Home Inspections and Appraisals
What is a home inspection?
A home inspection is typically performed at the buyer's request. It can help identify any issues in the home and gives an idea of the amount it would cost to have them repaired.
Who should perform the inspection?
The buyer should 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 the buyer 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 buyers 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?
Typically the seller does not pay for the appraisal. Appraisal fees are paid up front by the buyer, when they approach a lending institution for a mortgage loan.
Why is an appraisal important?
It can help the buyer determine many additional details about the property such as zoning and size. The buyer is entitled to ask the lender for a copy to review. Barb is happy to answer any questions onthis process.
Will the appraisal affect the buyer's 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 the buyer the mortgage loan.