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Appraisal and Inspection

These steps must be taken after your offer has been accepted:

The appraisal

An evaluation of the property’s fair market value. The appraiser visits the house and reviews recent selling prices of similar homes in the area.

The inspection

An evaluation of the property to find out if there are any problems with it that could change its value. The inspection also helps you decide if there are any items that you want the seller to repair before the final contract is signed. The inspector is expected to carefully examine the entire house, inside and out. 

Selecting a Home Inspector

The buyer generally hires the inspector. Referrals may come from recent home buyers, your Realtor, and/or your lender. Be sure that the inspector you choose lets you go to the inspection. Walking through the house together will give you a hands-on feel for what is right and wrong with it. A good inspector will check:

o       General condition of the property.

o       Electrical system.

o       Heating and cooling systems.

o       Exterior (outside) structure, possible water damage, garage doors, roof and chimney.

o       Interior (inside) structure; insulation, foundation, windows, and doors.

o       Pest control.

o       Risk of earthquakes/landslides.

Termite Inspection: Most areas require a termite inspection.  If termites are found, you must have proof that the house has been treated and that any termite damage has been repaired.  This is usually the seller’s responsibility.