Appraisal vs. Inspection in Burke: Key Differences

Confused about whether you need an appraisal, a home inspection, or both when buying or selling in Burke? You are not alone. These two steps often happen around the same time, but they serve very different purposes and affect your next moves in different ways. In this guide, you will learn what each one covers, who orders and pays, typical Northern Virginia timelines, costs, and smart strategies to protect your interests. Let’s dive in.

Appraisal basics in Burke

An appraisal is a lender-ordered opinion of market value prepared by a state-licensed or certified appraiser. The goal is to confirm the home is worth at least the loan amount so the lender can underwrite the mortgage. The appraiser follows recognized standards and uses comparable sales and market data to reach a value.

Appraisers must follow the Uniform Standards of Professional Appraisal Practice and meet Virginia licensing requirements. Many loans also follow additional rules from agencies like Fannie Mae, Freddie Mac, VA, or FHA. The final product is a written report that shows comparable sales, adjustments, and a final opinion of value.

Who orders and pays

The lender orders the appraisal after you apply for financing and the contract is ratified. In most cases, the buyer pays the appraisal fee at application or as part of loan closing costs. A seller may choose to order a pre-listing appraisal, but that is optional and paid by the seller.

Scope and report

An appraisal focuses on value, not a detailed condition review. The appraiser will verify key features and note obvious issues that affect value, but the process is not a technical inspection. Expect a written report with comparable sales and a supported opinion of value that your lender uses to make the loan decision.

Inspection basics in Burke

A home inspection is a visual, non-invasive review of the home’s accessible systems and components. It is ordered for your information as the buyer so you can understand defects, safety concerns, and maintenance needs before you move forward. Inspectors often estimate the remaining life of major systems and recommend repairs or further evaluations.

Many inspectors follow the Standards of Practice from organizations such as the American Society of Home Inspectors or InterNACHI. Inspectors are commonly insured and provide a narrative report with photos and recommendations.

Who orders and pays

Buyers usually order and pay for the home inspection during the inspection contingency period. Sellers sometimes order a pre-listing inspection to find and fix issues before going to market.

Scope and standards

Inspectors typically evaluate the roof, structure, foundation, HVAC, plumbing, electrical, interior and exterior, and more. The inspection is visual and non-invasive, which means no opening walls or cutting materials. The purpose is to give you a clear picture of the home’s current condition and potential future costs.

Northern Virginia timelines

Northern Virginia transactions, including Burke and the rest of Fairfax County, follow regional contract norms used by the Northern Virginia Association of Realtors and Virginia REALTORS forms. Here is a common sequence and range:

• Day 0: Contract ratified.
• Days 1 to 3: Buyer applies for the loan and schedules the home inspection.
• Days 3 to 10: Inspection occurs, with the report usually delivered within 24 to 72 hours.
• Days 5 to 14: Buyer and seller negotiate inspection repairs or credits, or the buyer may terminate under the contingency if allowed by the contract.
• Days 7 to 21: Lender orders the appraisal, the appraiser visits the property, and the report is often completed within 7 to 14 days of ordering.
• Closing: Many transactions close in 30 to 45 days, depending on loan and title timelines.

Fast-moving markets sometimes prompt shorter inspection periods or even waived inspection contingencies. That can be risky for buyers, so have a plan before you write an offer.

Key differences summary

• Purpose: An appraisal supports the lender’s loan decision by determining market value. An inspection protects you by identifying condition issues and safety concerns.
• Who orders: The lender orders the appraisal. The buyer orders the inspection.
• Who pays: Buyers usually pay both, unless a seller orders pre-listing services for their own planning.
• Scope: Appraisals focus on comparable sales and market value. Inspections review systems and components for defects and recommended repairs.
• Standards: Appraisers follow USPAP and Virginia licensing. Inspectors often follow ASHI or InterNACHI standards.
• Contract impact: A low appraisal can force price renegotiation, extra cash from the buyer, or termination if there is an appraisal contingency. Inspection findings can lead to repair requests, credits, or termination under the inspection contingency.

