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A home inspection is optional, while an appraisal is required by the mortgage lender. An appraiser is more concerned with the value of the property, and a home inspector is more concerned with the condition of the property.
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.
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Mortgage What’s the Difference Between FHA and Conventional Loans? Friday, February 1, 2019. You can also purchase a home for any purpose, and the appraisal process will likely be less intense than it is for an FHA loan.. you might also consider paying for a home inspection before.
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Answer: An appraisal offers a third party value of a property based on recent sales, land values and cost of construction in some cases. A home inspection, gives you a snap shot of what the home is like in this point in time. This way you have knowledge of the age and condition of the home and the mechanicals at the moment you purchased the home.
The Home Inspection. 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.
A home inspection is a visual examination of the home looking for functional and safety issues. It should be conducted by an experienced and trained inspector according to an industry accepted standard of practice. For more of an explanation read The Purpose of a Home Inspection. Hopefully the distinction between an inspection and an appraisal.