Home appraisals tell you how much a home is worth, and a home inspection tells you why you might not want to buy it, regardless of price. Both processes have the capacity to derail home purchases. Low appraisals sometimes sink loan approvals and disastrous home inspection reports might cause buyers to rethink purchase offers.
All homes, including manufactured home, are appraised in accordance with the Uniform Standards of Professional Appraisal Practice which applies to real and personal property in California. Only a.
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FHA Appraisal vs Home Inspection What Is the Difference between an FHA Appraisal and a Home Inspection? When Congress created the Federal Housing Administration, part of the mission was to ensure that Americans had access to safe housing. For this reason, any home purchased using an FHA loan must meet minimum property standards.
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Appraisal A property appraisal is based on recent sales of similar properties in the area and informs your mortgage company of the estimated retail value (what it could sell for) of the property and also alerts them to potential areas of trouble.
Is there a difference between FHA Inspections and Regular Inspections? Would you still hire a regular inspector? Find answers to this and many other questions on Trulia Voices, a community for you to find and share local information. Get answers, and share your insights and experience.
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What’s the Difference Between an Inspection and an Appraisal? A home inspection and appraisal are two inevitable steps in almost every real estate transaction.
An FHA Inspection Determines a Home’s Value. Many home mortgage loans are backed and insured by the Federal Housing Administration. Because the lender isn’t there to see the property firsthand, set of eyes and ears on site is important.
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Similar to a home inspection, they can vary. The Big 5 banks tend to pay for appraisals, while many smaller lenders charge their clients the $300-500 for the appraisal. Double check with your mortgage professional to see who will be covering the bill – you’ll want to have the money saved in your back pocket just in case. –