Tampa Home Inspection

versus Appraisal

Do I need a home inspection when my bank requires the house be 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. From our experience and perspective, appraisers are typically at the property from 5 to 15 minutes to gain information for the appraisal, while we, Certified Home Inspectors, are at the same property from 3 to 4 hours to perform a comprehensive, accurate home inspection. You may want to ask yourself why a home buyer would even consider the thought of paying as much, or even more for an appraisal than for a professional home inspection? Tampa home inspection versus appraisal - The appraiser's purpose at the property has absolutely nothing to do with testing and evaluating systems and components of the house, such as structural, mechanical, electrical and plumbing. Many times while performing a home inspection, an appraiser what stop and ask me a few fundamental questions, such as what type of plumbing, electrical, HVAC, etc. the home had, just so that they could put the information in their appraisal report.

A home inspector conducts a thorough evaluation of the homes major systems, components 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, which can save you thousands of dollars.

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 a house appraisal before purchasing a house with a FHA mortgage. Additionally, HUD now allows homebuyers to include the costs of appraisal and home inspection in their FHA mortgage.

It is recommended that you choose a home inspector who is a Certified Member of the American Society of Home Inspectors (ASHI), Registered Professional Inspector with the Florida Association of Building Inspectors (FABI), and ICC code certified as a Residential Combination Inspector.