There are many reasons why you may wish to move to a new home. You may be pursuing job opportunities in a new area, you may need more space for your growing family, or you may simply be looking to make a fresh start in a new community. While moving can be exciting, the process of selling your home can sometimes be lengthy and complicated, and you will want to understand the factors that can affect your ability to complete this transaction. Home inspections and appraisals can often have a significant impact on the purchase price of your home and the closing costs you will be required to pay, so you will want to be sure to understand the best way to approach these events.
Appraisals Vs. Inspections
An appraisal will determine the market value of your home, while an inspection will address its condition and identify any issues that may need to be repaired or addressed. An appraisal will typically be scheduled by the buyer’s mortgage lender, and if the appraised value of the home is lower than the offer made by the buyer, the buyer may attempt to renegotiate the price, or they may back out of the sale if contingencies in the purchase contract allow them to do so. Steps sellers can take to ensure that their home is appraised properly include making improvements and fixes to minor issues and ensuring that the property is clean and well-maintained.
A home inspection will be performed by the buyer, and an inspector will look for any problems that need to be repaired or other issues that the buyer may want to have addressed before they move in. In many cases, buyers will request that sellers perform repairs, and if there are major problems, contingencies in the purchase contract may allow the buyer to back out of the sale. Some issues that sellers may need to address include:
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