Some people may feel that they do not need a Home Inspection, since the Bank or Loan
company already has sent an appraiser..
This could not be further from the truth:
First of all there is a big difference between the two, and I will try and explain here , what the difference is.
An appraiser is working for the bank or lending institution.
The
biggest thing to remember when it comes to appraising is that it's an estimate of present and future value. The
key word is estimate, no one can predict the value of a home in the future. 100% accurately, especially in
a free market.
Appraisals only go into a short term future prediction for good reason, being that
they are often influenced by economic inflation, higher low interest rates deterioration of property developments in the area
etc..
Appraisal is more of an art than a science.
Even
though the lender pays the appraiser you as an applicant usually pay for it in the application fee. So
therefore, you have every right to an unbiased appraisal.
Unfortunately, as in the news nine out of 10 appraisers
have reported they are under great pressure to overestimate the value of a home.
The
pressure often comes with the banks are lending institutions who wish a larger appraisal value for the property and have
a preferred list of vendors or appraisers.
Now to the home inspectors.
I as a licensed certified home inspector work correctly
for my client. You.
I am not
concerned with what you are paying for the home or what the seller has it listed for, as I am concerned with protection of people and property. Not to mention your finances.
The last one needs some explanation.
If I think
the roof is leaking. This is a bad sign for the property. This could be a bad sign for the health of the people
inside as this causes mold and last but not least someone is going to have to pay for it.
If
I as a home inspector discover defects in the
roof or a problem which could lead to leakage and water intrusion in the home, which will cause damage. This is what
I mean by your finances.
You
have every right to insist after signing a purchase contract, If these defects were not disclosed to have the present seller repair them.
I hope this helps explain the difference between appraisal
and home inspection.
An appraiser is looking at the overall value of a home from a purely financial
aspect. And in a general way.
A home inspector is looking for protection of people and property, and in my
case. I consider myself owner operated
consumer protection for purchasers of real estate..
