RealtorTraceyW
BLOG 2012
TWO DIFFERENT ANIMALS
Home Inspections and Appraisals are not the same! They are two different animals. No matter how many homes I sell, I always need to make sure Buyers understand the destinction between Home Inspections and Appraisals.
Myth: You can save money by skipping the Home Inspection because the Appraisal does the same thing.
Fact: You could spend more money by skipping a Home Inspection. You could be facing expensive repairs that were not discovered during the Home Buying Process.
Home Inspectors are hired by the Buyer to take an in-depth, unbiased look at their potential new home. They evaluate the physical condition of the home. They check the structure, construction, and mechanical systems. They identify items that need to be repaired or replaced. The home inspection is a general inspection. In some cases it is necessary to hire Roofers, Electricians, Plummers, etc, to take a closer look.
Additional Inspections may include the following:
Wood Destroying Insect Report
Septic System Inspection
Radon Gas Testing
Mold Inspection
Appraisals are conducted for lenders. The objective of an appraisal is to estimate the market value of a home, make sure the home meets minimum standards required by the lender, and to make sure the home is marketable. In some cases an Appraiser will require repairs prior to closing, but don't let this be a substitute for a Home Inspection.
Buyers should exercise due diligence when purchasing a home. Buyers should ensure the home they are purchasing is satisfactory in every respect. As a Buyer you have the right and responsibility to examine the home prior to purchase. Make sure to complete your Home Inspection in the time frame that is written in your Purchase Agreement. Never waive your right to a Home Inspection.
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