What’s the Difference Between a Home Appraisal and a Home Inspection? » Mortgage Masters Group

Home Appraisal vs Home Inspection. The difference comes in when you have an appraisal. A home appraisal is required if you will have a mortgage on the home. The appraisal is there for two reasons, for one, the bank wants to make sure that the house that they’re lending on is worth the amount that you’re buying it for.

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As a home inspector, you can work for yourself (as your own small business) or work for a home inspection company. As an independent, you’ll need to find your own work and clients, but it can pay off handsomely-we found the average home inspector makes over $70,000 a year .

And this isn’t a small group of workers who have less work rights than standard. This is on top of the added difficulties many casual workers face trying to get a home or car loan or even to simply.

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1004D Appraisal Update vs. Completion Certification (Final Inspection): What is the difference? posted october 21st, 2014 Filed under blog. form 1004d serves two distinct purposes and the scope of work for each is different. Please see below for specific ordering instructions with Valuation Management Group (VMG).

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As you can see, there is a distinct difference between a home appraisal and home inspection. Both are crucial when going through the mortgage process. Both offer a more clear and objective assessment of your home, which allows one to improve its overall quality for the highest price.

The inspection report is turned over to you, and depending on the findings, can be a negotiating tool between you and the seller. 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.

While they may seem like the same thing, appraisals and inspections serve two completely different purposes. 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.