How is everybody doing this week? I hope you are well, safe, and happy during this progressive year! Have you started doing research on real estate, and came across the term of “home appraisal” or “home inspection”? Have you ever wondered what the difference between the two
terms are? Well this video is just for you! In this video we go over the difference between the terms home appraisal, and home inspection, and how both apply to your real estate. Stay tuned!
Alright, let us start off with the term home inspection. A home inspection is defined as a certain
time period where your home gets inspected to check how applications in the household are
operated. Things like electrical components, mechanical components, air conditioning, heating,
and lighting are all different types of things that will be inspected if you apply for it. The cost for a
house inspection and the time it takes to inspect the house can vary, depending on how many
inspections you make. The greater the amount of inspections, the greater the cost and time it
will take to inspect the house. However, although it is not required for you to get your house
inspected, it is still highly recommended if you are purchasing the house to have a house
inspection so you do not have to pay for any major damages down the line. Keep in mind that
the lender does not need a copy of the inspection, but should be shared with your realtor and
seller to work on any repairs that are needed to be made on the house.
The next definition that I would like to address is the term “Home Appraisal”. The home
appraisal is a quality inspection done by the lender, and none others. Nobody except the lender,
can perform the house appraisal, which means the sellers, agents, and buyers cannot perform a
house appraisal for the seller. The lender is required to perform a house appraisal, which is
when the lender gives you an estimated cost as to what the market value of the house is
according to its relative price in the market. The process that usually occurs when the lender
performs the appraisal is that the mortgage lender will order the appraisal from a licensed
appraiser for the client and the lender has to select an appraiser from a random selection of
appraisers from their appraiser list. Do not worry! The lender maintains the appraisal list, so if
the appraiser does a bad job, then they will be removed from the list. Now when the appraiser
performs the appraisal this process can take five to seven days, and can sometimes vary
depending on the current condition of the market. Usually during the appraisal the appraiser will
measure dimensions, give an overview of the property, and record for physical signs of major
disrepair to the building that needs to be addressed.
So for a quick review, a house inspection is where the condition of the house, such as electrical
hazards, heating and lighting, and signs for rotting are inspected, where as a house appraisal is
an estimated cost for the house at its market value. A house appraisal is required to close a
deal, where a house inspection is not required but highly recommended in order to insure no
further costs have to be made to help repair the house.
And that is about it for today’s video about home appraisal and home inspection! Oh, and one
more thing while you’re down here, go ahead and hit that subscribe button and turn up
notifications as I release two new videos a week that you would not want to miss out on them.
Stay tuned, for I will be the first to update you if there are any changes or modifications that
there will be on forbearances and other changes related to COVID-19. My main goal is to help
you understand how to obtain mortgage(s) to help grow your portfolio!
Also check out our playlists that feature various topics about homebuyer’s tips that will help you
grow both on a homeowner level and on a consumer/producer level. If you are seeking more
information on specific topics that follow, check out our specific playlists that follow up on topics
like Down Payments, Interest Rates, and many more!
Do you have any questions you would like us to answer? Feel free to drop a question down in
the comments on one of our videos or you can contact me and my team anytime at
www.loanwithjen.com Equal Housing Opportunity Lender NMLS #514497
#mortgage #mortgagebroker #mortgagelender #mortgagerates #mortgageloanofficer
#mortgagetips #mortgagelending #mortgageloan #loanwithjen #mortgageadvisor
#mortgagepro
18 мар 2021
