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Home Inspection, NYAn appraisal estimates the value in a dollar amount to protect purchasers from inflated sales prices and to protect the collateral of mortgage companies and other lenders. As opposed to a home inspection, NY appraisals look at the property in comparison to other homes that have sold that have comparable specs, such as square footage, number of bedrooms and bathrooms, and the general condition of the property. For example, a home inspection in Long Island may find issues with the plumbing, with leaks or water damage. An appraiser may observe the damage as well, but only if it is very severe and if the appraiser is performing a complete and full appraisal. Sometimes, depending on the area and the loan being secured, a lender will only require a "drive by appraisal" which means that the property is not inspected on the interior. It is simply checked for basic structural accuracy on the spec sheet and then compared with other sales prices in the same area. In this case, a home inspection, NY real estate professionals agree, is absolutely necessary. Additional Information: HUD Recommends Home Inspection, BrooklynAs said, it is often required by a lender to obtain an appraisal and recommended to get a home inspection. Brooklyn residents hoping to secure a mortgage backed by the Federal Housing Administration (FHA) may be required to obtain both. The FHA has specific requirements that your home inspector and appraiser should be familiar with, and can check. The US Department of Housing and Urban Development (HUD) has stressed the importance of the home inspection, Brooklyn and elsewhere, for all buyers, even when it is not required for loan commitment. Home Inspection Long IslandTorre Real Estate can provide a complete and accurate home inspection Long Island buyers can trust. Frank Torre, owner, stays current on all industry news and trends and can therefore apply best practices to your home inspection. More Information: |