734.506.6300The Homebuying Process
Home Inspection / Appraisal
Home Inspection
When you submit your purchase agreement to the seller(s) you have the option to choose to conduct a private home inspection within a specific time frame of your offer being accepted. Note the private. This is your time to have an inspector come to the home. Generally, your inspector will be looking for structural issues, anything that could cost you money, or anything you should be aware of. Depending on who you choose, you can have a report of the entire home compiled, or have cameras ran down the pipes. Once you have your inspection completed you can choose to continue with the sale or terminate the purchase agreement if you discovered something negative.
Appraisal
If your home inspection goes well and you continue forward with the sale of the home, the next step is to have an appraisal completed. The appraisal is completed by a licensed appraiser. The appraiser will visit the home and will be looking at different factors such as the condition of the home, if any repairs are needed, or if there are any special / uncommon features. There are many ways to appraise a home, but the most common way is by using the sales comparison approach. With this approach, the appraiser will be looking at comparable homes to determine the value. Comparable homes are homes that are nearby, recently purchased, and are similar in age, size, design, etc.