buyer with objective findings, pros and cons, possible risks, and advice if needed.
Learn about the difference between a home inspection and a home appraisal.
The difference between an VA appraisal and a home inspection? On the most basic level, the appraisal is required, the inspection is not. But the inspection really shouldn’t be considered an option, at least for those who want to protect their investment in the property.
Jobs of the inspector. A home inspector’s job can affect the value or sale of a home. For example, a buyer might ask for a price reduction to reflect the need for a new furnace-but inspectors don’t have the home’s value as a priority; it’s simply their job to report the facts to both the buyer and seller. Inspections generally take about two to three hours.
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The actual difference is that home appraisal is there to come up with the real value of a property whereas home inspection job is to thoroughly investigate and present the buyer with objective findings, pros and cons, possible risks, and advice if needed.
A home inspection, while being a great idea, is not required. You can choose to forgo a home inspection – the cost of which falls generally between $200-300 – but you might find the condition of the home will cost you much more than you bargained for.
Between entering escrow. One of the first things you need to do is clear your inspection contingencies. California sets a standard 17 days for you to get "boots on the ground," meaning a home.
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If the home fails the inspection, the sale is contingent on repairing the problems. An inspection goes into much greater detail about the home’s structural integrity and the condition of its systems. A good example of the difference between the FHA appraisal and the home inspection is the roof.