The process of buying a home can be very complex to say the least. You have probably set your eyes on and visited countless properties in order to find the one that you want to call home. Once you have found that “home” it will be time to submit a strong purchase offer in the hope of it being accepted
In order for the purchase agreement conditions to be met, a few steps need to be taken. Probably the most important step is actually getting the appraisal done. Based on the appraisal that the lender will give out the loan against value of the property, banks rarely loan out over the amount of the appraisal.
The lender almost every time will hire their own professional appraiser. The appraiser will evaluate and assess the property using a wide range of criteria before giving an estimated value of the home or property. The completed results of the appraisal are very important when it comes to getting approved for a home loan.
What most people tend to get mixed up with is that there is a difference between a home appraisal, and a home inspection. An appraisal is the value of the property and that value can be used to leverage a loan.
A home inspection, on the other hand, is the hiring of a professional and licensed inspector to assess the condition of the property. Home inspections include an evaluation of aspects such as, the roofing condition, foundation structure, internal and external cracks, crawl spaces etc. and the working components within the home.
You have two valuable services at your disposal that benefits you in making the correct financial decision regarding your future home. The first being a home appraisal and the second involving hiring professional home inspection services.
