First-Time Homebuyer's Guide, Part 4: Inspection and Appraisal
Vimala Kumari ·
- Buying
- First-time buyers
An accepted offer is a big milestone, but there are still important steps before closing. Two of the most important are the inspection and the appraisal.
The home inspection
A licensed inspector examines the home's structure and systems and writes up what they find. Go along if you can: it's the best chance you'll have to ask questions about the house you're buying.
Reading the report
Every report has items on it. The key is telling small maintenance tasks apart from significant issues. Depending on your contract, we may ask the seller to make repairs, offer a credit, or adjust the price.
The appraisal
If you're financing, your lender will order an appraisal to confirm the home's value supports the loan. If it comes in lower than the price, there are options, and we'll talk through them together.
Keep your deadlines
Contracts include dates for inspections, financing and other contingencies. Missing one can affect your rights, so we'll keep a close eye on the calendar.
Next up: what to expect on closing day.