Tuesday, 26 September 2017

What are the Differences Between an Appraisal and Home Inspection?

Written by Posted On Wednesday, 14 September 2016 19:38

The differences between an appraisal and a home inspection are significant. The two are nothing alike; from purpose to regulation to procedure they share little beyond being common to most real estate transactions. The two are often confused by buyers and incredibly, some agents are just as baffled about by the process and role that each plays. 

The appraisal process is an integral part of any mortgage loan and is highly regulated by both national and state oversight. There is a lengthy training period to become an appraiser – far longer and significantly more difficult than getting a real estate license. Appraisers, unlike agents, are required to complete a lengthy apprenticeship as well as classes and exams. In Georgia, home inspectors are not regulated in any manner; there is no licensing or oversight to become a home inspector. 

An appraisal is required if a loan is being provided by a lender. It is wise for cash buyers as well, or those with private lenders. To a large extent, it is an insurance policy for the buyer; an impartial second disinterested opinion on the purchase price. 

A home inspection is not required to purchase a home although for most it’s a good idea. Again, this can be a “second opinion” from a disinterested third party; a chance for the buyer to ask questions independent of the agent.

Significant other differences exist especially when it comes to regulation and resolving issues that can arise from each. Read the detailed comparison and learn the differences between an appraisal and a home inspection. 

 

The Hank Miller Team provides confidence to clients buying and selling homes in the North Atlanta Real Estate Market. Our unmatched sales and appraisal experience, relentless drive and ability to manage transactions allow our clients to make sound, decisive real estate decisions. We offer full time, full service, personal hands on attention and concierge level service every step of the way for perhaps the most important financial decision you’ll make. 

 

Questions? Need more info? EMAIL US, call 678-428-8276

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Hank Miller, SRA

Hank Miller is an Associate Broker & Certified Appraiser in the north metro Atlanta area. Since 1989, real estate has been his full time profession. Hank´s clients benefit from his appraisal and sales experience; they act upon data, not baseless opinions. He is an outspoken critic of the lax standards in the agent community.

Hank remains an active certified appraiser and completes specialty work for FNMA, lenders and attorneys. He is a well-known blogger and continues to guest write for multiple industry publications as well as national outlets like the WSJ, NYT, RE Magazine, USA Today and others. He is a regular on public Q&A sites on Zillow, Trulia and many others.

Hank consistently ranks in the top 1% of all agents in the metro Atlanta area. He runs the Hank Miller Team and is known as much for his ability as he is for his opinions. He is especially outspoken about the lack of professional standards and expectations in the real estate industry.

www.hmtatlanta.com

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