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The Difference Between Inspections and Appraisals

 
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Manage episode 242409292 series 1070309
内容由Erik Winegarden提供。所有播客内容(包括剧集、图形和播客描述)均由 Erik Winegarden 或其播客平台合作伙伴直接上传和提供。如果您认为有人在未经您许可的情况下使用您的受版权保护的作品,您可以按照此处概述的流程进行操作https://zh.player.fm/legal
What’s the difference between an appraisal and an inspection? Let’s find out.
Selling your Minneapolis home? Check out our free home value report
Buying a Minneapolis home? Search all homes for sale

Sellers always ask me, “What is the difference between an inspection and an appraisal?”

Simply put, inspections verify a home’s value while appraisals verify its condition. Inspections are ordered by the homebuyer during their due diligence period. During an inspection, a professional home inspector will visit your property to assess everything from the plumbing to the electrical sockets.

Once they’re finished, they’ll draft a report of their findings so as to alert you (and the buyer) of any issues they noticed. Then, if necessary, you and the buyer will negotiate repairs before proceeding with the deal. In short, inspections are intended to provide the buyer with peace of mind, and to ensure that the home is in liveable condition.


Inspections verify a home’s value while appraisals verify its condition.


Appraisals, on the other hand, are designed to give the buyer’s lender peace of mind. Just because you and the buyer have agreed upon a certain price, that doesn’t mean your home is actually worth that amount. To ensure that they aren’t lending the buyer more money than the home is worth, the bank their lender is associated with will send a third-party appraiser to objectively assess the property’s value. Assuming the home appraises for approximately the same value as your list price, you and the buyer can go ahead with the transaction. Even if the appraisal doesn’t go through, though, you still have options. If you’d like to discuss what these options are, feel free to reach out to me.

And, as always, if you have any other questions or would like more information, please give me a call or send me an email. I look forward to hearing from you soon.

  continue reading

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Artwork
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Manage episode 242409292 series 1070309
内容由Erik Winegarden提供。所有播客内容(包括剧集、图形和播客描述)均由 Erik Winegarden 或其播客平台合作伙伴直接上传和提供。如果您认为有人在未经您许可的情况下使用您的受版权保护的作品,您可以按照此处概述的流程进行操作https://zh.player.fm/legal
What’s the difference between an appraisal and an inspection? Let’s find out.
Selling your Minneapolis home? Check out our free home value report
Buying a Minneapolis home? Search all homes for sale

Sellers always ask me, “What is the difference between an inspection and an appraisal?”

Simply put, inspections verify a home’s value while appraisals verify its condition. Inspections are ordered by the homebuyer during their due diligence period. During an inspection, a professional home inspector will visit your property to assess everything from the plumbing to the electrical sockets.

Once they’re finished, they’ll draft a report of their findings so as to alert you (and the buyer) of any issues they noticed. Then, if necessary, you and the buyer will negotiate repairs before proceeding with the deal. In short, inspections are intended to provide the buyer with peace of mind, and to ensure that the home is in liveable condition.


Inspections verify a home’s value while appraisals verify its condition.


Appraisals, on the other hand, are designed to give the buyer’s lender peace of mind. Just because you and the buyer have agreed upon a certain price, that doesn’t mean your home is actually worth that amount. To ensure that they aren’t lending the buyer more money than the home is worth, the bank their lender is associated with will send a third-party appraiser to objectively assess the property’s value. Assuming the home appraises for approximately the same value as your list price, you and the buyer can go ahead with the transaction. Even if the appraisal doesn’t go through, though, you still have options. If you’d like to discuss what these options are, feel free to reach out to me.

And, as always, if you have any other questions or would like more information, please give me a call or send me an email. I look forward to hearing from you soon.

  continue reading

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