Knowledge Is Power When It Comes to Appraisals and Inspections

Knowledge Is Power When It Comes to Appraisals and Inspections

Buyers in today's market are increasingly asking for home appraisals and inspections. The high buyer demand paired with low housing supply has created intense competition, which is leading some buyers into considering waiving those contingencies if they want to stand out among other bidders during that crowded process of finding their perfect property!

Buying a home is one of the most important transactions in your lifetime, and it's critical to keep your best interests at heart. To help you understand what goes into an appraisal or inspection process from start-to-finish we've broken down each stage for ya!
It All Starts With The Appraisal As soon as they decide where their new house will be located there are two options: buying something under construction (which means no inspections), but also guarantees its value; getting preapproved by lenders so that if someone wants this property bad enough then all fees associated with buying have been paid upfront already.

Buying a home is one of the most important transactions in your lifetime, and it's critical to keep your best interests at heart. To help you understand what goes into an appraisal or inspection process from start-to-finish we've broken down each stage for you!
It All Starts With The Appraisal as soon as they decide where their new house will be located there are two options: buying something under construction (which means no inspections), but also guarantees its value.

Home Appraisals

"As Home Light explains: 'Lenders typically require an appraisal to ensure that your loan-to-value ratio falls within their underwriting guidelines. Mortgages are secured loans where the lender uses your home as collateral in case you default on the agreed upon payments.'

Put simply, an unbiased appraisal is the best way to make sure you don’t exceed what your home is worth. Appraisals ensure that lenders only lend money on properties which are genuine and not inflated by artificial circumstances like recent sales or over speculation - because these things can change quickly!

When buyers are competing like they are today, bidding wars and market conditions can push prices up. A buyer’s contract price may end up higher than the value of a home – this is known as an appraisal gap. In today's market it has become common practice for sellers to request that any excess funds be provided by prospective homeowners in order to bridge any gaps between what was appraised at or below fair market value versus their final bid price on property; meaning you might need some extra cash if looking for your dream house!

The inspection is a thorough evaluation of the current condition and values for both major structural components as well as cosmetic issues. The American Society of Home Inspectors says, "An informed buyer can purchase property with peace-of mind knowing that they're getting exactly what's being advertised - even if it looks worse then how you expected."

“Home inspections are the opportunity to discover major defects that were not apparent at a buyer’s showing. . . . Your home inspection is to help you make an informed decision about the house, including its condition.”

As a prospective home buyer, you have the opportunity to discuss any potential issues with sellers. Your real estate advisor can help negotiate repairs necessary before closing on your new piece of property!

It's a big decision to buy your first home and I think it deserves the best quality inspection. A good one will give you peace of mind knowing all is well with this purchase, so make sure that when we come into contact today I'm looking out for those little things like broken pipes or flooding problems before they turn into safety hazards!

Bottom Line

You’re in the market for a new home and we want to help you find it! Our team is experts at appraisals, inspections, financing referrals-- just about anything related to buying or selling homes. Let us guide your search by connecting with one of our agents today so that together we can provide unbiased information on every aspect from value assessment all-the way down through closing processes.

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