#43 Is the appraisal the same as an inspection?
VIDEO POST #
Many times home appraisals are confused with home inspections. Some types of loans, such as FHA or VA loans, require the property to meet certain requirements before the loan can be insured to protect the lender (not the homeowner). The appraiser for an FHA or VA loan may require certain items such as peeling paint (interior or exterior) to be scrapped and repainted. Another example might be a requirement to upgrade the electrical panel, repair certain plumbing issues, improve water drainage from the homes foundation, or even replacement of a dilapidated roof. The list can look similar to a home inspection report, however they are not the same report.
It’s true both reports can interfere with the home selling process to the extent of a contract being completely canceled. But it doesn’t have to be that way if the homeowner takes the proper steps before putting their home up for sale. Remember, appraisal report is for the lender and the inspection report is for the home seller and/or the home buyer. This is a big difference when selling a home.
Todd and Curtis discuss the differences and why you need to understand the differences between an appraisers report and a home inspection report in this short video.
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