Home Inspection and Home Appraisal- What’s the difference?
Home Inspection
Determines Property Condition
This report is ordered by and completed solely for the individual(s) purchasing the home. It helps determine the condition of the property and its systems in great detail. It is not required by AMEC.
How Much Does it Cost?
$350-$500. Home inspection costs vary depending on the complexity of the inspection and the size of the home being inspected.
How and When is it Ordered?
This is ordered by the buyer and his/her agent with an inspector of their choosing shortly after the buyer’s offer is accepted. Most state’s real estate contacts stipulate that the buyer has 10 days from the date of contract acceptance to complete the inspection and communicate any issues to the seller.
When is the Report Delivered
The home inspection report is generally delivered to the buyer within 24 hours from the time the inspection was completed.
Home Appraisal
Determines Property Condition
This report is required by AMEC when a home is purchased and being financed. The appraisal is used to determine the fair market value and the general physical condition of the property being purchased.
How Much Does it Cost?
$350-$500. Home appraisals costs vary slightly depending on the size of the home and whether the home will be an investment property or a primary residence.
How and When is it Ordered?
AMEC typically waits to order the appraisal until after the home inspection is completed (if the buyer decides to do a home inspection). Per government regulated guidelines, AMEC is required to randomly assign an appraiser to an appraisal order.
When is the Report Delivered?
Typically, a home appraisal is delivered to AMEC within 5-7 business days from the time it is ordered.
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