What Is An Inspection?
A property inspection is a comprehensive examination of a property to determine its current condition. During the property inspection, the inspector will examine the structure, roof, attic, basement/crawlspace, electrical system, plumbing, and exterior. The inspector will provide a detailed report listing what was inspected and any problems or concerns found during the inspection. The report can be used as a negotiation tool to have the seller complete repairs or pay for part (or all) of repair costs.
What Is An Appraisal?
An appraisal is required for most mortgage loans in order to determine the approximate market value of a property. The appraiser will walk through the property, researching its design and amenities and will create a final appraisal report factoring in the property’s location, condition and the value of similar properties recently sold in the area. The report will be used by the lender to determine the property’s market value in order to decide the approved loan amount.