The different functions of an appraisal and a home inspection.
When you buy a home, we always recommend an appraisal and a home inspection. Many people think they’re the same, but they’re not. We’ll explain the differences. Also, did you know the Skirvin Hotel has ghosts? Many believe a ghost named Effie resides here. We’ll talk about more ghost details later.
First, let’s discuss appraisals. An appraisal’s primary purpose is to tell the bank the value of the property you are buying, so they can decide how much money they’ll loan for the home. The appraiser will check the general condition of the home, including safety items like broken windows and other dangerous things. FHA and VA loans are more restrictive and have more requirements for an appraisal than a conventional loan, so they won’t let as many safety issues go without repairs. Appraisers look at comparable homes that have recently sold in the area and come up with the value of your future home.
A home inspector will look at the entire property and go over all the systems. They’ll run all the appliances, turn on every faucet, assess every drain, check every light switch and electric outlet, and everything visible from the roof to the ground. The home inspector will have a deficiency list, which will include things they find that aren’t working as designed. They should only look for items in that home that don’t work as designed. They’re not looking for cosmetic items, and they can’t quote building codes. In a nutshell, the appraiser’s looking for the value and safety issues, and the home inspector’s looking for items that aren’t working as designed.
Now for more ghost info. We’ve never stayed at the Skirvin, but it’s definitely on our list now because its history is really cool. The story states that the ghost named Effie was a chambermaid back in the 1920s, and she leaped to her death with her love child fathered by the founder W.B. Sterling himself. Hotel guests say they hear laughter and voices.
If you’re looking for a Realtor in another state, let us know because we have agents vetted out all over. If you have any questions, don’t hesitate to give us a call or send us an email. We look forward to helping you.