Yes! An appraisal is an independent evaluation of the current market value of a house or property. Appraisals are for lenders; home inspections are for buyers. The lender requires an appraisal to estimate the value of a house, to make sure that the house meets their property standards, and to make sure that the house is marketable.

Appraisals are not home inspections. A Home Inspection gives the buyer more detailed information than an appraisal—information you need to make a wise decision. A qualified home inspector conducts a thorough evaluation of the house’s major systems and structural integrity, identifies items that need to be repaired or replaced, and estimates the remaining useful life of major systems, equipment, structure and finishes.. Whereas the appraiser is typically working for the bank, the home inspector is working for you.

U.S. Department Of Housing And Urban Development (HUD) requires buyers sign a “Consumer Notice” advising them to get a home inspection in addition to an appraisal before purchasing a house with a FHA mortgage. Additionally, HUD now allows homebuyers to include the costs of both appraisal and home inspection in their FHA mortgage.

Be an Informed Buyer. It is your responsibility to be an informed buyer. Be sure that what you buy is satisfactory in every respect. You have the right to carefully examine your potential new home with a qualified home inspector.