Realty Five of Defiance: Defiance area home buyers ask about Home Appraisals VS The Home Inspection?

Your Home Inspector and the banks Appraiser are two different people with two different jobs and for two very different reasons…
Defiance area home buyers I hope this will give you some great answers & explinations as you prepare for purchasing a Defiance area home!

The Appraisers job come first, your banker or lender will hire the appraiser on your behalf to do a Home Appraisal on your new purchase, the Appraisal is a “Opinion of Value” The value of the home needs to meet or exceed the dollar amount you are wanting to barrow from your lending institution. Example: If your offer to purchase is $99,000 then the home must appraise for $99,000 or more in order to get your loan. The Appraiser will use comparable sales in the area to determine his or her “Opinion of Value” along with condition and location of the home you want to purchase. As the buyer you will receive a copy of the Appraisal usually at the closing table.

The Home Inspector will not give you a “Value” dollar amount, the home inspector’s job is to take a very close look at your proposed purchase from top to bottom, roof to basement including the foundation and the homes mechanical components. He or she will check inside and outside of the home looking for anything that might cause alarm for current and or future problems. The Home Inspector is a person who see's it all, lots & lots of properties... this is the person to ask your questions to; a good Home Inspector is full of knowledge and willing to share that with the new home owner… Most generally the Home Inspector will give you a complete written report on his or her findings, with that information you will be ready to decide… 1) to happily move forward with your new purchase or 2) bring attention any repair work needed to the seller asking the seller to take care of the repair before you close on the house. Most purchase contracts are written by the buyer’s agent with a Contingency Clause of: Contingent on approved Home Inspection allowing you as the buyer the choice to buy or walk away from the purchase in legal standings.

IF you have any further questions about the buying process… Realty Five of Defiance will gladly answer them for you! We are a professional TEAM of 5 AGENTS ready to work for you… When Realty Five of Defiance represents you as our buyer, we have your best interest in mind and it doesn’t cost you a dime for our Real Estate services!

Call, text, email or Facebook us today!

Karol

"We choose to give"