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Homebuyers!! Don’t be too quick to waive your inspection.

Both Appraisals and Inspections are part of any real estate transaction. While they both can appear to be similar in nature, there are distinct differences between the two. The primary difference lies in the purpose and intent.

An Appraisal is required for the lender. A licensed appraiser completes the appraisal, and its primary purpose is to evaluate and determine the cost of replacing the structure of the home. The lender uses it to determine the maximum amount of money they can lend for the subject property.

An Inspection is performed on behalf of the buyer. A licensed general contractor or inspector completes the inspection and is more detailed.  The inspection identifies issues such as faulty plumbing, roof repair, insufficient heating/air, and structural issues.

The key takeaway is that both sellers and buyers realize the purpose of each and the significance of having an inspection performed during their real estate transaction. Relying on the results of an appraisal will not address the issues that are revealed in an inspection.

To learn more about inspections vs appraisals, call me today at 984-355-9703. If someone you know is interested, please share. Subscribe and follow me on my social media sites listed below.  I’d love to hear from you.