Knowing Gives You the Power

November 19, 2021

When it comes to appraisals and inspections the key to having the power is knowledge. So many of the buyers I come across in any market, not just today’s market, ask if they really have to or should get an appraisal and inspection. One thing that is causing more people to ask this question today is the highly competitive market. There are some buyers waiving or at least considering waiving the contingencies to make their home/ property stand out in this crazy market. 


But let me ask you a quick question? Buying a home is such a HUGE step, as is selling your home and moving into another purchase. It is literally one of the biggest transactions of your life and even if you do it multiple times it is always a major choice. So, in my personal opinion it is extremely crucial for you to get an inspection and an appraisal to protect yourself and the major investment you are about to make. 


This is a simple breakdown of an appraisal and an inspection. It will also help you understand how each one can potentially save you a ton of headache and money down the road. 


Home Appraisal - 

Without a home appraisal is an extremely crucial part of securing a mortgage on your home purchase. Most mortgage companies will tell you that they require an appraisal to ensure that the loan they are giving out for the property will not exceed the properties value or at least that the ratio is fair and within their guidelines. Basically they don’t want to lend you more than your home or future home is actually worth. 


In this market that is especially important. Because potential buyers are causing bidding wars and that is causing the pricing to go up. One thing that appraisals do is help to make sure that these bidding wars don’t push a homes sale price over the home’s value. 


Home Inspection -

One thing that appraisals and inspections do have in common is that they are both an impartial evaluation of your home or future home. The difference is this though, an appraisal assesses the current value of the home but an ispections looks at the current condition of your home. If there are any concerns that come to light during the home inspection such as an aging roof, non working-HVAC, or rotting deck boards, this inspection makes you aware of it before you are the new owner of a home in need of many repairs. It is most basically a safety net so that you don’t become the proud new owner of a home that is about to cost you a fortune to fix many things.


Here is the best way to wrap it up, both an appraisal and an inspection are two of the most crucial steps in the home buying process! I would never recommend to any buyer to skip over either of these steps. It is always in your best interest to take these steps and make sure you are covered in your new investment. 

 

Alicia Edwards - Realtor

I want to be your realtor! Let me help you find your next home or sell your current one. Call me and let me get started working for you today (678) 622-0302. I look forward to talking to you soon. Your Home, Your Future, My Commitment!

Looking to Buy or Sell, Contact Me!

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