How to Buy a Home

Step 5: Inspections and Appraisal

 

 

If we get a home inspection we will hire a professional home inspector to complete this work and provide us with a thorough inspection of the home. Once we receive this we will determine what items we need to ask the Seller for. The Seller has the option to decline repairing these items. If they choose not to complete those items you have two options. One, you can continue with contract; or two, you can choose to walk way. Of course there are consequences to this such as losing your due diligence money. If inspections go well we continue onto the appraisal, which may occur at the same time as inspections because this process is quick. An appraisal, on average, takes 2wks to get back. This appraisal will determine the value of the home. If the appraisal comes in at value or above we are good to go and move forward to closing. IF, however, the appraisal comes in lower than asking price we have to re-negotiate our contract.

 

And of course you can find more info on buying and selling a home on my personal website at and my YouTube channel