My New Blog

Appraisal & Home Inspection

Most likely you will have to have an appraisal, in order to secure a mortgage.  An appraisal is an estimate of value and is specific for the day of inspection, most lenders will require an appraisal to ensure that the property is not worth less than the amount of the loan.  If this happens, your lender may require you to put more money down to offset this amount or you may have to go back to the negotiation table with the seller regarding the price. 

Home inspections are not required by lenders and are utilized to uncover any problems that a property may have that could affect it livability, safety or value.  Most real estate agents will recommend having a home inspection, especially on an existing home.  Any items of repair, that a home inspector calls for are negotiable and should be requested in writing by your real estate agent.  Home inspections do not cover cosmetic problems, so please take time during your own inspection/walk-thru to make notes of needed repairs to request.