Do I need a house inspection when my bank is having the house appraised?

Yes! A house appraisal is an independent evaluation of the current market value of a house or property. In general, the purpose of an appraisal is to set the current value of a house so that a lender may determine how much it can loan to the buyer. The appraiser looks at similar properties in the area and the prices at which they were sold to set the value of the house.

A home inspector conducts a thorough evaluation of the houses major systems and structural integrity. Whereas the appraiser is typically working for the bank, the home inspector is working for you. The home inspector identifies items that need replacement or repair prior to closing, in addition to items that may be part of the normal repair and maintenance of the home.

U.S. Department Of Housing And Urban Development (HUD) requires buyers sign a Consumer Notice advising them to get a home inspection in addition to as appraisal before purchasing a house with a FHA mortgage. Additionally, HUD now allows homebuyers to include the costs of appraisal and inspection in their FHA mortgage.

For answers to any other questions, please contact me, Paul Hughet at Capitol Inspection Services, LLC.