Inspection vs. Appraisal home inspection

Do I need a house inspection when my bank is having the house appraised?

Yes! A house appraisal home inspection is an independent evaluation of the current market value of a house or property. In general home inspection , the purpose of an appraisal home inspection 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 house's major systems and structural home inspection 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 And Urban Development (HUD) requires buyers sign a "Consumer Notice" advising them to get a house inspection in addition to a house appraisal home inspection before purchasing a house with a FHA mortgage. Additionally, HUD now allows homebuyers to include the costs of appraisal home inspection and inspection in their FHA mortgage.