Do I need my house inspected, since my bank is having the house appraised?
In a word… Yes! An appraisal of your house is an independent evaluation of the current market value of the property. In general, the purpose of an appraisal is to set the estimated current value of your home. Lenders, then use the appraisal to assist determining how much they can loan to the buyer.
The major difference is, the appraiser looks at your home and compares it to similar properties in your area, A house inspector conducts a much more thorough evaluation of your house. Including the major systems and its structural integrity.
Another important difference between and appraiser and a home inspector, typically the appraiser works for the bank, whereas a home inspector is working for you.
Home inspectors identify items needing replacement or repair prior to closing, which in turn can save you thousands of dollars.”
NOTE: The U.S. Department of Housing And Development (HUD) requires buyers to sign a consumer notice, advising them to get a house inspection in addition to an appraisal before the purchase of a house with a FHA mortgage. Additionally, HUD now allows home buyers to include the costs of an appraisal and home inspection in their FHA mortgage.