What is the Difference Between an Inspection and an Appraisal?

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Today we'll be speaking about the difference between a home inspection and a home appraisal. Both have different functions in the buying and selling process, so it's important to know the difference. 

A home inspection is done by a professional home inspector, and this person will go through a property to check on the roof, plumbing, air conditioning, water heater, and other vital systems in the home. This protects buyers from purchasing homes with major problems. If the inspector finds something, the buyer will be notified and the agents will have to come to an agreement on how to fix the problem. 

An appraisal is done by someone that's employed by a bank. This person ensures that the bank is not overpaying for a property by visually inspecting the property. They just want to make sure the price is right for the property, and they do not actually examine the furnace, roof, or any other pieces of the infrastructure.

If you have any questions about this, please don't hesitate to contact us! Also, don't forget to reach out to us with questions because we'll answer them in future videos!