I sometimes have customers confusing an Appraisal and a Home Inspection so I thought that I would clarify this for you.
An Appraisal is an opinion of value used most often by a bank who wants to ensure that they are not giving a loan for more than the value of the property. If a Buyer is paying cash, they may request an Appraisal to ensure that they are not overpaying for the property. Generally, The Bank requests the Appraisal and the Buyer pays for the Appraisal which is sent directly to the Mortgage processing department.
A Home Inspection is not required by a bank in most instances. It is used for the Buyer to understand the condition of the property. I wrote a detailed post about Home Inspections and the process on January 19, 2010.
Linda Ferrara - Associate Broker
Coldwell Banker Enchantment Realty
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Cell: 575-519-9249
I am a Full Time Realtr who has worked in the Silver City Market for 10 Years and has closed on over 160 contracts. My past Project Management training assists me in reaching my customer's goals.
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