The Importance of Home Inspections
Typically, the buyer will require a home inspection. A professional home inspector will thoroughly search the home for visual defects such as water damage, cracks in the walls, floors or foundation, plumbing leaks, or pest damage. They will also search for hidden flaws such as asbestos insulation, electrical problems, or building, health/environmental or safety code violations. If the inspection uncovers areas that need repair, you and the buyer will negotiate how these discoveries may affect the terms of the agreement.
Appraisal—Verifying the Value of the Home
An appraisal is an estimate of your property’s value on the open market, generally prepared by a lender for their benefit. Appraisers consider a number of factors, including square footage, floor plan, amenities, and energy efficiency. Other issues appraisers may take into account are neighborhood quality, a property’s proximity to transportation, shopping, and schools as well as lot size, topography, view, and landscaping.