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The Difference Between Inspections and Appraisals



Before we dive into today’s topic, we wanted to mention how excited we are that hockey season is right around the corner. As the official real estate team of the Tampa Bay Lightning, we’ll be giving out some great prizes during the season such as hats, sticks, and signed merchandise. Keep an eye on our various social media pages for your chance to win. Now, onto today’s question.

Recently, I got a question about the difference between an inspection and an appraisal. They are similar in a lot of ways, but they are two different processes for two different purposes.

A home inspection is where all major mechanical systems in a home are checked by a licensed inspector. This includes the roof, foundation, electrical system, plumbing, appliances, and other major components. The inspector wants to determine if they are working correctly or not.

They have similarities, but are two completely different processes.


The appraisal, however, is the lender’s ability to determine the market value of the home. This is one person’s opinion, but that opinion matters. The lender needs to know that the home they are helping finance is in proper working order. They will check many of the same mechanical systems as the inspector, but for different reasons. They are checking for health and safety issues more than anything else, and they are making sure everything is in working order. The lender wants to know they are loaning money on a good home.

While there is some crossover between inspections and appraisals, they are two drastically different things. The appraisal process is managed by the lender and mostly done for their sake. The appraisal is there to ensure that the buyer doesn’t overpay for the home and the lender doesn’t over-lend.

We have a lot of sellers that want to see the appraisals, but it’s up to the buyer’s lender. Typically, it is a buyer-protecting process. I hope this helps you understand the difference between the inspection and appraisal processes a little more.

If you have any questions, give us a call or send us an email. We would love to hear from you.

Tampa Bay & Sarasota Real Estate Seasonality vs Peak and what you need to know

 

There are many Tampa Bay area homes for sale. Click here to perform a full home search, or if you're thinking of selling your home, click here to learn about our “Your Home Sold Guaranteed in 29 Days” program or for a free property valuation so you know what your home can sell for in today’s market. You may also call me at (813) 359-8990 for a FREE home buying or selling consultation to answer any of your real estate questions.
 
Listen to Andrew Duncan, Tampa's #1 Realtor and expert talks to David Diaz of Waterstone Mortgage about the Tampa Bay and Sarasota Real Estate Seasonality.

The Duncans decided to open an office in Sarasota last year as an extension of their brand in Tampa. They saw the opportunity in the Sarasota market so they decided to hire some local people to cater to that market. They also transferred some agents from the Tampa office to maintain the culture they have built in their Tampa office.


Now is the in season for Sarasota because it's a second or vacation home market. It is similar to the peak season or summer months in Tampa. Although it has been slow compared to the past few months, if you compare it to past Novembers, this is still a pretty incredible month for sales. David added that November and January are usually the slowest months of the year because of the upcoming holidays but for some reason, November has exploded this year. They also talk about how December seems to be a strong month but usually it's because some closings are pushed to December. Another thing they touched on are the advantages of closing before the end of the year like homestead exemptions and lower taxes.

To get more Tampa Bay Real Estate news and advice from Tampa Bay's #1 Realtor, tune in to The Duncan Duo Real Estate Show on 970 WFLA - Tampa Bay every Sunday at 10 am.

Florida Suncoast Title & Yesner Law discuss title company & how an Attorney Owned co. is valuable

 

There are many Tampa Bay area homes for sale. Click here to perform a full home search, or if you're thinking of selling your home, click here to learn about our “Your Home Sold Guaranteed in 29 Days” program or for a free property valuation so you know what your home can sell for in today’s market. You may also call me at (813) 359-8990 for a FREE home buying or selling consultation to answer any of your real estate questions.
 
Listen to Andrew Duncan, Tampa's #1 Realtor and expert talks to Shawn Yesner of Yesner Law about how he is now part owner of Florida Suncoast Title Services LLC.

Shawn has been an attorney since 1998. He got his start in title doing residential and commercial closings out of a law firm in Miami. He has a lot of great title relationship within the industry. His level of knowledge and experience in Real Estate law together with his hands on approach will be very valuable in providing clients a great and unique experience working with Florida Suncoast Title.


To get more Tampa Bay Real Estate news and advice from Tampa Bay's #1 Realtor, tune in to The Duncan Duo Real Estate Show on 970 WFLA - Tampa Bay every Sunday at 10 am.