Home Inspections and Appraisals?
What is a home inspection?
A home inspection identifies any issues in the home andgives you an idea of the amount you would pay tohave them fixed.
Who should perform the inspection?
Always use a licensed inspector that is not connected or associated with the seller, the real estate agent, or any other party involved in the deal.
Why is a home inspection important?
The information obtained in a home inspection can help you decide if it is worthwhile to purchase the property and it also may allow you to negotiate the price.
What is an appraisal?
An appraisal assesses the value of the property based on key factors such as comparable properties and property condition.
Why do I need an appraisal?
By law, all lending institutions require an appraisal be done
prior to approving a mortgage loan.
When do I pay for the appraisal?
Appraisal fees are paid up front, when you approach a lending institution for a mortgage loan.
Why is an appraisal important?
As a buyer, you can determine whether or not you are paying too much for the property and many additional details about the property such as zoning and size. You are entitled to ask the lender for a copy to review. Barb is happy to walk through the report with you should you have any questions.
Will the appraisal affect my loan amount?
The appraisal will identify if the market is increasing, declining, or remaining stable. In declining market conditions, the lender may reduce the amount they are willing to lend or may not be willing to give you the mortgage loan.