Home Inspection vs Property Appraisal
Georgia’s Own mortgage experts describe the difference between a home inspection and a property appraisal.
At Georgia’s Own Credit Union, we’re here to provide our members with an exceptional experience. The mortgage process consists of many moving parts and then one thing that towers above them all is the review of the home. This includes both the evaluation assessment and detailed review of the home’s condition. Let’s explore the difference between the home inspection and property appraisal.
A home inspection is a non-invasive visual inspection of the residence, performed for a fee by an independent vendor you hire. The inspection is designed to identify any observed material defects including, but not limited to, the foundation, electrical, plumbing, roof, etc.
A property appraisal is the homes estimated market value based on comparable recent sale of homes in the neighborhood and is conducted by a licensed appraiser. Appraisals are ordered by the lender to protect the interest of the lender.
If you have more questions, remember, your Georgia’s Own representative is ready to help you with your mortgage lending needs.