FHA appraisals differ from conventional appraisals in that they emphasize a home's safety and security, while conventional appraisals focus more on the market value of the property. Our thanks to the team at USA Mortgages {https://apply.usa-mortgage.
FHA Appraisals:
For buyers in areas like North Atlanta, Brookhaven, Buckhead, Sandy Springs, or anywhere in Georgia, understanding FHA appraisals is crucial. These appraisals prioritize identifying safety hazards, such as mold, lead paint, or malfunctioning utilities. They also thoroughly inspect the home's physical condition, including critical elements like the roof, foundation, siding, windows, doors, and steps. Additionally, FHA appraisals ensure that the home meets FHA's minimum property standards, including having at least 75% residential space and adequate property access. A safety check might also be performed to ensure all gas and electric work meets code requirements. If any significant hazards are identified, the seller may need to address these issues before the transaction can proceed.
Conventional Appraisals:
On the other hand, conventional appraisals focus on assessing the fair market value of the home to ensure the lender is not over-financing the buyer. These appraisals check for elements that could impact the safety, soundness, or structural integrity of the property but do not delve as deeply into safety hazards as FHA appraisals do.
