What’s the Difference Between a Home Appraisal and a Home Inspection? » Mortgage Masters Group

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If the home fails the inspection, the sale is contingent on repairing the problems. An inspection goes into much greater detail about the home’s structural integrity and the condition of its systems. A good example of the difference between the FHA appraisal and the home inspection is the roof.

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The home inspection is a professional opinion by a home inspector of the property’s condition. It is an independent, unbiased visual review and report on a home’s systems, components and conditions. Evaluation. A home evaluation is like a home inspection and an appraisal combined.

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 · AMC’s control the majority of appraisal orders from lenders, and Corelogic is buying up all the AMC’s and appraisal portals. Soon, if not already, they will have control of most appraisal orders.

Read the latest issue of the official publication of the American Society of Home Inspectors, the ASHI Reporter. Go to the ASHI Reporter site

 · Most people don’t know it, but you can also finance a new home with a reverse mortgage, through a fourth type: the home equity conversion mortgage for purchase (H4P). The differences between them will be outlined below, but they mainly differ in terms of purpose for which they can be used and who insures them.

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