Home Appraisals and Home Inspections
When it comes to buying or selling a home, appraisals and inspections are two very important steps. Most real estate agents will tell you to get both before buying a house.
Our team at Hywater Title loves teaching our first time homebuyers about real estate in middle Tennessee, so if you have any questions please feel free to call us at 615-896-9494.
Purpose:
The purpose of an appraisal is to determine how much the property is worth (because checking Zillow isn’t enough).
The purpose of an inspection is to check for any potential problems the house might have (think: air conditioning unit, leaking shower, or broken window).
Who Does It:
To get an appraisal, your bank will likely hire a licensed appraiser and schedule an appointment with your real estate agent.
A home inspection is done by a licensed home inspector in your area. This person is chosen by you and/or your real estate agent, so it’s important to find a good one!
When to order an inspection or an appraisal:
Both home inspections and appraisals should be ordered as soon as possible after signing the contract. In middle Tennessee there is often a 7-10 day wait before you can get an appointment.
It’s also good to know early on if the house is not worth as much as you thought or if there are issues with the home that may change your mind about purchasing it!
Knowing the difference between appraisals and inspections early on will help make for an easier transaction. The general rule of thumb is: appraisals tell you what the property's worth, while inspections let you know if there are issues with the home.
If you have any questions about your appraisal or your home inspection, your trusted real estate agent will be there to help you! And if one of these reports delivers less than great news, you may be able to get your earnest money back!
