Inspection and Appraisal
A growing percentage of transactions involve a home inspection, or a physical review of the home by a trained and independent observer. If this is something you want, once the sales contract is executed, your Diane Turton, Realtors sales associate will assist you in scheduling a home inspection.
An inspection is a third-party evaluation of the accessible structure and mechanical systems of a house, from the roof to the foundation. The standard home inspector's report will include an evaluation of the condition of the home's heating system, central air conditioning system (temperature permitting), interior plumbing and electrical systems; the roof, attic, and visible insulation; walls, ceilings, floors, windows and doors; the foundation, basement, and visible structure. After the inspection, you'll review the report with your agent. If there are concerns about the home, a negotiating strategy is developed regarding repairs.
Your lender will require an appraisal be completed and assures that you don't overpay. An appraisal is a thought process leading to an opinion of value. Market value or fair market value is the most probable price that a property should bring (will sell for) in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably and assuming the price is not affected by undue stimulus.
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