Typical costs in Burke

• Home inspection: About 300 to 700 dollars for a typical single-family home, with add-ons like radon, mold, septic, or structural reviews priced separately.
• Appraisal: About 400 to 800 dollars for a standard single-family home, depending on loan type and property complexity.

Always request written quotes and sample reports so you know what is included.

After your inspection

If the inspection finds major issues like structural problems, a worn roof, or failing HVAC, you can request repairs, ask for a credit or price reduction, or terminate if your contract allows. If the issues are minor, you can decide whether to move forward as-is, ask for a small credit, or request targeted repairs.

Your timeline matters. You must deliver repair requests or a notice of termination within the inspection contingency window. If you miss the deadline, you may lose the right to negotiate repairs or cancel.

After your appraisal

If the appraisal meets or exceeds the contract price, your lender can usually proceed with underwriting and closing. If it comes in low, you have several options:

• Negotiate a price reduction with the seller.
• Bring extra cash to cover the difference between the contract price and the appraised value.
• Ask your lender for a reconsideration of value by providing additional comparable sales or corrections to factual errors.
• Request a second appraisal if the lender allows it.
• Use an appraisal gap clause at the time of offer to define how much you will cover, if needed.

If you cannot resolve a low appraisal and your contract includes an appraisal contingency, you may have the right to terminate.

Buyer checklist

• Get fully pre-approved before you shop.
• Schedule your home inspection right after ratification and attend if you can.
• Choose a local inspector with Northern Virginia experience and strong sample reports.
• Track your deadlines for inspection responses, appraisal, and financing.
• Discuss appraisal shortfall strategies with your lender and agent before you write.

Seller checklist

• Consider a pre-listing inspection to find and fix issues early.
• Consider a pre-listing appraisal to set realistic pricing and support buyer financing.
• Disclose known defects to reduce surprises.
• Price with current comparable sales and recent renovations in mind.
• Keep permits and documentation available for improvements and repairs.

Common pitfalls

• Waiving the inspection without a plan. This can make an offer more competitive, but it increases risk because you lose a key protection for discovering defects.
• Confusing appraisal with inspection. An appraisal is not a systems check and will not replace a home inspection.
• Missing contingency deadlines. In Northern Virginia, timing is strict. Put reminders on your calendar and act early.
• Assuming the appraised value will always match the contract price. Unique homes, limited comps, or a shifting market can lead to value gaps.

Local guidance and next steps

Understanding how appraisals and inspections work can save you money and stress. In Burke and across Fairfax County, timing and strategy make a difference. A seasoned local advisor can help you structure the right contingencies, line up qualified pros, and stay ahead of deadlines.

If you are planning to buy or sell, you deserve senior-level guidance and clear communication. Irvin Realty is principal-led, with a track record of approximately 300 million dollars sold across 400 plus closings. Have questions about your next move in Burke? Schedule a Free Consultation with John Irvin to talk through your plan.

FAQs

Who orders the appraisal in a Burke home purchase?

• The lender orders the appraisal after you apply for the loan, and the buyer usually pays the fee as part of closing costs.

Who pays for the home inspection in Northern Virginia?

• The buyer typically orders and pays for the inspection during the contract’s inspection period, unless the seller did a pre-listing inspection.

Can I waive my home inspection to win a bidding war?

• Yes, but it increases risk because you give up the right to negotiate repairs or terminate based on inspection findings.

What does an appraisal cover that an inspection does not?

• The appraisal focuses on market value using comparable sales and notes only obvious condition items that affect value, not a full systems review.

How long do I have to complete inspections in Burke contracts?

• Inspection periods are negotiated, commonly 5 to 14 days after ratification in Northern Virginia, so follow your contract deadlines closely.

If the appraisal is low, can my loan still close?

• Sometimes, if you bring extra cash, the seller reduces price, or the lender revises value after reconsideration; otherwise the loan may be denied if value is insufficient.