An inspector will look for things like slab and support structures
What is the difference between an inspection and an appraisal? This is a question that many, often first-time, home sellers ask. Understandably, both terms refer to similar areas of a property. But while they include assessing a property, they do so for entirely different reasons.
A home inspection is a vigorous examination of a home to determine its condition and to uncover any problems. Generally speaking, a home inspection involves a thorough examination of elements like the home’s exterior, plumbing, electrical system, basement, attic, roof, and overall structure.
Once the inspector has finished the process, they will then write a report of their findings. The report describes what was inspected and outlines anything that could be a problem in the future.
You will then need to make a decision based on the findings. You may, for instance, decide to walk away altogether. Or, as T-Square Real Estate advises, you may want to negotiate with the seller about lowering the sale price.
Basically, inspectors look for failed systems, damages, and repairs. The inspection report forms the basis for renegotiating the sale price, allowing the seller to make the repairs, pulling out of the sale, or continuing with the purchase. Here are the details of what the appraiser will look out for:
Truth be told. You may not be able to sell your house if you end up getting a bad inspection report. As such, it’s critical for you to prepare adequately for the inspection. You want to get ready by:
A home appraisal is a process that almost all mortgage lenders require. Home appraisals help determine a home’s estimated market value. To determine the value, a home appraiser will consider things like the property’s location, its condition and the value of similar properties that have been sold recently in the area.
Depending on the size and complexity of the home, a home appraisal can take anywhere from a couple minutes to several hours. And just like an inspector, a home appraiser will also prepare a report.
During a property evaluation, a home appraiser will look at key features such as the:
There are a couple of things you can do to make the appraisal process as smooth as possible. You can:
After the appraisal, the appraiser will usually take anywhere between two to seven days to provide you their report.
While they may seem like competing entities, they are not. They are merely processes meant to provide as much clarity about the condition of your property as much as possible.
Contact PacWest Home Inspections today!