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An FHA Inspection Determines a Home’s Value. Many home mortgage loans are backed and insured by the Federal Housing Administration. Because the lender isn’t there to see the property firsthand, set of eyes and ears on site is important.
An Appraisal. An appraisal is an informed opinion of the monetary value of the property as of the date of the appraisal. A property appraisal is provided by a state-licensed real estate appraiser. The appraisal is based on factors such as the value of similar homes in the area, proximity to schools, churches and shopping, or the age of the home.
Milewski and MacDonald now seek the return of $1,268.71 – the difference between the amount of taxes they paid versus the amount they believe they should have paid. Esenberg said the couple had not.
Most of us will have a real estate appraisal done at some point in our property-owning lives, and yet, as common as that experience is, there are many misconceptions about what an appraisal is.
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A tax appraisal is not the same as a regular appraisal since tax appraisals rarely match the amount of money a home can actually sell for. An appraisal does not reveal problems with the home that need to be repaired. Home Inspection. A home inspection is designed to reveal any potential problems with a home.
An appraisal is different than an inspection as it is more focused on the value of the home than the condition. While an appraiser will typically make note of safety and soundness concerns they observe, their primary role is to focus on what your house is currently worth in.
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