With the real estate market of
Northern Virginia becoming more active every day, there is a constant
surge of property in demand. If you're a prospective buyer, CLICK HERE for a Full Home Search, or if you're interested in placing your property on the market, obtain a Free Home Value Report RIGHT HERE. For any other questions about current market conditions or the value of your property, contact me at (703) 909-3939.
Many people don't realize there is a difference between an appraisal and an inspection. They're different components of a real estate transaction that you should be familiar with if you plan on buying or selling a home.
- Inspection: A home inspection is done 7 to 10 days after an agreement has been reached on the sale of a home. It is conducted by the buyer and at their expense. The inspector will look for problems with the structure and functionality of the home, so that the parties can agree on final terms.
- Appraisal: An appraisal is similar to a home inspection but has some technical differences. It usually takes place 3 to 4 weeks after the principal agreement of the home sale. It's typically ordered by the home buyer's lender to make sure the home is worth what the buyer says it is before money is exchanged. The lender will view the home in question and compare it to other homes in the area. Within 3 to 5 days the lender will determine whether the deal is fair so it can close.
In short, the inspection is beneficial to the buyer; it's a way to be confident the house is everything the buyer says it is. An appraisal, on the other hand, is a way for the lender to be sure they are not lending an unnecessary amount of money. Essentially, both of these ensure a seller prices their home at a fair market value based on comparable home sales.
If you have questions about this topic, or would like us to address another question in a later video, give us a call or shoot us an email. We would love to make your real estate experience as smooth as possible.
If you have questions about this topic, or would like us to address another question in a later video, give us a call or shoot us an email. We would love to make your real estate experience as smooth as possible.
