New York Home Inspection vs New York Appraisal
Do I need a house inspection when my bank is having the house appraised?
Yes! A house appraisal is an independent evaluation of the current market value of a house or property. In general, the purpose of an appraisal is to set the current value of a house so that a lender may determine how much it can loan to the buyer. The New York appraiser looks at similar properties in the area and the prices at which they were sold to set the value of the house.
A Westchester County, New York and Bronx house inspector conducts a thorough evaluation of the houses major systems and structural integrity. Whereas the appraiser is typically working for the bank, the house inspector is working for you. The house inspector identifies items that need replacement or repair prior to closing, which can save you thousands of dollars.
A unique service that CGI Home Inspection and Appraisal Services can provide is the Home Inspection Report and Appraisal Report combo! As a potential home buyer we can provide you with a New York State Certified Real Estate Appraisal report (for non lending purposes) which accurately demonstrates the market value of the home AND a New York State Licensed home inspection report identifying the condition of the home and its components! We provide this service throughout New York, but or primary area of expertise is Bronx NY and Westchester New York.
U.S. Department Of Housing And Urban Development (HUD) requires buyers sign a Consumer Notice advising them to get a house inspection in addition to a house appraisal before purchasing a house with a FHA mortgage. Additionally, HUD now allows homebuyers to include the costs of appraisal and inspection in their FHA mortgage.
Christopher T. Greco is an approved HUD Inspector, approved FHA Inspector and Appraiser and a NY State Certified Real Estate Appraiser.