Appraisal vs. Home Inspection: Two Different Reports, Two Different Purposes
Quick answer
An appraisal and a home inspection are NOT the same thing. Here's what each one does and why both matter.
REALTOR® with RE/MAX Journey and Mortgage Loan Originator, NMLS #2603041. Bilingual homeownership education with a local focus on Rutherford County and Western North Carolina.
Appraisal vs. Home Inspection: Two Different Reports, Two Different Purposes
An appraisal and a home inspection are NOT the same thing.
I know they both happen somewhere between "we're under contract!" and "where are my keys?" 😂
But they have two completely different jobs.
The Home Inspection — For YOU, the Buyer
The home inspection is primarily for YOU, the buyer.
The inspector looks at the condition of the home and may identify concerns involving things like:
- Roof
- HVAC
- Electrical
- Plumbing
- Foundation or structural components
- Moisture
- Appliances
- Safety concerns
- General condition of the property
The Appraisal — For the LENDER
The appraisal is primarily for the LENDER.
The appraiser develops an opinion of the property's market value and, depending on the loan program, may also identify certain property-condition concerns that affect lending requirements.
Here's the Important Part
A home can appraise for the purchase price and still have inspection problems.
And a home can be in beautiful condition but still appraise lower than the contract price.
Two different professionals. Two different reports. Two different purposes.
Why Both Matter to Me
As a REALTOR®, I'm watching what the inspection may mean for the property and your transaction.
As a Mortgage Loan Originator, I'm watching what the appraisal may mean for the financing.
That's why understanding the entire process matters.
You Don't Need to Be an Expert
You don't need to become a real estate expert before buying a home.
You just need people around you who will actually explain what's happening and why.
Have a homebuying question you've been afraid to ask?
Ask it.
Chances are, somebody else is wondering the exact same thing.
Francine Mira | REALTOR®
RE/MAX Journey
NC REALTOR® License #326076
121 Laurel Dr., Rutherfordton, NC 28139
Cell: 704-974-6460
francinemira@remax.net
francinemira@gmail.com
Francine Mira | Mortgage Loan Originator
Mathewson Mortgage Capital LLC
Company NMLS #2494312
Francine Mira NMLS #2603041
649 S Post Road, Shelby, NC
Cell: 828-429-8368
francine@mmcapitalllc.com
Each Office Independently Owned and Operated.
#FrancineMira #HomeInspection #HomeAppraisal #HomeBuyingTips #MortgageEducation #RealEstateEducation #FirstTimeHomeBuyer #RutherfordCountyNC #WesternNorthCarolina
Still have a question?
Ask Francine. I’ll help you understand what your next step should be.