Home Inspection
Here’s the key difference between an appraisal and an inspection. MSN explains:“In simplest terms, a home appraisal determines the value of a home, while a home inspection determines the condition of a home.”
The home inspection is a way to determine the current state, safety, and condition of the home before you finalize the sale. If anything is questionable in the inspection process – like the age of the roof, the state of the HVAC system, or just about anything else – you as a buyer have the option to discuss and negotiate any potential issues or repairs with the seller before the transaction is final. Your real estate agent is a key expert to help you through this part of the process.
The appraisal and the inspection are critical steps when buying a home, and you don’t need to manage them by yourself. Reach out to a local real estate professional today so you have the expert guidance you need to navigate through the entire homebuying process.
The first quarter market of 2021 in the Hampton Roads region is definitely a seller’s market. Incredibly low-interest rates are bringing buyers out of the woodwork making it a competitive time to buy. And while home prices are increasing, appraisals are keeping them in check. That being said, I’m constantly figuring out how to best help buyers get the winning offer, and sometimes that breaks the rules of what we’ve shared before! For example, I’ve had some buyers “guarantee the appraisal” meaning that if they offer over list price and the appraisal comes in at list price, they guarantee to pay the difference in cash. Sometimes this is only $2000 and with such limited inventory, it’s often the difference between getting a home or waiting another 2-3 months for something else to come on the market.
I have several other negotiating tactics that I use on a regular basis with my buyers to help them meet their end goals! Let me know if I can help you be the winning bid in a real estate deal!
From my home to yours,
Dana
