Are You Talking Value or Condition?
It really comes down to that. Value – the appraisal or condition – the inspection. two terms we hear all the time. Similar but not the same. So let’s talk about the inspection versus the appraisal. What you need to know.
What’s The Difference Comparing a Boulder Home Inspection Vs Appraisal?
A home inspection and a Boulder home appraisal sound similar, but are they the same? Turns out, a home inspection is quite different than a home appraisal. Watch a quick video from Boulder Realtor Bob Gordon as he explains the difference between these two home buying transaction terms. Or read on, below!
Which Came First? The Inspection Or The Appraisal?
Great question. Sometimes one or the other will be first. Most frequently though, once a home purchaser is under contract, the next step is ordering an inspection of the property. And then, once the Boulder home buyer and Boulder home seller have resolved the inspection phase of the contract, the mortgage lender will order an appraisal.
But sometimes, an owner might have the property appraised first, before it even hits the Multiple Listing Service (MLS). This would be common in the event title transfer via an estate. Or it might also occur through divorce proceedings. So, like the great question regarding chickens and eggs, either could come first. Don’t get me started on why the Monkey crossed the road!
The Home Inspection Explained
I’ve blogged on this subject in detail. Check out this blog post with video to learn all about the inspection process. If you were my Boulder home buyer client, I would simply say, “The home inspection is an opportunity to understand the operating instructions for your house and get an idea of where you may make future improvements to the house.”
An additional recommended blog on Boulder home inspections!
Your Boulder Home Appraisal
Is designed to show the current value of real property, generally in technical terms and relevant to a mortgage or lending institution. Appraisals are geared towards being a consumer protection. Why the market may drive the home price (especially in our going on seven years’ Seller’s Market), banks and lenders seek to ensure your new home is fairly priced when loaning funds.