Inspections, Appraisal, and Walkthrough Once your offer has been accepted on a home, it’s time for the inspection, appraisal, and final walkthrough.
Inspection Once your offer has been accepted, you’ll want to schedule a home inspection. Your inspector will examine the property from top to bottom to see if there are any minor or major issues. Spending a few hundred dollars on an inspection fee could save you thousands of dollars in repairs down the road. Once the inspection is complete, your inspector will send you their results. If there is any major damage found during the inspection, you can use this to negotiate a lower price with the seller.
Appraisal In addition to your inspection, you’ll also need an appraisal. An appraiser will inspect your house to make sure that the purchase price is a fair market value for the home. In simple terms – their job is to make sure you aren’t overpaying for the home. The appraiser’s inspection is not as detailed as the inspectors, but they will take damage and defects into account. When determining fair market value for your home, the appraiser may pull county records and recent reports from the local real estate multiple listing service to compare prices with other homes in the area. Your cost for the appraisal fee will be included in your closing costs.
Final Walkthrough Your realtor will schedule your final walk-through a few days before your closing date. This is your time to walk through the property to verify its condition and ensure repairs have been made. During your walkthrough, keep an eye out for any new issues, damage from the sellers, and missing fixtures or appliances.
HOME BUYER’S GUIDE
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