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Inspection vs Appraisal
Do I need a house inspection when my bank is having the house appraised?
Yes! A house 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 house inspector conducts a thorough evaluation of the houses major systems and structural integrity.
Whereas the appraiser is typically working for the bank, the house inspector is working for you.
The house inspector identifies items that need replacement or repair prior to closing,
which can save you thousands of dollars.
U.S. Department Of Housing An Urban Development (HUD) requires buyers sign a Consumer Notice
advising them to get a house inspection in addition to a house appraisal before purchasing a house
with a FHA mortgage. Additionally, HUD now allows homebuyers to include the costs of appraisal and
inspection in their FHA mortgage.
HANDY DAN HOME SERVICES
PO BOX 2743
GARDEN GROVE, CA 92842
800-356-4804
Brought to you by:
DANIEL CARDONA
Handydan Home Services
Office: 800-356-4804
Cell:
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