Home Inspections
Before you finalize the sale of a home, you should hire a third party to do an inspection of the property. Inspections are meant to uncover any problems with the home that could affect its livability, safety or value. It’s usually a good idea to make your offer to purchase contingent on the home passing inspection, so you aren’t left with thousands of dollars in repair and maintenance work before moving in. And depending on the type of financing you choose for buying the home, it may have to undergo several inspections. As your Realtor we can recommend a reliable and affordable home inspector to conduct a whole-house inspection. We suggest that buyers choose an inspector who can provide proof of membership in the American Society of Home Inspectors (ASHI). While home inspection is fairly unregulated in most states, ASHI-certified inspectors meet stringent requirements and abide by a strong Code of Ethics.
Inspections don’t cover cosmetic problems and, so you should take care of that in your own basic inspection, that is during the showing or by attending the inspection.
In the event the inspection reveals some issues; these will be dealt with according to the purchase agreement with the seller, if the home sale is to proceed as anticipated.
A final inspection, or “final walk-through” can also be requested. During this time, you should be sure that the sellers have left that which they’ve agreed to in the contract and have moved everything else from the house. Also be sure there isn’t any damage to the home from their move. You may also choose to bring along a copy of your offer to be sure that all of the contingency items you requested have been completed. Click here to learn more about Home Inspections.
Appraisals
While you’re buyer’s agent will have performed a Comparative Market Analysis (CMA) prior to preparing the purchase offer and assisting you in negotiating the sale on your new home. You will likely need to have an appraisal to secure a mortgage. An appraisal is a written estimate of a property’s market value, and most lenders require this, to ensure that the home isn’t worth less than the loan amount. Should this be the case, your lender will likely reduce your loan amount, meaning that you will need a larger down payment, or you will need to negotiate a lower price with the seller. See Understanding Real Estate Appraisals for more on this topic.
