Inspections and Appraisals - What’s the Difference and Which Do You Need?
Some people think that appraisals and inspections are pretty much the same. However, the purpose of each is different. At Arrowhead Title , we know both serve a critical purpose to your real estate closing. Appraisals are focused on determining the value of your home at Lake of the Ozarks . Your lender must know that the property you’re buying is worth what they are loaning you. The home inspection is for the purpose of determining the condition of the home. That is something every buyer needs to know before making such a big investment. The inspector is looking for things like major problems with the house or anything that could be a dealbreaker if you knew about them, including health and safety hazards. If you’d like to understand how appraisals and home inspections at Lake of the Ozarks work, keep reading. This blog will explain. Appraisals Appraisals are focused on the value of the home. As mentioned, your lender needs to know that the home is worth what they are loaning you. Th