Inspections, Appraisal & Walkthrough

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.

Inspection Checklist

Inspection Checklist

MAJOR SYSTEMS

 Heating  Air conditioning  Electrical service  Ducting  Plumbing  Drain/waste vent  Sump pit  Water heater  Venting  Fireplace

EXTERIOR

 Driveway  Walks  Fences/gates  Siding  Trim  Gutters/downspouts  Sprinklers  Housebibs  Exterior doors  Bell/chime  Chimney  Lot grade drainage  Gas meter  Foundation  Roof

PATIO

 Cover  Enclosure  Deck/slab  Stairs  Railing

GARAGE

 Exterior  Roof  Slab  Garage door  Garage door hardware  Door opener  Windows/screens  Access door  Fire door  Fire wall  Walls

ALL ROOMS

 Floor  Walls  Ceiling  Windows/screens  Electrical  Closets  Heat supply/fireplace

BASEMENT

 Access  Stairs  Joists  Water drains  Rodents  Foundation/slab  Support posts  Ventilation  Water pipes/meter  Gas pipes

ATTIC

 Insulation  Ventilation  Roof boards  Rafters or trusses  Rodents

LAUNDRY AREA

 Cabinets  Exhaust fan  Laundry tub  Washer hookup  Dryer hookup  Water pressure  Gas piping  Electrical

BATHROOM(S)

 Exhaust fan  Heating  Tub and enclosure  Water pressure  Electrical  Tub faucet  Shower and surround  Shower door  Shower faucet  Sink and faucet  Traps/drains  Toilet  Counter/cabinets

KITCHEN

 Cabinets  Countertops  Sinks/faucets  Traps/drains  Disposal  Dishwasher  Stove/cooktop  Oven hood/fan  Microwave  Water pressure  Electrical

Some large inspection companies also offer environmental inspections. They can check for radon, asbestos, formaldehyde, lead paint, lead plumbing, underground storage tanks, and energy efficiency. These inspections are costly; however, it could keep you from buying a house that will cost you far more in repairs or health concerns down the road.