Four Common Misconceptions About Real Estate Transactions: Part Two—Appraisals vs. Inspections

 

Appraisals and inspections are often confused with each other, and for good reason. They seem similar. A professional walks through the home, examining similar features and asking similar questions. They’re both examining the condition of the home. But they’re actually very different processes, and understanding the difference can help you as a buyer, a seller and a homeowner.

Let’s start with the similarities.

  • Both appraisals and inspections involve a licensed, certified expert evaluating the condition of your home.
  • Both are common practices with most real estate transactions.
  • Both can significantly impact the home-buying process with their findings.
  • Both review similar features in the home, including the condition of the roof, appliances and flooring.

Understanding the differences between appraisals and inspections can help homeowners benefit from both processes and can help sellers and buyers prepare for the impact on the home purchase/sale process.

 

screen-shot-2016-12-03-at-1-41-32-pmUnderstanding the differences between an appraisal and an inspection can help you understand how to prepare for both kinds of evaluations and how those evaluations can impact the sale/purchase process.

Wrap-Up

Look for a continuation of our series on four common misconceptions about real estate transactions in upcoming issues. Coming soon: the difference between a home warranty and home insurance. To learn more, contact us today. We would love to help. To keep up with important housing market updates, follow us on Facebook.

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