Making the decision to purchase a home can be a daunting task and you might be entering into uncharted territory, but Seven Gables is here to help! There are many questions people have when entering into the real estate market and we will help you navigate the entire home buying process. We are going to take an in-depth look into the difference between an appraisal and a home inspection.
An appraisal can be described as the professional evaluation of the market value of the home you are interested in purchasing. Usually an appraisal is requested by the lender to confirm the value of the home prior to the lending process. With a home purchase being one of the largest investments you can make, you have the opportunity to protect yourself by receiving an appraisal. Appraisers will analyze the data to report to their clients and will ultimately assist in the lender’s decision to provide mortgage funding. In today’s strong seller’s market, the appraisal is what keeps home prices in check instead of pushing prices upward even more.
A home inspection differs in the process because it assesses the condition of the home before you actually finalize the transaction. The home inspection will determine the safety and condition of the home before the purchase is complete. If there are any issues or questionable occurrences during the inspection, the buyer has the opportunity to negotiate repairs with the seller. Discussing these options before the final sale of the home is a critical step in the process of buying a home.
The appraisal and inspection are key steps when purchasing a home, but you don’t have to let the process overwhelm you. A trusted expert will help guide you through the entire home buying transaction. Connect with a Seven Gables Advisor today to learn more!