Showing posts with label home inspections. Show all posts
Showing posts with label home inspections. Show all posts

Kentucky Home Inspection Vs. Kentucky Appraisal: What’s The Difference?



Plain and simple, a home appraisal determines the value of the home while a home inspection determines the condition. And since each serves a different purpose, there are a few other differences when it comes to an appraisal vs. inspection:

Home appraisals are required by a lender. Home inspections aren’t.

You must set up an inspection yourself while the lender will order an appraisal for you.

An appraisal may impact your ability to get the loan amount you need. An inspection won’t.

Appraisers typically only spot things visible to the naked eye, whereas inspectors use special devices and training to spot deeper issues.

Home buyers are allowed and encouraged to walk through the home with the inspector during the inspection.

 Typically, an appraiser will go through the appraisal process alone.

An inspector will explain and educate during the interactive process. An appraiser won’t tell you their findings until they complete their report.
A home inspection only examines the condition of the home when making the assessment. A home appraisal considers the condition of the home, comparable home prices, lot size, home features, area crime rates and school zones.

The inspector and appraiser have a different set of skills, are trained and certified in different processes and have different areas of expertise.

What Do Home Appraisals And Home Inspections Have In Common?

While they have different processes and serve a different purpose, appraisals and inspections do have a few things in common.

They both benefit the homeowner and the lender because they ensure the home is worth what you’re paying for it and that it’s safe to live in.
Both will uncover any issues that may affect the sale as well as help you feel secure in your decision to either purchase the home or walk away from the deal.
Both services are completed by a third-party professional who has nothing to gain or lose from the results so you can feel confident in their findings.

Usually, the homeowner is the one who pays for both the appraisal and the inspection.

While it may be more expensive, it’s recommended that you get both an appraisal and an inspection.


Why Should You Get An Appraisal And An Inspection?


The home assessment that happens during the appraisal should never be used in place of a home inspection. An appraiser seeks to find the value of the home, so their inspection will be different from that of an inspector who seeks to find issues with the home. They’ll be looking for different things as they walk through the home.

The inspection that happens during the appraisal process will not be as in-depth as a separate home inspection. As the potential homeowner, it’s in your best interest to get an inspection along with your appraisal.

Wondering whether you should get an appraisal or inspection first? Usually, it’s best to put the inspection first. If expensive repairs or deal-breakers come up during the inspection, the appraisal is a moot point. This means planning the appraisal after inspection may wind up saving you time and money. 

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Joel Lobb
Mortgage Loan Officer
Individual NMLS ID #57916

American Mortgage Solutions, Inc.

Text/call:      502-905-3708
fax:            502-327-9119
email:
          kentuckyloan@gmail.com

 



Louisville Kentucky VA Home Loan Mortgage Lender: Kentucky VA Home Pest Termites Inspection Fees and...

Louisville Kentucky VA Home Loan Mortgage Lender: Kentucky VA Home Pest Termites Inspection Fees and...:  Veterans Benefits Administration Circular 26-22-11 Department of Veterans Affairs June 15, 2022 Washington, D.C. 20420 Pest Inspection Fees...


Kentucky VA Home Pest Termites Inspection Fees and Repairs cost for Veterans

 Veterans Benefits Administration Circular 26-22-11

Department of Veterans Affairs June 15, 2022 Washington, D.C. 20420

Pest Inspection Fees and Repair Costs

1. Purpose. This Circular addresses the Department of Veterans Affairs policies regarding wood destroying pest inspection fees and repair costs.

2. Background. Historically, VA has authorized, as a local variance, that Veterans may be charged for a wood destroying pest inspection report in a limited number of states and territories.1 Localities susceptible to termites and other wood destroying pests, however, are on the rise. Accordingly, VA requires, as a Minimum Property Requirement, a wood destroying pest inspection report for certain properties located in an area on the Termite Infestation Probability Map2 where the probability of termite infestation is “very heavy” or “moderate to heavy.”3 If applicable, the VA Notice of Value (NOV) will be conditioned for this requirement and MPR repairs identified on a wood destroying pest inspection report must be completed prior to guaranty.4

3. Action. Effective immediately, VA is authorizing in advance, as a local variance, that Veterans may be charged wood destroying pest inspection fees, where required by the NOV. Veterans may also pay for any repairs required to ensure compliance with MPRs. Veterans are encouraged to negotiate the cost of the wood destroying pest inspection and repairs with the seller.

a. Documentation for Audit Purposes. An itemized invoice identifying the Veteran and the property is required to verify the cost on the Closing Disclosure Statement (CD). Lenders should include the invoice(s) to support the cost of the inspection and any repairs in the loan file if the loan is selected for Full File Loan Review (FFLR).

4. Paperwork Reduction Act. The information collection requirements contained in this document have been approved by the Office of Management and Budget (OMB) under the Paperwork Reduction Act of 1995 (44 U.S.C. § 3501-3520) and assigned OMB control number 2900-0515. In accordance with the Paperwork Reduction Act, VA may not conduct or sponsor, and a person is not required to respond to, a collection of information unless the collection displays a currently valid OMB control number

1 38 C.F.R. § 36.4313(d)(1)(ix).

2 https://basc.pnnl.gov/images/termite-infestation-probability-map-adapted-2021-international-residential-code-irc-figure.

3 VA Lenders Handbook, Chapter 13, Topic 8.c.

4 38 U.S.C. § 3704(a), 38 C.F.R. § 36.4351.




Kentucky VA Home Pest Termites Inspection Fees and Repairs cost for Veterans

































Joel Lobb
Mortgage Loan Officer
Individual NMLS ID #57916

American Mortgage Solutions, Inc.

Text/call:      502-905-3708
fax:            502-327-9119
email:
          kentuckyloan@gmail.com

 


Inspecting and Testing Requirements for a Kentucky FHA, VA, Conventional and USDA Mortgage loan.

 

Inspection & Testing Requirements for a Kentucky Mortgage 

Each Kentucky Home loan program for Conventional, FHA, VA and USDA government mortgage loans  has slightly different guidelines when it comes to water tests, septic inspections, and pest/termite inspections. Here's a quick comparison of the general guidelines for each program.



Inspecting and Testing Requirements for a Kentucky FHA, VA, Conventional and USDA Mortgage loan. Water test, septic test, termite test, well or septic


Housing Inspection in Kentucky | AmeriSpec

Housing Inspection in Kentucky | AmeriSpec

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