We recently sat down with Robert Rogers, Broker / Owner of Crescas Real Estate, and Mike Voci, our preferred in-house lender of OVM Financial. We asked them to explain to our Crescas TV audience the difference between a home appraisal and a home inspection.
Hey, I’m Robert Rogers, Broker/Owner of Crescas Real Estate. I’m here today with Mike of OVM Financial. We’re going to talk about the difference between an appraisal and a home inspection.
Mike Voci here with OVM Financial. Appraisals play a very important role in the home buying process. Me, as a lender, will guide you through the whole process of the appraisal. The appraiser is mainly looking for condition of the property, any recent upgrades or renovations done to the property. And they’re also going to determine the fair market value of the property. This is very important. The fair market value of the property is going to prevent the lender from lending you too much money. And it’s also going to prevent you from paying too much for the property.
Yes, so the home inspection on the other hand, what’s going to happen is, I’m going to guide you through hiring a home inspector that’s licensed in the state of Virginia. And they’re going to come through and inspect all the major systems of the home as well as the foundation, the overall structure, to give you an idea of the life expectancy of all those systems, assess the condition, and help you determine if maybe you ask the seller to remedy some items during the inspection period. Again, I’m Robert Rogers, Broker/Owner of Crescas Real Estate. 757-520-SELL. Crescas.RealEstate
Mike Voci here with OVM Financial. 704-607-2524.
Thank you for tuning in today. We hope you enjoyed this episode of Crescas TV. Please give us a call at 757-520-SELL for any questions on today’s topic. And please visit us at Crescas.RealEstate to begin your search for your next home sweet home.