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How to Use an Appraisal and Inspection when Buying a Home

Ever wonder about the difference between a property appraisal and an inspection, and how each is used during the home buying process?

 

An appraisal is a formal written assessment of the value of a home or property. A lender usually requires an appraisal to determine the market value of the property to make sure the amount borrowed does not exceed the value of the property being purchased. An appraiser is usually hired by the lender and their fee is one of the expenses included at settlement or closing.

 

An inspection is an onsite assessment of the systems and structural integrity of the property. An inspection is intended to find any hidden problems and as a condition of the sale. Prospective buyers hire an inspector directly and normally make payment at the time of the inspection.

 

Both appraisers and inspectors act as independent third parties while real estate agents represent either the buyer or the seller and thus have a stake in the outcome of a transaction. As an agent, I can still provide you with a free comparable market analysis or CMA which will give you a good idea of what your home is currently worth.

 

Please call or send me an email if you’d like to learn more about how much your home may be worth.
 
 
Thanks,
 
 
Ryan Gillen
 
7807008355
 
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Data is deemed reliable but is not guaranteed accurate by the REALTORS® Association of Edmonton.