This is a YouTube video titled "🚨 Home Inspection vs Appraisal 🚨" containing a monologue by Derek McGowan explaining the differences between a home inspection and an appraisal in the context of purchasing a new home, recorded on November 3, 2021.
Actions generally done within 10 days of signing a purchase contract on a new home. It's more for the peace of mind of the buyer. This is outside of the lender, so usually the realtor kind of assists in getting that set up. This looks for the fundamental condition, the structural aspect of the house. Compare that to the appraisal. That is something that is required by the lender. And the lender has to order that. So it's a randomly selected appraiser. We can't have our friend go out and give us a favorable value. Then the appraisal value is the marketability of the house. What can that house sell for? And if there is a repair listed on appraisal, it's a big one. Inspection lists every little thing. Appraisal only sticks to the huge things that you need to be moved and ready for that home.
