The difference between Home inspection and Home appraisal
The difference between Home inspection and Home appraisal
February 16, 2018
When purchasing a home, buyers may receive two property-related reports to consider—a home inspection and a home appraisal. These reports serve completely different purposes, and one is optional and one is required.
HOME INSPECTION
Determines the condition of the property and its systems in great detail.
Ordered by the buyer and his/her real estate agent with an inspector of their choosing shortly after the buyer’s offer is accepted.
Report is generally delivered to the buyer within 24 hours from the time the inspection is completed.
HOME APPRAISAL
Determines the fair market value and the general physical condition of the property being purchased.
Required when a home purchase is being financed.
Typically ordered after the home inspection is completed (if the buyer chooses to do a home inspection) and is randomly assigned to an appraiser per government regulations.
Report is delivered within 5–7 business days from the time the appraisal is ordered.