{"id":8014,"date":"2023-04-20T10:30:00","date_gmt":"2023-04-20T10:30:00","guid":{"rendered":"https:\/\/thezakariagroup.com\/whats-the-difference-between-a-home-inspection-and-an-appraisal\/"},"modified":"2023-04-20T10:30:00","modified_gmt":"2023-04-20T10:30:00","slug":"whats-the-difference-between-a-home-inspection-and-an-appraisal","status":"publish","type":"post","link":"https:\/\/thezakariagroup.com\/whats-the-difference-between-a-home-inspection-and-an-appraisal\/","title":{"rendered":"What\u2019s the Difference Between a Home Inspection and an Appraisal?"},"content":{"rendered":"
\"What\u2019s<\/p>\n

If you\u2019re planning to buy a home<\/a>, an inspection is an important step in the process. It assesses the condition of the home before you finalize the transaction. It\u2019s also a different step in the process from an appraisal, which is a professional evaluation of the market value of the home you\u2019d like to buy. In most cases, an appraisal is ordered by the lender to confirm or verify the value of the home prior to lending<\/a> a buyer money for the purchase. Here\u2019s the breakdown of each one and why they\u2019re both important when buying a home.<\/p>\n

Home Inspection<\/strong><\/h4>\n

Here\u2019s the key difference between an inspection and an appraisal. Bankrate<\/em> says<\/a>:<\/p>\n

\u201cIn short, <\/em>while an appraisal helps you understand a home\u2019s value, inspections help you understand a home\u2019s condition<\/em><\/strong>.\u201d<\/em><\/p><\/blockquote>\n

The home inspection<\/a> is a way to determine the current state, safety, and condition of the home before you finalize the sale. If anything is questionable in the inspection process \u2013 like the age of the roof, the state of the HVAC system, or just about anything else \u2013 you as a buyer have the option to discuss and negotiate any potential issues or repairs with the seller before the transaction is final. Your real estate agent is a key expert to help you through this part of the process.<\/p>\n

Home Appraisal<\/strong><\/h4>\n

The National Association of Realtors<\/em> (NAR) explains<\/a>:<\/p>\n

\u201c<\/em>A home purchase is typically the largest investment someone will make. Protect yourself by getting your investment appraised!<\/em><\/strong> An appraiser will observe the property, analyze the data, and report their findings to their client. For the typical home purchase transaction, the lender usually orders the appraisal to assist in the lender\u2019s decision to provide funds for a mortgage.\u201d<\/em><\/p><\/blockquote>\n

When you apply for a mortgage, an unbiased appraisal (which is required by the lender) is the best way to confirm the value of the home based on the sale price. Regardless of what you\u2019re willing to pay for a house, if you\u2019ll be using a mortgage to fund your purchase, the appraisal will help make sure the bank doesn\u2019t loan you more than what the home is worth.<\/p>\n

This is especially critical in today\u2019s sellers\u2019 market<\/a> where low inventory is driving an increase in bidding wars, which can push home prices upward. When sellers are in a strong position like this, they tend to believe they can set whatever price they want for their house under the assumption that competing buyers will be willing to pay more.<\/p>\n

However, the lender will only allow the buyer to borrow based on the value of the home. This is what helps keep home prices<\/a> in check. If there\u2019s ever any confusion or discrepancy between the appraisal and the sale price, your trusted real estate professional will help you navigate any additional negotiations in the buying process.<\/p>\n

SBottom Line<\/h3>\n

The inspection and the appraisal are critical steps when buying a home, and you don\u2019t need to manage them by yourself. Work with a real estate professional today so you have the expert guidance you need to navigate the entire homebuying process.<\/p>\n<\/div>\n

Powered by WPeMatico<\/a><\/small><\/p>\n","protected":false},"excerpt":{"rendered":"

If you\u2019re planning to buy a home, an inspection is an important step in the process. It assesses the condition of the home before you finalize the transaction. It\u2019s also a different step in the process from an appraisal, which is a professional evaluation of the market value of the home you\u2019d like to buy. […]<\/p>\n","protected":false},"author":101010,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[99],"tags":[],"jetpack_publicize_connections":[],"yoast_head":"\nWhat\u2019s the Difference Between a Home Inspection and an Appraisal? - The Zakaria Group<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/thezakariagroup.com\/whats-the-difference-between-a-home-inspection-and-an-appraisal\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"What\u2019s the Difference Between a Home Inspection and an Appraisal? - The Zakaria Group\" \/>\n<meta property=\"og:description\" content=\"If you\u2019re planning to buy a home, an inspection is an important step in the process. 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