Most buyers will arrange for a licensed property inspector and appraiser to evaluate the home within the timeframe specified in the purchase contract. Some buyers may also hire multiple inspectors who specialize in specific areas, such as roofing, HVAC systems, or structural integrity, to obtain a comprehensive assessment. The appraiser will assess the property’s value on behalf of the lender to ensure the investment aligns with the home’s market value.
Inspections:
The property inspector will assess the condition of the home, noting any potential issues or needed repairs.
This includes evaluating the roof, plumbing, electrical, foundation, and overall structure.
If issues are found, the buyer may request repairs or credits from the seller, depending on the findings.
Appraisals:
If the agreement is contingent upon financing, a licensed appraiser will assess the property’s value on behalf of the lender to ensure the investment aligns with the home’s market value.
Appraisers take into account recent comparable sales (comps), the condition of the home, and any other relevant factors.
The appraiser’s report helps the lender determine if the loan amount is appropriate for the property.
Both inspections and appraisals play a crucial role in the home-selling process, helping to ensure a fair transaction for both buyers and sellers. We are here to guide you through every step, ensuring everything goes smoothly and efficiently.
