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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 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.
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