Inspections vs. Appraisals

If you've ever wondered about the difference between a property home inspection and an appraisal, here's a short/quick explanation of both...

INSPECTIONS:
An inspection is an assessment of a home's structure and systems. It's designed to find any hidden problems in or around the home. Normally the buyer makes a successful inspection one of the conditions in a contract and then pays an inspector for a full report.

APPRAISALS:
An appraisal on the other hand is a little different. The lender often requires that an appraisal take place to ensure the loan amount desired doesn't exceed the value of the property being sold.

Real estate agents will not conduct a formal appraisal of your home (that's what the Certified Residential Appraiser is for); however, they could provide a comparable market analysis (CMA) for free in order to give you a good idea of what your home is currently worth.

NEED MORE HELP?
If you need an appraisal or inspection conducted on your Los Angeles County, Orange County or San Diego County home, let me know so that I can connect you with someone who can help and answer any questions that you might have. 

Comments

[Susie Blackmon]

Great explanation of the differences... and the CMA's. We have more of a challenge with CMA's these days because of the days on market and lack of recent sales.

I appreciate your attention and comments on my site.