Despite having similar names, the home appraisal and the home inspection are actually two different steps involved in most real estate transactions. Here's what to know about each:
Home appraisals are usually required by mortgage lenders to assess the market value of a home and determine the buyers borrowing power.
A home inspection, however, is used to understand the structural safety of a home before finalizing a purchase. Home inspections are not usually required, but are recommended to the buyer to ensure they are making the right home decision.
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