Thursday, July 3, 2008

Do I necessitate a home check when my bank is having the home appraised?

Yes! A house appraisal is an independent estimate of the present market price of a house or property. Generally, the intention of an appraisal is to set the current value of a house in order that a lender may find out how much it can loan to the buyer. The appraiser looks at the same properties in the area and the costs at which they were sold to set the price of the house.

A house inspector conducts a detailed evaluation of the houses main systems and structural integrity. Whereas the appraiser is characteristically working for the bank, the home inspector is working for you. The home checker identifies items that necessitate replacement or repair before closing, which can save you thousands of dollars.

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