The requirements and procedures for home inspections vary from state to state. The home inspector will examine the roof (in ways the appraiser is not required to) and other areas of the home in a much more detailed and involved way. The only way to know more about a home’s true condition is to have the property inspected by a professional. Those who buy a home without paying for a home inspection (which is NOT the appraisal) are buying a home on good faith alone. The Optional, Borrower-Initiated Home Inspection Is The Only Way To Make An Informed Purchase Do not rely on the appraisal to tell you things about the true condition of the home-you will be disappointed if you do. That means the FHA appraisal is NOT a stamp of FHA approval, or an indication that the home is problem-free. The lender uses the appraisal to determine the fair market value of the home and that purpose should be considered its’ primary end result.
In spite of the fact that an FHA appraiser is required to insure the property to be purchased with an FHA home loan meets minimum standards, the real usefulness of the appraisal is NOT for the borrower. The FHA Appraisal Is A Tool For The Lender, Not The Borrower
It is one that’s extremely important to clarify-the FHA appraisal is NOT a home inspection and shouldn’t be considered one.
Does The FHA Have An Inspection Checklist?ĭoes FHA have an inspection checklist? The question is a popular one, but it reveals a common misconception about the nature of FHA appraisals.
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