Do I need an 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 property 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
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.
