Home inspection Vs Appraisal!
As a home buyer, there are two contingencies you will most likely put in place with your offer: Home Inspection and Appraisal. So, what is the difference between the two?
Hi, I’m Tanja Odzak, eXp Realty, I help people sell and buy homes right here in the East Bay!
When you decide to buy your first home, you may have a general idea on what a home inspection is, but maybe you’re not sure why you need one or how it is different from an appraisal. Let’s explore the two, so you as a buyer can be more informed about the process and how it benefits you as a consumer.
With a home inspection, once your offer is accepted, getting an inspection is a key part of the process. A home inspection will give you an idea of the safety and overall condition of the home and more importantly foresee any unexpected repairs. Realtor.com reports, “A home inspection is something that protects your financial interest in what will likely be the largest purchase you make in your life and one where you need as much information as possible.” If anything comes up questionable in the inspection like foundation problems, leaky roofs or electrical issues like knob and tube wiring, that will give you the opportunity to negotiate any replacements or repairs.
Now let’s talk about the home appraisal. The home appraisal is a report your lender will request and it will give you the home’s value based on comparable sales in the neighborhood. According to Real Estate website Bankrate, “An appraisal verifies that the sale price of the home is in line with fair market value. This ensures the home buyer doesn’t pay for more than the home is worth.” Bottomline, both the inspection and the appraisal are different but equally important when buying a home. It is always important to discuss these two contingencies with your Realtor so you can have expert guidance on your purchase and strategize your offer.
If you would like more information on the appraisal and home inspection process, call me today and let’s talk about it. I’m a seasoned East Bay expert with a 5-Star rating. I’ll help you navigate the market and help you find your perfect home, whether that includes just buying, selling, or both!
And if you or someone you know needs to sell a home, ask me about my home-selling plans.. I took the pain out of negotiating with a Realtor and made it SUPER simple. Really! Choose Silver, Gold, or Platinum- Pick your Plan and Pick your Price. Terms do apply. I’m Tanja and I sell homes. Let’s get you going, Call me today!
I’m a Top Producing Realtor® in the OAKLAND / BERKELEY / EAST BAY AREA. I’ve been in the San Francisco East Bay Area since I came up to do my undergrad at UC Berkeley (a long time ago!), with a short stint at UC Davis while getting my Master’s. I take my duties as a Realtor® and Fiduciary very seriously, I enjoy educating my sellers and buyers along the way. Putting People, Before Profit.
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