What's the difference between an Appraisal, Inspection and Survey?
APPRAISAL:An appraisal is a valuation of the property determined by a licensed Appraiser. He/she will visit and inspect the property, take pictures, and render an estimate of value as of a specific date comparing to other like sold properties in the area as state in the appraisal report. A buyer's lender normally requires an appraisal to verify that the loan secured by the property has a value of a specific amount (in most cases the sales price).
INSPECTION:Buyers are encouraged to have the property they want to buy inspected by a licensed inspector of their choice. Inspections should be completed during the option period. Buyers are encouraged to meet the inspectors at the property, ask questions, go over the report and any concerns the inspector may have at that time.
SURVEY:A survey identifies the location of boundaries, improvements (such as a house, shop or barn), fence lines, driveways, enncroachments, easements and other items on property. Most lenders will require a survey of the property.